Online, On Paper, On the March: Making the Online Jump to eStatements
Some people love change. Some don't. But there’s a way to make (almost) everyone happy.
Each month, credit unions spend thousands of dollars mailing out account statements to their members. Some credit unions spend nearly $31,000 per year sending out paper statements. To save money, time, and resources, many consider the switch to eStatements - but don't do it. Their fear, usually, is that they'll alienate their customer base. After all, some people don't feel comfortable with electronic banking and e-statements. What is the practical, bottom-line oriented CEO to do?
The answer is simple: offer a choice.
At DigitalMailer, we suggest that credit unions offer their members a chance to "opt-out" of receiving e-statements in favor of paper, thereby making e-statements the default. How does this offer an advantage over an "opt-in" - making paper the standard and electronic statements an alternative? Well, considering that one credit union now issues paper statements to only 1 percent of its members, the opt-out strategy clearly works. And the credit union’s cost savings speaks for itself.
What’s been your experience? Feel free to respond in our Comments section.
Each month, credit unions spend thousands of dollars mailing out account statements to their members. Some credit unions spend nearly $31,000 per year sending out paper statements. To save money, time, and resources, many consider the switch to eStatements - but don't do it. Their fear, usually, is that they'll alienate their customer base. After all, some people don't feel comfortable with electronic banking and e-statements. What is the practical, bottom-line oriented CEO to do?
The answer is simple: offer a choice.
At DigitalMailer, we suggest that credit unions offer their members a chance to "opt-out" of receiving e-statements in favor of paper, thereby making e-statements the default. How does this offer an advantage over an "opt-in" - making paper the standard and electronic statements an alternative? Well, considering that one credit union now issues paper statements to only 1 percent of its members, the opt-out strategy clearly works. And the credit union’s cost savings speaks for itself.
What’s been your experience? Feel free to respond in our Comments section.
Labels: e-Statements
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