For many members of Seven Seventeen Credit Union, e-statements have been a welcome enhancement. Since the $655-million Warren, Ohio-based credit union first launched the program at the end of 2001, use of e-satements has grown with 76% growth experienced in 2005. Today, more than 10% of Seven Seventeen's members receive e-statements, According to Karen DeSalvo, vice president of marketing for Seven Seventeen, a variety of strategies has led to the program's growth and success. "
At Seven Seventeen, we package our products, so members using online banking automatically receive e-statements unless they opt out, which few do," says DeSalvo. "But the program had a really big boost when we offered free bill pay last year."
DeSalvo also credits Seven Seventeen employees for playing a key role in the success of e-statements. The credit union offered contests and cash incentives for employees to sign up new e-statement users, and encouraged staff members to enroll in the service themselves by providing training sessions on how to use the product.
Other successful strategies have included member drawings for iPods and gift cards, conducting an annual e-services promotional campaign, sending targeted direct-mail pieces, and posting the link to e-statements and an e-statement demo prominently on Seven Seventeen's website.
According to DeSalvo, the credit union works hard to stay on the cutting edge of technology, and its members have traditionally been receptive to such service and product enhancements.
"We wanted electronic-based products that work consistently each month from a provider that's available to us when we need them," says DeSalvo, who uses DigitalMailer for its e-statements, e-checks, and e-lerts.
"The program provides us with two key benefits: member satisfaction and cost savings on printing and postage," says DeSalvo. "And we've more than recouped our costs to set up the program."
To learn how e-statements can help your credit union increase member satisfaction and decrease postage and printing expenses of mailing statements each month, contact DigitalMailer at info@digitalmailer.com.
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