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E-Statement Marketing

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E-Statement Adoption: …

E-Statement Adoption:
How do you get your current account holders to sign up for E-Statements? How are other financial institutions succeeding at converting people to E-Statements?

E-Statement Marketing:
E-Statements save you money, but is their a cost? How are other institutions incorporating marketing campaigns with their e-statements?

About LKCS:
LKCS provides financial institutions with marketing, graphic design, commercial printing, mailing, internet development, e-marketing, newsletter production, database and one-to-one marketing, statement processing, e-statements and transpromotional marketing services. Our clients have counted on us for unrivaled experience, excellent quality, competitive pricing and superior service for over four decades.

LKCS – We do that.


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Transcript

  • 1. E-Statement Success
    Improve E-Statement Adoption and Cross-Sell Opportunities
  • 2. Today’s Presentation
    E-Statement Adoption
    How do you get your current account holders to sign up for E-Statements? How are other financial institutions succeeding at converting people to E-Statements?
    E-Statement Marketing
    E-Statements save you money, but is their a cost? How are other institutions incorporating marketing campaigns with their e-statements?
  • 3. Quick Poll
    How successful are your current e-statement adoption marketing efforts?
  • 4. E-Statement Adoption - Step 1
    Remove the Barriers
    Simple enrollment process
    Online registration a MUST! No paper forms!
    LKCS – account number, last 4 digits of SSN, password, MFA questions (if applicable), disclosure
    Consider home banking single sign-on
    LKCS – multiple home banking providers, members click one link and accept disclosure
    Easy Opt Out
    LKCS – settings check box to revert to printed statement
    IDEA: One Click E-Mail Marketing Enrollment
  • 5. E-Statement Adoption - Step 2
    Know Your Demographics
    Target marketing
    LKCS client demographics
  • 6. E-Statement Adoption – Step 3
    Tout the Benefits – “What’s in it for me?”
    Green/Eco-Friendly
    If all U.S. households stopped receiving paper bills and statements, 687,000 TONS of paperwould be saved every year.
    34% of consumersswitched to e-statements to reduce their impact on the environment.
    43% of consumers said they are more likely to do business with companies they perceive to be green.
    22% said green initiatives cement the bond they have with their bank
    Women are more likely to say that environmental impact is “extremely important” in banking decisions.
    Source: Javelin Strategy + Research Green Banking Report
  • 7. E-Statement Adoption – Step 3
    Safer than Paper Statements
    E-statement data is encrypted through a 128-bit “Secure Sockets Layer”, which is the standard for data encryption on the Internet.
    According to Verisign, “at current computing speeds, a hacker with the time, tools, and motivation to attack using brute force would require a trillion years to break into a session” protected by a 128-bit security certificate.
    The user probably would have logged out of their e-statements by then. 
  • 8. E-Statement Adoption – Step 3
    Safer than Paper Statements (continued)
    Encourage people to look for the “lock” symbolin their browser.
    LKCS e-statements are further protected by an Extended Validation Certificate, so you can tell account holders to look for the Green Bar.
    Remind users to protect their account number and password -- that’s the key to e-statement (and home banking) security.
  • 9. E-Statement Adoption – Step 3
    Additional Benefits:
    Faster Delivery than USPS Mail
    E-Statement e-mail notifications typically sent within one day for LKCS clients
    Available from Anywhere with Internet Access
    Instant Access to Account History
    At least 6 months and up to 18 months (or longer) for LKCS clients
    FREE
  • 10. E-Statement Adoption – Step 4
    Pick the Low Hanging Fruit
    Start with Home Banking users
    Go after them again and again
    Place e-statement ads within home banking
    Contact them by e-mail with one-click opt-in
    Don’t have current e-mail addresses? ASK FOR THEM at all contact points.
    Some LKCS clients have converted large percentages of online banking users to e-statements.
  • 11. E-Statement Adoption – Step 5
    Promote, Promote, Promote
    E-Statements are the last thing on your account holders’ minds
    Utilize ALL Media: direct mail, web banner ads, e-mail marketing, online banking banners/links, deposit slips, ATM receipts, lobby signage and so on
    Promote E-Statements within Printed Statements – envelope backer ads, statement inserts, statement ads/onserts, statement messages, etc.
    Raffle drawings DRAMATICALLY improve e-statement registration – triple you sign-up rates by offering a prize (draw from all e-statement users to maintain loyalty)
  • 12. E-Statement Adoption – Step 5
    • Employee/Branch Contests and Incentives
    Your front line staff can do the work!Arm them with banners, posters, buttons and opt-in forms. Set up incentives or have branches compete with each other.
    Set up a home banking/e-statement demo kiosk. Have an employee greet members, demonstrate e-statements, and sign them up right on site.
    ASK!Keep asking people to sign up for e-statements. Explain the benefits.
  • 13. E-Statement Adoption – Step 5
    New Accounts
    Sign account holders up for e-statements when they first open their account! Have them tell you if they don’t want e-statements.
    Design some products to minimize/eliminate fees with e-statements and other e-services.
  • 14. E-Statement Adoption – Step 5
    Buy the Opt-In If Needed
    Everybody wants something for their effort….
    LKCS’ clients have found that $5 appears to be a magic figure when it comes to enticing e-statement enrollment
    Cash vs. Logoed Product doesn’t seem to matter
    Have incentives available at teller and drive-up windows for instant e-statement opt-in rewards.
  • 15. E-Statement Adoption – Step 5
    A few ideas in the $5 range:
  • 16. E-Statement Adoption – Step 6
    Track the Results
    Monitor new e-statement enrollments during marketing campaigns.
    LKCS includes opt-in dates for easy tracking.
    Look for any members who revert to printed statements and find out why they switched back.
    Remember you have their e-mail address, so you can ask them.
    Match back account numbers for any targeted campaigns or special offers.
  • 17. E-Statement Adoption – Step 6
    TIP: Don’t have the marketing budget? Remind management that each person who signs up saves your institution $0.50 or more per month.
    Savings Example:
    2,500 new e-statement users at $.50 per month
    Monthly Savings: $1,250.00
    Annual Savings: $15,000.00
    How much would your CEO give you to spend on a marketing campaign that generates an ongoing $15,000 annual savings?
    And that’s only for 2,500 additional members – some LKCS clients have over 30% of members on e-statements.
  • 18. E-Statement Marketing
    Just because you are saving money with e-statements doesn’t mean you should sacrifice all marketing opportunities.
    How are your best members going to know about your latest specials and newest products?
  • 19. On the E-Statement
    Banner Ads
    Link to web pages or PDFs
    Appear for all members or selectively
  • 20. On the E-Statement
    Statement Ads/Onserts
  • 21. On the Notification
    Custom E-Statement E-Mail Notification
  • 22. On the Way In
    Custom Login Page
  • 23. Questions?
    Questions/Comments
    Sid Haas
    Vice President of Business Development
    Direct 815-220-3904
    sid.haas@lk-cs.com
  • 24. Thank You
    Thank You!