What plan did one CU follow that has 30% of their members, well above the national average, using eStatements? Can it help your credit union too?
In October 2000 NWFCU embarked on a new Internet strategy - to use the CU website, eStatements and email addresses as a strategic opportunity to increase revenue and member retention. This strategy has not only ensured that their members receive their monthly statements on the 1st of the month but it has also allowed the CU to broaden and refine its target marketing - resulting in more cross-sells! With an eStatement adoption rate of almost 30%, it is fair to say that members have embraced this new initiative and the CU is reaping the benefits. How so? ''How’s $360,000 in reduced statement and mailing costs, the guaranteed monthly contacts and the strategic marketing opportunities that come with that contact'' says Gerrianne Burks, EVP of NWFCU. ''Because of these factors, we make it an organizational goal each year to focus on and increase eStatement enrollments'' she adds.
If You Build It, They Will Come…
You are probably familiar with this famous movie quote, but is it true for a credit union’s eStatement program? ''Not so,'' says Joan Stroud, Marketing Manager of NWFCU. ''eStatements are the last thing on a member’s mind. We constantly have to keep the message in front of our members and think of new ways to educate them on the service and get them to enroll.'' NWFCU’s latest promotion, a digital camcorder, netted an incredible 1,011 new users (considering the program is 3 years old) in August 2003 and will save the CU an additional $9,100 per year.
CU Promotions Increase Sign-ups
It’s not unusual for credit unions to hit a plateau once they get through the launch and initial sign-up wave of eStatement enrollments. Here are some examples of DigitalMailer clients’ successful eStatement promotions, the resulting new enrollments and estimated annual savings: