Budget season is upon us, ROA numbers are tighter than ever and credit unions continue to look for ways to save $$$. A new digital communication tool is overcoming member inertia, growing business and has saved four credit unions over $22,000 per year in less than a week. Read how...
Any of this sound familiar?
- Members don't want to give personal information on the internet, especially when they know you have it on file already.
- The cross-sell closing requires members to take action, which some never complete.
- Members hate to search for information on websites and usually abandon the search if it's not found in three mouse clicks or less.
New tool revolutionizes online enrollments
Enter "One-Click," the latest tool in digital communication, helping to shave expenses, increase revenue and grow member relationships online. Credit unions starting to use One-Click are seeing large increases in member adoption of both new products and services, and long-standing services. Why? One-Click's "I agree" enrollment tackles member inertia, making it fast and simple for members to accept products on the spot.
Initially, customized One-Click campaigns were used to make the e-statement enrollment process easy, offering members a way to sign up by simply clicking on a single button in an email they receive from their credit union. The certified email-distribution system tracks and confirms delivery rates. And the program's features comply with relevant regulations. The program worked so well that others are considering One-Click to drive greater adoption in bill pay and online banking services and a way to promote "growth in green" checking account packages, as well as pre-approved and pre-qualified loans.
Application #1: Saving more than $22,000 annually in less than a week
Recent increases in postage costs, along with the expenses of paper and printing, have made mailed statements even more costly for credit unions (it's estimated that it costs about $1 for every paper statement mailed). But switching members from paper to online statements can be challenging, as the federal E-Sign Act prohibits institutions from simply moving all online customers to e-statements. Instead, members must sign up to receive electronic statements instead of paper ones - something many haven't wanted to do, too often because of simple inertia.
Now, with just One-Click, credit unions are finding significant cost savings, while adding increased security and convenience for their members. The One-Click e-statement enrollment program (available to any financial institution offering electronic statements) has credit unions seeing real results:
- Belvoir FCU (Fort Belvoir, VA) has offered e-statements for seven years, averaging 125 new e-statements loaded per month. In the first month after initiating One-Click, the credit union loaded 472 new e-statements – 4.5 times greater than its typical enrollment. And subsequent months running the promotion continue to show significant growth in adoption. With help from One-Click, the credit union has generated a five-percent growth rate in a seven-year-old product.
- Hudson River FCU (Glenn Falls, NY) experienced a 20 percent growth in e-statement enrollments following its One-Click promotion. In the first eight days, 339 members enrolled in e-statements, up significantly from its monthly average enrollment of 84 members.
- Palmetto Citizens FCU (Columbia, SC) sent its One-Click email to more than 6,000 members. The emails were delivered in less than two minutes and recorded a 33 percent open rate. And after just six days, 697 members had clicked the "I Agree" button to enroll in e-statements.
- Jersey Shore FCU (Northfield, NJ) sent an email to its list of 2,478 email addresses. Results show that 853 unique emails opened the message, with 1,185 total emails opening the email – a 36.4 percent open rate! The email received 433 total click-throughs, and 274 recipients clicked on the "I Agree" button. In just eight days, the credit union enrolled 299 new e-Statement accounts.
According to Scott Van Vorst, Jersey Shore FCU, the credit union's management was looking to reduce mailed statement costs. "The 'Going Green' campaign inserts and website encouraged members to enroll for our e-Statements and other electronic services," said Van Vorst. "After the first mailing, our e-Statements enrollments increased 470 percent from the first month of the campaign, with non-home banking members making up 18 percent of those enrollments. One-Click offered an affordable, time- and money-saving email service to help with our e-Statements enrollment process."
Chris Terlinden, from Palmetto Citizens FCU, agrees. "With the One-Click eStatement promotion, we were able to increase our eStatement penetration to 15 percent – a 25 percent increase during this promotion. Within a few short hours of sending our first email, we were pleasantly surprised to see we had already added several hundred new enrollees. It has helped to not only increase awareness of our eStatements and online services, but has also been a great way to help us cut down on some of our printing and postage costs."
Application #2: Completing the cross-sell
Closing the cross-sell deal when a follow-up action is required by the member runs the risk of never getting completed. For example, many credit unions are doing a great job in signing up members for eStatements in their branches. Unfortunately, some of their compliance processes requires the member to login to online banking or eStatements at a later time to complete the process. And in the majority of these situations, the process is never completed by the member ... and the cross-sell is lost.
But One-Click is helping. After the cross-sell and entering of information by the MSR, the One-Click program instantly sends an "I Accept" email to the member. Then, just a single click of the mouse completes the process. Credit unions are even seeing members completing the process on their wireless device while still standing in front of the MSR, thanks to the today's mobile technology.
One-Click increases convenience and works for just about any product.
The One-click online enrollment/acceptance tool is adaptable to many uses – and it's guaranteed to work. Among the variety of benefits it offers are that it:
- Sends enrollment acceptance to a member via email, eliminating the need to look for it
- Doesn't ask for personal information over the internet
- Can be used with any industry eStatement vendor's program
- Doesn't ask the member to provide information already provided to the credit union
- Uses all email addresses on file (not just online banking or eStatement addresses)
- Removes addresses of members that already have the product
- Removes duplicate email addresses, providing a basic format scrubbing of the email list
- Best of all, it provides a list of bad email addresses back to the credit union
Want more cost saving examples? Click on the icon to request our FREE report "Pennies Matter" which shares more examples of ways the shift towards digital communication is saving $$$ and growing member relationships.
For more information on "One Click" and how the system works, visit our One-Click page; call 866-994-4900, ext 103; or email firstname.lastname@example.org.