E-Statement Marketing

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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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E-Statement Marketing

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