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Unleash Your Statements' True Potential - eBook

Unleash Your Statements' True Potential - eBook



Find out what you need to know BEFORE embarking on a statement redesign initiative! This ebook provides insights into how better looking statements can add significant value to your business though ...

Find out what you need to know BEFORE embarking on a statement redesign initiative! This ebook provides insights into how better looking statements can add significant value to your business though improved customer communications. Discover what goes into a best in class statement design and the multitude of opportunities that exist beyond the printed statement. Download this eBook and visit www.doxim.com and find out how you can turn unattractive, hard to read statements into attractive, communications that your customers will truly appreciate!



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    Unleash Your Statements' True Potential - eBook Unleash Your Statements' True Potential - eBook Presentation Transcript

    • Unleash YourStatements’ TruePotentialA Complete Guide to EnhancedStatement Design & Deliverywww.doxim.com
    • ForewordThis eBook asks the important questions you’ll need to consider before you embark ona statement redesign initiative. It delves into the problems of poor statement design andprovides insights into how better looking statements can add significant value to yourbusiness through improved customer communications.From design and layout to data integration, you’ll dive right into the anatomy of a bestin class statement and learn what goes into a well designed statement. Finally, you’lldiscover the multitude of opportunities that exist beyond the printed statement.1 | www.doxim.com
    • Unleash Your Statements’ True PotentialThe exact definition of a statement can vary from one organization to the next, but typically By addressing the way statement content and data is presented and by delivering astatements are created and mailed to provide customers with a record of transactions more meaningful, easy to understand statement, organizations can significantly reducefor a defined period, and to demonstrate compliance with regulatory mandates that may Customer Service Representatives (CSR) overheads.govern your industry. By developing a better looking statement design, you can closely align it with otherBut a statement can be much more than just a summary of transactions and balances. If you branding initiatives to support and enhance the reader’s overall brand experience.ask yourself a few questions about the purpose of the statement beyond the simple “obligationto deliver”, there are a lot of things that actually merit some additional thought and action. In a nutshell, your statements have the potential to serve as a: • Key customer communications vehicleLooking Beyond the Obligation • Key element in an integrated marketing program or campaign • Tool to reduce customer service overheadsA statement is the one key communication piece that gets delivered to your entire • Tool to reinforce your brand with your customerscustomer base on a consistent and predictable basis. And when maximized to its full • Tool to cross-sell / up-sell additional products and services.potential, statements can actually help you to drive new and incremental revenue, whiledriving costs down at the same time.Through the inclusion of key marketing message zones, your statements can play anintegral role in your marketing programs, providing a vehicle to cross-sell / up-sell yourcustomers. When analyzing your statements, consider this:• Who is your audience? Why are you sending them a statement? And how will they use the information when they receive it?• Is your statement simply a transactional document or is it also a marketing tool? • What are your key demographic segments? What do you know about these If so, is it there to market the brand or products and services as well? people? And are you in a position to really “speak” to each demographic? • Do you want to include additional information on, or with the statement? If so, • If so, what are the key messages (cross-sell or up-sell) that you might want which other mailings could you eliminate if you did this? to deliver to these different demographic segments?2 | www.doxim.com
    • The Problem with Poor Statement DesignMany organizations create basic black and white printed statements using High Costs Associated with Monthly Statementsthe data coming directly from their core back-end systems, often Monthly statements are a very costly part of doing business:using legacy systems and custom coding to create them. Although when you factor in print, paper, insertion, mailing and callsufficient to create a basic paper statement, there are several center inquiries. So it makes sense to think about theproblems associated with this scenario. These include: value that better looking statements could bring to your organization as a vehicle to support your marketingCustomer Dissatisfaction initiatives.If little time and effort has been put into the design of yourstatement it will