eStatements: A New and Profitable Marketing Tool

Traditionally, statements have been viewed as a necessary means of providing account information to members. Today statements are becoming more than just a way of passing along account information.


By DigitalMailer, Inc.


Traditionally, statements have been viewed as a necessary means of providing account information to members. Today statements are becoming more than just a way of passing along account information. The innovation and immediacy of electronic statement delivery (eStatements) has created opportunities for credit unions to build and enhance member relationships, increase member interaction and satisfaction, and capitalize on cross-selling.
Credit unions who take full advantage of
eStatement opportunities will gain a strategic business advantage in the ongoing struggle for member retention.

Why eStatements?

eStatements are rapidly becoming the delivery preference of progressive credit unions. There are two approaches to the delivery of electronic statements - the push approach (e-mailing the statement to the member) or the pull approach (pulling the member to a web site to receive the statement). Both options have their pros and cons and either approach should allow the credit union to:

  • make targeted, personalized offers for new services to every eStatement member
  • build and enhance their member relationships
  • increase multiple opportunities to generate additional revenue
  • save $$ on statement and newsletter printing and delivery costs
  • deliver statements and newsletters in a secure and convenient manner

eStatements and Your Internet Strategy

The Internet is rapidly becoming a preferred choice of many of our members conducting business with their financial institutions. Therefore, credit unions must begin to transition their web sites from information only to information, selling, and delivery sites. This is imperative for member acquisition and retention. It no longer makes good business sense to present an offer to an Internet user that requires them to call the CU on Monday to accept the offer. eStatements are like the 'ball in glove' fit to your Internet strategy, working in conjunction with other online services to deliver information and products 24/7 to your CU member.

One tip: while considering the implementation of eStatements, caution against focusing on just your home banking members. Look for an eStatement product that you can offer to your entire membership, and open a new e-channel. Over 45% of NWFCU’s eStatement users (Herndon, VA) do not have online banking with the credit union.

Using eStatements ~ Pro-actively

Credit unions that implement eStatements based on cost savings (alone) are missing the strategic opportunities that exist within the product. What would your Marketing Department do if you could identify with certainty which members would be returning to your CU's web site each month? By using the pull approach for eStatements, you can expect increases to your web site traffic . Your CU web site instantly becomes another marketing tool allowing you to inform members of what's new, at the same time providing you ample opportunities to deliver products.

Another fact is that eStatement products available today have built-in marketing opportunities associated with each statement. As an example, DigitalMailer's eStatements have at least five marketing opportunities per statement, per month. So a credit union with 7,000 e-statement members can expect over 400,000 marketing opportunities per year. These opportunies translate into revenue generating opportunies for your marketing department to sell more of your products to your existing members.

Right Offer, Right Member, Right Time

As CU executives, you are well aware of the relentless ways that our competitors get their products and services in front of our members. eStatements with custom, targeted offers will better enable your credit union to compete for your member’s business in the most efficient & cost effective manner. Targeted banner and button campaigns are a crucial part of your eStatement delivery, which helps to get the right product infront of the right member, at the right time. These features are key when a CU chooses the use of eStatements to gain the best strategic business advantage. For instance, DigitalMailer eStatement products can deliver up to 99 different custom, targeted offers to existing members by extracting information from a CU’s MCIF system. These offers are then fulfilled using the Credit Union’s other online services.

Profitable, Strategic Use of eStatements

NWFCU has capitalized on the strategic marketing opportunities that eStatements provide and has seen first-hand the success of it's initiative action. Joan Stroud, Marketing Manager, says NWFCU realizes that our members do not always turn to us first for their car loans, therefore we offer our members a 'Second Chance Loan Program' giving them the option to transfer their loans to NWFCU. Our goal is to increase the CU’s services per member ratio, and to acquire new loans. A targeted offer was designed to eStatement members who are old enough to buy a car, but who don't have a car loan with NWFCU.

NWFCU’s Second Chance offer, via
eStatement delivery, linked to a web page cross-selling the product to the member, and the I accept button clicked through to the CU’s online loan application. This entire offer was designed to inform, sell and deliver to members 24/7 without going through a loan officer. eStatement users borrowed over $300,000 in new vehicle loans. Now that's results!

Targeted offers work for other products too! A credit card offer and it's results can be found at:

eStatements are your first step in an Internet Strategy or not, your credit union should consider eStatement implementation immediately to gain a pro-active and highly profitable strategic business advantage over the competition.

Required Statement Delivery Becomes $$ in Your Pocket~

DigitalMailer, Inc. is an
eStatement provider that assists our clients in gaining a strategic business advantage over all competitors via electronic statements and newsletters. We currently service credit unions and mortgage service providers. For more information on DigitalMailer, Inc. please go to

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Ron Daly
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Aug. 13, 2001



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