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Credit Union Realizes Significant Savings with eStatements
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Credit Union Realizes Significant Savings with eStatements


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After deploying Doxim eStatements, PenFinancial realized results that were so impressive, we asked them to share their story. Discover how PenFinancial achieved significant cost savings, improved …

After deploying Doxim eStatements, PenFinancial realized results that were so impressive, we asked them to share their story. Discover how PenFinancial achieved significant cost savings, improved member access to eStatements and increased staff efficiency.

Download this case study and visit to learn more about Doxim's eStatement solution.

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  • 1. PenFinancial RealizesSignificant Savingswith eStatementsEXECUTIVE SUMMARYCUSTOMER CHALLENGE SOLUTION BENEFITPenFinancial Credit Union PenFinancial needed to drive Implement Doxim’s Improved member access– Established over 60 years up eStatement adoption, eStatement solution to to eStatements, reducedago to serve members in the improve member service provide members and staff operational and mailingNiagara Region of Ontario - and reduce the costs and with access to electronic costs, easier for staff4 branches, 61 employees, inefficiencies associated statements then promote to respond to inquiries,$228 million in assets. with printed statements. the service to encourage support of PenFinancial’s opt-in. continued commitment to the environment.THE CUSTOMERPenFinancial Credit Union is the result of the merger of a While the initial uptake of the eStatement service bynumber of community-based credit unions that joined forces members was good, PenFinancial decided that it wasto provide their member base with a variety of superior bank- time to look at ways they could further improve theiring products and services. Today PenFinancial serves over eStatement offering.11,000 members from four branches with 61 employees andover $228 million in assets. First and foremost they wanted to enhance member convenience and security but they also wantedTHE CHALLENGE to minimize errors, and improve their own internalPrior to the merger, St. Catharine’s Civic Credit Union, one of efficiencies. The opportunity to reduce the organization’sPenFinancial’s legacy credit unions and a Doxim customer, carbon footprint was an additional driver. To meet theirhad already introduced eStatements to their members, with objectives, PenFinancial turned to Doxim for help, as thesome modest success. Doxim eStatement offering had evolved and could now be integrated with their Banking Portal.St. Catharine’s Civic Employees Credit Union then mergedwith Atlas and Civic Employees Credit Union to form “We recognized that the evolved Doxim eStatementPenFinancial Credit Union. Soon after the merger, members solution provided us with the best member service andof the former Atlas and Civic Employees Credit Union were staff convenience opportunities. We also liked the chequeoffered the same eStatement service previously launched by imaging and ease with which they can be added to theSt. Catharine’s Civic Credit Union. eStatements – it was a logical option to move to Doxim’s new eStatement service.”This service allowed members to view their statements with Mary MacLeod, Operations Manager, PenFinancial Creditcheck images online by logging into the Doxim web portal. UnionIt was a popular offering, but members were required tolog in to two different locations - their banking portal to see THE SOLUTIONtransaction information and the Doxim web portal to view Doxim worked closely with PenFinancial and their onlinetheir eStatements with check images. banking portal vendor, MemberDirectTM, to provide PenFinancial’s members with direct access to their eStatements and check images via the banking
  • 2. Doxim Case StudyThis overcame the issue of dual sign-ins and would help As a result, in 2010 alone, PenFinancial has saved overPenFinancial to encourage more members to opt out of paper 70% in postage and mail costs, not to mention gainingstatements. Achieving improved opt-out was particularly significant increases in staff efficiencies and member serviceimportant to PenFinancial, as the costs associated with responsiveness due to member statements being easilyprinting, mailing and storing copies of monthly statements now accessible online to all staff across all branches.represented a major expense for the amalgamated Credit Union. “We have also saved a tremendous amount of time, looking for, orIn early 2010 the new eStatement service was duly reproducing documents for members. The Doxim solution makes it easy for staff to locate and retrieve account statements online soimplemented and they launched an extensive marketing our employees can respond to member enquiries by reviewing ancampaign to educate members and staff about the value exact image of the statement without having to sort through printof choosing to move to eStatements only. Internally, goals records. They can also print an exact copy image of the statementwere set across branches to see who could sign up the on demand, eliminating the need to maintain the hold statementmost members on eStatements. Front-line staff consistently service”.encouraged members to move to e-statements and for Mary MacLeod, Operations Managerevery member who opted out of paper statements a saplingwas planted through a partnership with LandCare Niagara. A WINNING SOLUTION As a result of the successful marketing campaign, whichAs an added incentive to encourage additional opt-out, drove a 45% increase in eStatement adoption, PenFinancialmembers who were not already on eStatements were informed was the recipient of the 2011 Doxim “Green Giant Award”,that PenFinancial would no longer be mailing out statements which is presented to the Doxim customer that has achievedand any new accounts that they opened would automatically the greatest net change in eStatement uptake in a singlecome with e-statements only. This final ‘negative opt-out’ year.strategy served to increase overall eDelivery percentagessignificantly. However, some members did not want to move, “Member response has been very positive. Electronic access toso to minimize any issues, members who still expressed a eStatements and checks allow members to securely view, downloadpreference to receive a paper statement, or could not access and print their own statements from the comfort of their home or office, and check their monthly and past account statements easilyelectronic statements, were allowed to stay with paper and conveniently. “statements upon request. Mary MacLeod, Operations ManagerQUANTIFIABLE RESULTSThe impact of this very focused and active marketing campaign ROLLING TOWARDS THE FUTUREwas impressive. PenFinancial had set a goal of 50% penetration In the fall of 2010, PenFinancial took their member statementof overall membership using e-statements. services one step further by implementing Doxim’s Enhanced Statement solution, which incorporates targeted marketingJust three months after the initial campaign rollout, they saw a messages. This has enabled PenFinancial to place targeted,27% increase in eStatement adoption. relevant marketing messages directly on to statements, eliminating the need for costly marketing inserts. The newlyOne year after their eStatement rollout, PenFinancial enjoys a designed statements are easy to read and also stay true to66% eStatement rate. PenFinancial’s corporate brand.Doxim Inc. provides a full suite of enterprise content management products and services that together provide a web-based alternative to ative onthe printing and mailing of customer-centric documents such as statements, reports, client records, cheque images and transactionrecords. Doxim serves the financial services marketplace across North America, with over 300 clients in banking, credit unionsand investment brokerage. These organizations work with Doxim to improve their client communications, streamline documentaccess, meet compliance requirements, and reduce the expense, work effort and environmental impact associated with thecreation, delivery and archiving of business critical documents. Doxim is a SAS 70 and CICA 5970 certified organization.Markham, ON - 905.475.9876 | Vancouver, BC - 604.254.1688content. community. connected