likely present confusing data, which Over Exposurereduces customer satisfaction but also drives calls to Most consumers are exposed to thousands of adthe customer service teams. impressions per day, and have become very good atWith the average cost to manage a call in a call center tuning out these advertisements. As a result, consumersranging between $4.50 and $8.00, it really makes sense to are selective about which messages they let through.do everything you can to ensure that the actual statement data This makes it a real challenge to communicate effectivelyyou deliver to customers is clear and understandable. Sending with marketing messages, and even more of a challengeout statements every month already costs enough. It certainly to ensure that your marketing messages get read.doesn’t make sense to increase this cost by incurring additional The average North American is exposedexpenses in your customer service teams. to 3,000 marketing messages per day.Brand Deterioration& Missed Brand Impressions Call centre inquiries for The Solution? Communicate using documents thatSending out a plain vanilla black and white statement with basic statement related complaints customers will actually read!data layout and design can lead to wasted brand impressions.These statements do little to reinforce the brand image and/or typically range between The answer to this challenge is to leverage transactional documents, like statements, to deliver your marketingmessage that you want to communicate. 20-35% of total complaints. messages. They are the one communication piece that achieves a 95% open rate with consumers, whoLegacy systems and custom coding make it difficult typically spend 2-3 minutes reading each transactionalto respond to statement change requests. document. Statements really do represent the idealThe challenge for many organizations is that their print service providers vehicle to deliver key marketing messages.operate legacy statement processing systems, which makes itdifficult to actually embrace anything more than minor cosmeticchanges to the statements that they output – at least in a timelyand cost effective manner.3 | www.doxim.com
    • Top 10 Reasons to Enhancethe Look and Feel of Your Statements1. Improved Branding 6. Decreased CostsIncrease brand awareness for your organization by customizing your logos, headers and By embedding marketing messages onto statements, the need to include separatecolor schemes on your statements, providing optimal brand consistency. marketing inserts can be eliminated, decreasing your print and insertion costs.2. Improved Customer Experience 7. Broader Design and Layout OptionsMany enhanced statement designs allow key account information and summarized There are a wide variety of ‘best practice’ statement designs that can be deployed,account balances to be consolidated on page one, before the account details. This allowing you to pick the statement template options that are best suited to your brandmeans customers no longer have to rummage through pages of statements to find the and your customers.account summary information they are looking for. 8. Deliver a Better Look Online3. Reduced Call Centre Inquiries If you improve the design of your statement and already offer e-statements, you canEnhanced statement designs make it easier for your customers to locate the statement deliver electronic versions with the same great look and feel – in rich, full color – withinformation they need, reducing calls to customer services representatives. extras like interactive links embedded directly in the marketing messages to allow online customers to engage with your marketing programs in real time.4. Targeted, Personalized Marketing in Multiple Marketing Message ZonesEnhanced statements provide the opportunity to deliver targeted, personalized marketing 9. Check Image Support– facilitating true one-to-one marketing. Enhanced designs also support the delivery of check images (full front and back) with statements – with multiple check layout options to choose from.5. Rich Text and ImagesWell-designed statements will also allow you to include text ads as well as color images 10. Stay in the Gameand photos – giving an interactive and attractive look and feel to all your statements. Finally, the fact is that many financial organizations have already taken their statements to the next level. So the question is really no longer “should we do it” but rather “how can we get there at a reasonable cost?” It’s a great way to remain competitive and provide your customers with the value they deserve.4 | www.doxim.com
