Recent events such as Hurricane Katrina and Rita are causing credit unions
to take a second look at their electronic service delivery options to ensure
that they can continue to provide members with information and access through
difficult situations. The current climate offers opportunities to not only streamline
operations but also enhance credit unions' long-term ability to communicate
with and serve their members.
Rising Costs Offer Additional Incentive for Expanding Use of e-Statements
Soaring gas and energy costs are causing many businesses to raise their costs, thereby increasing the costs of providing services to credit unions. The U.S. Postal Service is implementing a 5.4 percent postage cost increase in January and is expected to request an additional rate increase in the future to cover higher delivery expenses. These higher mailing costs will have a significant and ongoing impact on credit union operations.
A recent Survey
Consortium study found that online members would be receptive to using e-statements
if the credit union explained the cost savings benefit to members. In the current
economic climate, members should be able to easily understand the impact that
rising costs will have on their credit union’s operations. Given the destruction
brought by the hurricanes, members may also be re-considering their reliance
on paper financial records and interested in the electronic storage benefits
Importance of Updated E-mail Addresses
Does your credit union collect and maintain e-mail addresses from new and existing members? E-mail can be an easy way to quickly communicate with members in emergencies, especially to reassure members or inform them about their service options. Even if only a small proportion of members are affected, these types of messages can help reassure members that their credit union has plans in place for emergency situations. Now may be the time to remind members to provide their current e-mail address to the credit union.
Ensure Enrollment for is Easy
Some credit unions have online banking and e-statement enrollment procedures
that rely on mailing a PIN or ID to a new user. This could provide a significant
barrier for members who need quick access to their accounts or who do not have
access to mail. Credit unions should streamline the process and ensure that
members have alternatives for signing up, such as instant online enrollment
or via the call center.
Learn how credit unions have successfully increased the adoption of e-statements
in the streaming webinar recording, Maximizing
the Potential of e-Statements, produced by The Callahan Center for Credit