Winning Strategies to Encourage
Daniel Kim | Product Marketing ManagerSean O’Donovan | VP Marketing and Products
eStatement Adoption
Agenda
Defining eStatements Benefits of eStatements eStatement Adoption Strategies
Improving eDelivery Levels Client Success Stories Statement Options
Savings Put To Work
What are eStatements?
eStatements are electronic versions of mailed paper account Statements
They look just like paper statements and contain the same information
Benefits of eStatements
Improve performance and use fewer resources
Communicate more cost effectively
Improve convenience and access to statements
Reduce operating costs and create savings
Reduce carbon footprint
eStatements
• Financial service providers are feeling increasing pressure from regulators = increase in cost of doing business
• Increase in mergers & acquisitions to simply stay competitive and provide economies of scale
• Many of our clients are looking to eStatements as a means to reduce costs: print, mailing and calls to call center
• Industry eStatement adoption rates are still 15%
eDelivery Average “opt-out from printed statement” > 50%
Doxim top 10 percentile of clients > 85% eDelivery
eStatement Adoption Strategies
1. New Accounts Only
2. Voluntary Opt-In
3. Turn off Online Banking Customers
4. Going Green Initiative
5. Negative Opt-Out
Tip: The most important people in the conversion are your customers
eStatement Adoption Strategies
New Accounts Only • All new account sign ups are automatically flagged to receive eStatements.
Voluntary Opt-In (“The Gentle Approach”)• Implementation of incentive campaigns to customers • Encourage them to adopt eStatements and request that their printed
statements be turned off. • Customers who switch to eStatements can be rewarded giveaways such as:
Cash Gift Certificates Electronics Trips
eStatement Adoption Strategies
Turn off Online Banking Users
• Printed statements are turned off for all online banking users
• Customers access their statements through their online banking session connected to your online statement repository
• More effective if you can segment your database
eStatement Adoption Strategies
Going Green InitiativeSome organizations have made the most of their green initiatives by encouraging adoption through awareness of the positive environmental impacts of eStatements.
Did you know…By suppressing 12,000 statements a year, you can conserve the following resources: Paper: 1,828 KG of paper saved Water: 145,572 L of wastewater prevented from discharging into lakes, streams and river Gasoline: 4,934 L of gas saved by not mailing your bills, statements, and payments
eStatement Adoption Strategies
Going Green Initiative
31,970 KG of greenhouse gases avoided
This amount of greenhouse gas is the equivalent of: 114,075 KM not driven in your car 821 trees planted (and grown for 10 years) 12,545 square feet of forest preserved from deforestation
Tip: Make an eco contribution such as planting a sapling for each customer or purchasing carbon offsets.
eStatement Adoption Strategieshttp://www.payitgreen.org/business/green-calculators/footprint-calculator
Negative Opt-Out (“The Hard Line Approach”)
Implementation of a customer-wide “reverse opt in” strategy. All statement printing is turned off and those members who still
require a printed statement can ‘opt back in’. Consider applying an additional monthly charge to those accounts
that have chosen to ‘opt-in.’
eStatement Adoption Strategies
Tip: Give customers plenty of notification before turning off their paper statements
Tip: Charge customer a fee for paper statements
eStatement Adoption Strategies
Internal Campaigns Tracking Visibility Timeline
Tip: Discuss ways to promote eStatement opt-in through education and friendly competition across branches and employees.
Company: Odlum Brown - Independent full-service investment firm , Est. 1923, 225 employees across 5 branches
Daily confirmations, monthly statements and annual tax forms via eDelivery
Strategy: Voluntary Opt-In
Result: 30% eDelivery rate and growingPostage costs decreased by >20% Improved internal efficiencies
Who Was Involved?
Odlum Brown Management Team involved in decision making processes
Core Messaging
A new, complimentary document service now available:
Convenient Secure Storage Timely Information
Message to Clients
“Too much Paper?” campaign.
Introduced new service on the back flap of the statement, confirm and tax envelopes.
Message to Clients
“You’ve Got Mail”
Service Overview – What is it? The Benefits How it works Technology Requirements How to enroll
Message to Staff
No heavily formal training provided in the beginning
Rolled Doxim out to departmental staff slowly: Operations Sales Support Then some retail
Helpful Tips
Engage the sales/ retail side with these enhancements
Set lofty but obtainable goals for the sales individual and the firm
Make sure staff see the bottom line on cost savings, especially the stakeholders in the company.
Company: Your Credit Union - Serving members in Eastern Ontario since 1950 - 5 branches, with 7,800 members
Strategy: 1st Rollout: Voluntary Opt-In2nd Rollout: Green Initiative and Hard Line Approach (negative opt-in)
Result: 82% eDelivery rate70% reduction in print costs 90% reduction in postage costsImproved internal efficienciesRecipient of Doxim Green Giant Award
Who Was Involved?
Operations, Marketing, IT, Doxim, MemberDirect
Message to Clients
First Rollout: eStatements are now available! - Encourage members to choose eStatements Second Rollout: We are Going Green! - Paper statements will no longer be available
Outstanding Success
Print and postage cost savings more than paid for solution
Faster statement delivery
Fewer inquiries and complaints
Much improved internal efficiencies
Company: Copperfin Credit Union - Established as a result of merger of 2 Ontario based Credit Unions, offering services to residents of Ontario.
Strategy: Negative Opt-in- The Hard Line Approach
Result: 80% eDelivery rateReduction in mailing costs Improved member convenience
Who Was Involved?
COO took the lead
Marketing committee helped with campaign
Banking Services Manager
CGI
Doxim
Message to Staff
Account management and front office all trained Fact sheets, posters Regular review of materials and messaging Shared details of cost with staff
Message to Clients
Copperfin wants to increase efficiency to better serve customers and to reduce expenses around mailing print statements.
Environmental benefits communicated to members.
Helpful Tips
Expected some negative feedback but got far less than they expected.
Sharing costs with staff was huge. They saw the benefit immediately.
Sharing Costs with clients also good.
Colour Printing
Now more affordable than ever
Becoming more and more popular
Strengthens branding and makes ads ‘pop’
Fund it with savings from eDelivery to fund
eDelivery Savings Colour Printing
Laggards
Customer cost
Doxim average e-delivery Doxim best practices
E-delivery
adoption
SavingSaving
eNewsletters & eInserts
Append an electronic copy of a physical inserts for presentation to clients through ECM / Portal interfaces
Benefits: Present Inserts to all online clients/clients that have opted out of paper statements
Can be used for Inserts or other things like Newsletters or member notices
Statement Solutions
Doxim Statement Solutions
eStatements
Better Looking Statements
Enhanced data streams
eInserts and eNewsletters
In-line Newsletters
Color printing
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