    • Design PrinciplesWhen setting about designing a better looking statement it’s paramount to first define • A well designed, user friendly and intuitive statement is one that the reader should notthe goals of enhancing or redesigning your statement. These can range from a desire to have to think about. They just open it and read it!facilitate communication through reinforcing brand perception, to simply wanting to provide • Consider print and electronic production realities. For example, while the new look may bean enhanced customer experience and leverage the opportunity to do some cross selling fantastic when viewed in color on line, make sure to do some tests to ensure that the colorsvia enhanced statement based marketing. and tones you have chosen also work well when they are output in black and white print.Keep in mind that if you are going make the effort to change your statements, it’s importantto give due consideration to the anatomy of the statement and its contents. With statements,the priority is to let form follow function. ““ The new statement format is definitely more user friendly and as this is a key touch point with our members it really helps improve the overall member experience.ErgonomicsWhen making changes to statement data presentation, you need to look at the ergonomics Debra Kellestine – Manager of Information Technology,of your statement. North Peace Savings and Credit Union • Create a logical flow to the information with the most important information delivered Fonts: Types Style and Size first. In the case of a statement, this would typically be the account balances. For example: move account balances up to the prime real estate on page one – the first The type and size of font that is used on your statement is also crucial page the customer sees when they unfold their statement. to design, attractiveness and readability. • Ensure statement data is comfortably laid out and easily accessible, so the reader does • Use solid, plain easy to read fonts. Twelve point is a good size for most not need to hunt for information. readers and ten point is probably the minimum size to use, except for things like Ts and Cs.Smart Documents • Consider the need to deliver statements with a larger type size to readers who may need it (e.g. seniors). This is typically achieved byAn enhanced statement is also a smart document. This means that it displays what is defining preferences in a document processing system.necessary and useful to the recipient and removes all other information that is not – like • Avoid combining more than three different fonts on the same page.codes and ambiguous abbreviations that might be a part of the banking system statement This can make the content overly busy and reduce readability.data stream. If they mean nothing to the reader and do not need to be there, remove them. • As a rule of thumb, a serif typeface makes text easier to read because it leads your eye from letter to letterDocument Reengineering (hence its extensive usage in newspapers and books).Basically, creating a better looking statement is all about document re-engineering. To do • A sans serif typeface is good for titles as it draws thethis well, it’s important to put some time and effort into addressing those things that impact eye down into the body of the text.the purpose of the document. So beyond deciding which data should go where, youshould also think about how to use space efficiently. Hi, I am a serif font • Avoid overcrowding the content but don’t leave too much white space either, as this I am a sans-serif font. can lead to increased page count which will in turn lead to increased print costs and even increased postage. • Finally, a tip about capital letters: • Using proportional fonts vs. fixed width will help maintain readability, while allowing you They are HARD TO READ! If you want to tighten up spacing. to highlight some content it is better to bold it to make it stand out.5 | www.doxim.com
    • Creating Best In Class StatementsBy moving from a legacy format statement to an enhanced statement, the look, feel,utility and value of your statement can be increased enormously. Let’s take a look at anexample of a better looking statement and the various elements that it can include.A Better Looking Statement Dissected 1 Full color banner with prominent logo placement helps reinforce your brand image and core messaging. 2 The ability to dynamically add personalized contacts allows you to insert the appropriate account manager/representative for each customer, improving overall personalization. 3 Statement data is well laid out, easy to read and decipher making reading a breeze and finding the information quick and easy. 4 Multiple message zones both in print and image formats allow you to deliver targeted marketing messages at both a product and recipient level. 5 2D barcodes are smaller and contain a lot more data than OMR or 3 of 9 barcodes, allowing you to manage new levels of preference at the letter shop end of the statement ““ output process. Our new statements are much clearer and facilitate effective marketing message delivery. Staff and member feedback has been very positive. Joe Agro, Teachers Credit Union Integration with Banking/Brokerage Systems To create a best in class statement you should, if possible, start by working By doing this, additional data and data flags can be captured and used to with your core platform provider to enhance the data coming out of the further personalize the statement right down to a customer /demographic core banking or brokerage system, ideally converting it to XML for output. level, enabling you to better communicate your offerings. This provides the maximum in handling flexibility downstream.6 | www.doxim.com
