Register to read, research, and engage with the industry on CreditUnions.com. Gain access to credit union performance analysis, case studies, and more. It's free to create an account.
Learn More About Peer-to-Peer
Upgrade Your Subscription
Update Your Company Affiliation
Recent events provide an even greater incentive for credit unions to focus on electronic delivery methods.
Instead of relying on members to request a change, some credit unions are proactively converting online member segments to e-statements and realizing significant cost savings.
E-mail has become as common to consumers as a telephone. Despite inherent challenges the public has become obsessed with reading their e-mail.
Sign up for the CreditUnions.com free newsletter and be the first to read our newest coverage of credit union strategies and insights.
sign up today
A new online member survey shows the need for better communication regarding identity theft protections and how this information can be used to increase e-statement adoption.
For years the tendency has been to try to push members in the technology channel where we want them. As adoption rates start to plateau and we try to think of ways to get more members using online technology, why not lead them?
Promoting eServices to members requires knowing “what to promote, and to whom.” When fashioning marketing campaigns, credit union marketers regularly ask themselves how best to get “the right offer, to the right person, at the right time.”
Although e-statements have been around for a few years, their popularity
has dramatically increased this year. When Callahan & Associates
began tracking the e-statement market in 2002, there were 141 credit
unions with assets greater than $25 million dollars that reported
using this new technology. That number has more than quadrupled
so far in 2003, according to the just released 2003
Credit Union Technology Survey. For that reason, e-statements
are experiencing the same level of adoption growth as seen in the
early days of Internet banking, which took about the same, short
time to reach the 500 credit union mark.
A recent study of online credit union members provides insight
into member reactions towards e-statements. The study, conducted
by credit unions in Callahan's Survey Consortium which do not currently
offer e-statements, provides guidance into tactics that could lead
to successful adoption rates.
In a recent online survey conducted by Callahan's Credit Union Survey Consortium, credit union members who use e-statements report fairly high satisfaction with their credit union e-statement. The majority (84%) of members who use e-statements are satisfied with their credit union's e-statements, with 57% saying they are very satisfied. Only 2% reported being dissatisfied.
Almost 70% of the 8,000+ credit union members who responded to a new online survey by Callahan & Associates say they are likely to sign up for E-statements when they become available at their credit union. Learn more about the findings and how your credit union can realize the full potential of your E-statements program.