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eStatements—An Evolution

From: Chip Filson, Callahan’s Credit Union Report, June 2003
(reprinted with permission)

Today both HTML and image capabilities have made eStatements an opportunity to communicate one-to-one messages that can cross-sell or offer relevant advice.

Originally viewed as a cost savings opportunity over mailed statements, the technology options now available have repositioned this application as a primary customer relationship opportunity.

Initially eStatements were PDF images of the printed-paper format. They were not interactive and frequently could only be used by home banking members because PIN access was necessary for security. Today both HTML and image capabilities have made eStatements an opportunity to communicate one-to-one messages that can cross-sell or offer relevant advice. An example is: "Your CD is maturing next month, would you like one of our representatives to call you?"

Some credit unions have even extended the service to include member- selected alerts for notices about interest rate changes or other credit union services.

Technology options have also allowed statements to be accessed by non-home banking users, thereby expanding the service to all members who are online.

In some credit unions the use of eStatements by employees to answer member requests in the call center or branches has resulted in a solution that puts all statements online, not just those who have requested access.

Because eStatements are applications built around a recurring event that is legally required, the evolution of this capability seems inevitable. Both employees and members benefit by accessing information quickly and comprehensively.

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