winning strategies to drive estatement adoption

Winning Strategies to Encourage

Daniel Kim | Product Marketing ManagerSean O’Donovan | VP Marketing and Products

eStatement Adoption

Agenda

Defining eStatements Benefits of eStatements eStatement Adoption Strategies

Improving eDelivery Levels Client Success Stories Statement Options

Savings Put To Work

What are eStatements?

eStatements are electronic versions of mailed paper account Statements

They look just like paper statements and contain the same information

Benefits of eStatements

Improve performance and use fewer resources

Communicate more cost effectively

Improve convenience and access to statements

Reduce operating costs and create savings

Reduce carbon footprint

eStatements

• Financial service providers are feeling increasing pressure from regulators = increase in cost of doing business

• Increase in mergers & acquisitions to simply stay competitive and provide economies of scale

• Many of our clients are looking to eStatements as a means to reduce costs: print, mailing and calls to call center

• Industry eStatement adoption rates are still 15%

eDelivery Average “opt-out from printed statement” > 50%

Doxim top 10 percentile of clients > 85% eDelivery

eStatement Adoption Strategies

1. New Accounts Only

2. Voluntary Opt-In

3. Turn off Online Banking Customers

4. Going Green Initiative

5. Negative Opt-Out

Tip: The most important people in the conversion are your customers


New Accounts Only • All new account sign ups are automatically flagged to receive eStatements.

Voluntary Opt-In (“The Gentle Approach”)• Implementation of incentive campaigns to customers • Encourage them to adopt eStatements and request that their printed

statements be turned off. • Customers who switch to eStatements can be rewarded giveaways such as:

Cash Gift Certificates Electronics Trips


Turn off Online Banking Users

• Printed statements are turned off for all online banking users

• Customers access their statements through their online banking session connected to your online statement repository

• More effective if you can segment your database


Going Green InitiativeSome organizations have made the most of their green initiatives by encouraging adoption through awareness of the positive environmental impacts of eStatements.

Did you know…By suppressing 12,000 statements a year, you can conserve the following resources: Paper: 1,828 KG of paper saved Water: 145,572 L of wastewater prevented from discharging into lakes, streams and river Gasoline: 4,934 L of gas saved by not mailing your bills, statements, and payments


Going Green Initiative

31,970 KG of greenhouse gases avoided

This amount of greenhouse gas is the equivalent of: 114,075 KM not driven in your car 821 trees planted (and grown for 10 years) 12,545 square feet of forest preserved from deforestation

Tip: Make an eco contribution such as planting a sapling for each customer or purchasing carbon offsets.

eStatement Adoption Strategieshttp://www.payitgreen.org/business/green-calculators/footprint-calculator

Negative Opt-Out (“The Hard Line Approach”)

Implementation of a customer-wide “reverse opt in” strategy. All statement printing is turned off and those members who still

require a printed statement can ‘opt back in’. Consider applying an additional monthly charge to those accounts

that have chosen to ‘opt-in.’


Tip: Give customers plenty of notification before turning off their paper statements

Tip: Charge customer a fee for paper statements


Internal Campaigns Tracking Visibility Timeline

Tip: Discuss ways to promote eStatement opt-in through education and friendly competition across branches and employees.

Doxim Customer Success Stories

Company: Odlum Brown - Independent full-service investment firm , Est. 1923, 225 employees across 5 branches

Daily confirmations, monthly statements and annual tax forms via eDelivery

Strategy: Voluntary Opt-In

Result: 30% eDelivery rate and growingPostage costs decreased by >20% Improved internal efficiencies

Who Was Involved?

Odlum Brown Management Team involved in decision making processes

Core Messaging

A new, complimentary document service now available:

Convenient Secure Storage Timely Information

Message to Clients

“Too much Paper?” campaign.

Introduced new service on the back flap of the statement, confirm and tax envelopes.

Message to Clients

“You’ve Got Mail”

Service Overview – What is it? The Benefits How it works Technology Requirements How to enroll

Message to Staff

No heavily formal training provided in the beginning

Rolled Doxim out to departmental staff slowly: Operations Sales Support Then some retail

Helpful Tips

Engage the sales/ retail side with these enhancements

Set lofty but obtainable goals for the sales individual and the firm

Make sure staff see the bottom line on cost savings, especially the stakeholders in the company.

Company: Your Credit Union - Serving members in Eastern Ontario since 1950 - 5 branches, with 7,800 members

Strategy: 1st Rollout: Voluntary Opt-In2nd Rollout: Green Initiative and Hard Line Approach (negative opt-in)

Result: 82% eDelivery rate70% reduction in print costs 90% reduction in postage costsImproved internal efficienciesRecipient of Doxim Green Giant Award

Who Was Involved?

Operations, Marketing, IT, Doxim, MemberDirect

Message to Clients

First Rollout: eStatements are now available! - Encourage members to choose eStatements Second Rollout: We are Going Green! - Paper statements will no longer be available

Outstanding Success

Print and postage cost savings more than paid for solution

Faster statement delivery

Fewer inquiries and complaints

Much improved internal efficiencies

Company: Copperfin Credit Union - Established as a result of merger of 2 Ontario based Credit Unions, offering services to residents of Ontario.

Strategy: Negative Opt-in- The Hard Line Approach

Result: 80% eDelivery rateReduction in mailing costs Improved member convenience

Who Was Involved?

COO took the lead

Marketing committee helped with campaign

Banking Services Manager

CGI

Doxim

Message to Staff

Account management and front office all trained Fact sheets, posters Regular review of materials and messaging Shared details of cost with staff

Message to Clients

Copperfin wants to increase efficiency to better serve customers and to reduce expenses around mailing print statements.

Environmental benefits communicated to members.

Helpful Tips

Expected some negative feedback but got far less than they expected.

Sharing costs with staff was huge. They saw the benefit immediately.

Sharing Costs with clients also good.

Putting Your Savings to Work

Colour Printing

Now more affordable than ever

Becoming more and more popular

Strengthens branding and makes ads ‘pop’

Fund it with savings from eDelivery to fund

eDelivery Savings Colour Printing

Laggards

Customer cost

Doxim average e-delivery Doxim best practices

E-delivery

adoption

SavingSaving

Go From Mailing This… To This!

WOW!

eNewsletters and eInserts

eNewsletters & eInserts

Append an electronic copy of a physical inserts for presentation to clients through ECM / Portal interfaces

Benefits: Present Inserts to all online clients/clients that have opted out of paper statements

Can be used for Inserts or other things like Newsletters or member notices

eNewsletters & eInserts

Statement Solutions

Doxim Statement Solutions

eStatements

Better Looking Statements

Enhanced data streams

eInserts and eNewsletters

In-line Newsletters

Color printing

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