    • Advanced Statement DesignThere is a lot to think about when embarking on a project to improve something as seemingly simple as a statement.A good enhanced statement design should:Sample First Page Sample Inside Page Sample Black & White Statement Sample Check Image1 Provide lots of flexibility in the way statement content can be laid out. 2 Allow multiple templates to be created and utilized, so that things like first page and inside page templates are different. 3 Allow you have different templates for eStatements (in color) and Print (Black & White) so you can optimize the statement for B&W print output 4 Allow you to append additional content and materials to the statement, including of course check images - preferably in various different layout options, depending on customer preferences – along with other materials such as newsletters or notices.An Opportunity ExistsTo remain competitive, organizations must consider communication strategies that allow them to communicate more effectively with their customers, improve customer satisfaction, lowercosts and add additional revenue streams via statement based marketing. A great opportunity exists with a new statement redesign and it’s a win/win for both your internal stakeholdersand your customers.7 | www.doxim.com
    • The Next Step: The Value of eStatementsIn today’s competitive climate, organizations are compelled to find new approaches to Differential Bundlingcommunicate with customers. Advances in technology have presented financial services While multiple printed statements might be sent out in one envelope (which savesorganizations with a wide range of valuable opportunities to implement strategies to postage costs) the online versions don’t need to be delivered in the same format. Theycommunicate and market more effectively and directly with their customers: can be bundled and uploaded differently, based on customer preferences. For example, customer statements can be put into an online statement archive as three separate statements for three separate accounts or consolidated into one single PDF document From To before upload. Print and mail only Online statement options Checking Account Print One data stream Multiple, merged streams Savings Account Investment Account Output Single item printing Multiple item printing All three statements Black and white Full Color bundled into one envelope for mail delivery Electronic Output to Saves costs for: Either Archive • EnvelopesOnline Statements • StampsMany financial organizations recognize the value of eStatements and have already • Handlingimplemented some sort of online solution. Electronic statements make enormous sensefor a number of reasons: • Staff can access eStatements more easily, facilitating improved Or customer service delivery • Customers get easy self-serve access to eStatements through their online banking portal • By sending out fewer paper statements print and mail costs can Differential Bundling for electronic and print version of statements be reduced enormously • Storing statements electronically and getting rid of hard copy storage saves office real estate and time to upkeep the physical storageFurthermore, there are many new delivery and communication opportunities that existwith online statements such as differential bundling, embedded links and eInsertion,which are very worthwhile considering.8 | www.doxim.com
    • Embedded Links eInsertioneStatements allow for hyperlinks to be embedded in the text and image ads in the Electronic insertion or eInsertion allows you to add additional content, or pages, to thestatement. This allows online readers to respond in real time to something they see on eStatement itself. When a customer decides to only receive their statement onlinethe statement that interests them, and be linked through to relevant web content. there’s a nice cost saving for you, but it makes it a challenge to expose them to theEmbedded links also allows you to better understand how people respond to your marketing materials that you typically insert with printed statements. eInsertion is thestatement based advertising by tracking click throughs, using a simple web analytics tool ideal solution for this scenario.(like the free but powerful Google Analytics). ContentBy implementing this relatively simple enhancement to your eStatements you can start tomeasure reader engagement and therefore test which ad campaigns are more effective –ensuring you spend your marketing budgets more wisely. Clickable link in text based ad that takes Clickable ad that takes reader directly reader directly to relevant web content to relevant web content and allows them to respond in real time to a marketing promotion. Doxim BPM Doxim ECM eStatement Data from Insert/Newsletter served up Core Processing System IN THE SAME PDF as the statement when user opens the statement online Print Lettershop Mail Doxim eInsertion – Append electronic documents to eStatements An eStatement is created when statement data comes in from a back end core system where it’s pushed through a document processing engine. The resulting statements are then sent to print or converted to PDF for upload to an online archive. An eInsert capability allows you to add eInsert content to the archive, which can then be appended to the end of an electronic statement when the PDF of the eStatement is opened, so that it can be viewed online along with the statement. In essence, it becomes a contiguous part of the statement itself. This appended information could be the advertising content you use for inserts, a copy of your customer newsletter or some other type of customer notification.9 | www.doxim.com
