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E-Statements: Not Just A Cost Saver!

By on April 14th, 2014 in Marketing

Most credit union e-statement programs were launched to reduce statement postage, delivery costs, and speed up statement delivery. These benefits alone make e-statements a highly attractive option, but e-statements offer much more. Providing e-statements means your credit union has possession of a highly accurate e-mail distribution list and permission to responsibly communicate with your members via an efficient tool.

E-statements are fast becoming the gateway to effective member communication. By giving permission to use their e-mail addresses, members create a strategic contact point for your credit union. Today e-statements are much more than a money saving tool, they can be a strategic member contact point used to cross sell and interact with members.

A guaranteed member contact with e-mail addresses provided by your members along with permission to use them is extremely valuable, especially when you know which member you are reaching, what products and services the member uses now, and what your next offer to them should be. E-statement programs can be revenue generators, not just a cost saver.

Strategic Member Contact Point

One-to-one marketing is the personalized attention at various touch points that direct offers to the member’s specific needs and interests. Joined with e-statement marketing tools such as selective onsert messaging and images make each member contact much more productive. With a one-to-one marketing strategy, you can reach all e-statement members with well-timed, individual messages directed at their own needs. The right offer, in front of the right member, at the right time.

Leveraging e-Statement Marketing Opportunities

Start taking advantage of your large, permission based, e-statement notification list. Even if a member never views their e-statement, there is still the opportunity for that once a month contact in the e-statement email notification. The generic “Dear Member: Your e-statement is Ready” notice is an opportunity missed. Take advantage of the opportunity to say something important to your members with the guaranteed member contact each month.

Mixing In Permission Based Emails

Many credit unions have experienced success in generating additional revenue by putting their valuable e-mail addresses to work, creating a second and sometimes third monthly e-mail marketing contact with the member. In addition to targeted marketing offers, an e-mail describing process changes, a disclosure statement or an “alert” notification have proven beneficial to credit unions in generating additional business while reducing operating costs.

Learn More About E-Statement Marketing…

Whether your credit union is an active e-statements provider or still considering such a program, take a look at the big picture. E-statements significantly save postage and paper costs but are further enhanced when the marketing and operational rewards are considered together.

LKCS has the multi-channel, one to one targeted marketing capabilities to help increase your member’s value through e-statements. Get the strategic advantage, contact us today for more information or to schedule a demonstration.