E-Statements and the Bottom Line

By LKCS on October 15th, 2013 in Statements

There is no doubt that your financial institution has been working hard to find new ways of cutting costs. One area that we often advise our customers to look into when trying to limit their expenses is E-Statements. Sending statements can have a significant operational expense, and getting account holders to switch from statements to e-statements can provide large savings on a recurring basis.

The following are a few best practices to consider when attempting to boost your institution’s e-statement enrollment.

Remove the Barriers

Make sure e-statement enrollment and access is as easy and fast as possible.

Tout the Benefits

E-Statements benefit the environment, better protect financial information, arrive faster than mail, and provide cost savings which result in lower fees and better rates.

Pick the Low Hanging Fruit

Start with home banking and e-service users, go after them again and again until they enroll for e-statements.

Promote, Promote, Promote

E-Statements are important to you, but they are the last thing on your account holders’ minds. Utilize all media, incorporate contests, drawings and staff incentives.

New Accounts

New members/customers should never need to receive a paper statement.

Buy the Opt In, if Needed

A giveaway item may get some people to make the switch.

Get ’em and Cross-Sell ’em

Incorporate banner ads, onserts and personalized e-mail campaigns into your e-statements to gain more business from e-statement users.

Don’t have the marketing budget?

If there is ever a time when you feel that you don’t have the budget to market and promote your e-statement solution, just remind those in charge that each person who signs up for e-statements saves you $.40-$.50 or more per month. Only 2,500 e-statement accounts can result in a $15,000 annual savings. How much would your CEO give you to spend on a marketing campaign that generates an ongoing $15,000 annual savings?

Blog