    • Data Insertion and Merging Color PrintingData insertion refers to the concept of adding a supplementary data set from another The cost to print statements in color used to be prohibitively expensive, and advances indata source to the statement data stream before the statement data is processed. The technology have led to reductions in price, but has this really come to a point where it’s atwo data sets are then processed together and output as one document. An example of viable choice for statements? The simple answer is yes.this might be adding the details of an AIR MILES balance onto a bank statement. Color Printing Is Now More Affordable Than EverData stream merging, on the other hand, refers to the concept of merging twoseparate print streams after the statement data has been processed, so they can be However, it does still cost somewhat more than black and white. Even so, there has beenprinted together, as if they were one single document. An example of this might be an increasing trend towards color output for things like statements. Let’s see how thisadding a newsletter to the end of a monthly statement. can be achieved. Postage eSolutions eDelivery Print Colour Print B&W Data Insertion: Allows supplementary data to be added to the $800 statement data stream before processing: e.g. Adding an AIR MILES balance to a bank $700 statement $600 Supplementary Data File $500 $400 Doxim ECM $300 $200 Doxim BPM eStatement Data fromCore Processing System $100 Print Lettershop Mail $0 Paper Only Paper & 40% eSolutions Paper & 70% eSolutions Data Stream Merging: It costs about $800 to print and mail 1000 statements. In an organization that only Allows two separate print streams to be merged issues paper statements, the majority of these costs are for the postage – in fact nearly together post processing, before printing / Supplementary 75% of that $800 goes towards postage. Data File output: e.g. Adding a newsletter to a statement As an organization increases the penetration of eDelivery by encouraging customers to print run opt out of paper statements, the postage cost starts to decrease. Data Insertion and Merging – Merge two separate print streams into one10 | www.doxim.com
    • At 40% eDelivery or greater, you begin to save so much in postage that the cost to switch Interested in Learning More?to color printing for the statements you still mail out starts to become a viable proposition. Visit the Doxim website for a number of valuable resources:Once you get to 70% eDelivery adoption, you can do away with black and white printingall together, and move to color – and still save money compared to the organization that • Doxim’s Statement Design Services – Learn Morehas not adopted statement eDelivery. • Wainwright Credit Union’s new look statements eliminate customer issues and provide new marketing opportunities – Read Case StudyAnd let’s face it, it’s difficult to argue the positive impact and benefit of delivering a • Learn more about creating Great looking Statements – Watch Videobeautiful color statement in the mail vs. a black and white one. • Great Looking Statements – Download Brochure ““ Yes, I Want Better Looking Statements! Converting our statements to full color reinforces Create best in class statements with Doxim’s Statement Design Services. the quality of our brand and ensures that we are not Doxim’s unique statement composition process converts difficult to read, unattractive print outs into attractive, easy to read statements complete with targeted marketing messages wasting valuable brand impressions. and a custom look and feel that faithfully respects organizational branding guidelines. Paul McAfee – Vice President Get started today. Contact a Doxim Representative to find out more. Service, North Peace Savings and Credit UnionStatement Solutions from DoximDoxim provides a comprehensive range of advanced statement composition and processing services forthe Financial Service Provider community. We output these documents in both print and electronic formats,leveraging our Cloud Based Enterprise Content Management platform for secure online document access. Presented by:Doxim statement solutions include: • Secure Statement Printing • Personalized Statement Marketing • Secure Daily Confirm Printing • eNewsletter and eInserts 445 Apple Creek Boulevard • Cheque Processing and Exceptions Matching • eNotifications Markham, Ontario L3R 9X7 • Cloud Based eStatements • In-line printing of Newsletters and Inserts 866.475.9876 • Enhanced Statement Design • Data Insertion and Merging www.doxim.com11 | www.doxim.com