Paper, ink, and postage have a cost. But let’s face it, sending out paper statements isn’t just costly, it’s outdated. It takes time. Stapling, folding sheets, stuffing envelopes and posting? There are way more important things to be doing with employee time.
People are more environmentally conscious. They don’t like paper clutter. COVID-19 has made it even harder to get stuff done. Your time and resources are better spent elsewhere right now. And people don’t want mail germs, so they’re going online more than ever.
For these reasons and more, a lot of credit union members have already opted to accept paperless, a.k.a. e-statements.
eStatement conversions save a chunk of change and shrink your environmental footprint. But how do you convince the rest of your customers to make the switch?
We’ve got a few ideas, and we think they’re pretty good (the people at Xpress Data Inc. have even more ideas about how you can go paperless).
Strategies to Push a Switch to eStatements
Sometimes, incentives are the best way to your members’ heart.
1. Cut Maintenance and Account Fees
People love to save money, and they especially love free stuff. Checking account maintenance fee is 5 bucks a year? Tell them that making the switch means they can splurge on a morning coffee shop stop. They’ll like that idea.
2. Show Them the Bigger Picture
Call it a “green statement” and let people know how much paper is used printing monthly statements. Throw in a bit about the plastic used for ink cartridges. It’ll probably make them think twice about any lingering attachment they feel to getting those envelopes in the mail.
3. Notifications.
People already check their balance on your mobile app. They probably haven’t made the switch because the box to check yes wasn’t in front of their faces. Throw in a pop-up or push notification with a link and make it easy for them to sign up.
4. Promote Organization
Tell your members how much easier it is to track eStatements. Honestly, file folders full of the year’s account balances are cumbersome and a pain to organize. Send a mock screenshot of what your e-statements look like. If anything, they might just say yes to get the pop-ups to go away.
5. Hold a Sweepstakes or Raffle
Give a prize to members who make the switch. People love free stuff almost as much as credit unions love cutting statement printing costs.
It’s Time to Change
Whether people want to think of eStatements as a way to save money, help the environment, or declutter their home-offices—you’re accomplishing that goal. But beyond providing a streamlined statement experience, the real benefits are financial. First, your employee time can be spent on more valuable initiatives. Second, you can use the extra funds to bring more value to your members!
And finally, pushing the switch to eStatements helps with digital transformation. As the pandemic has shown, technologically-savvy organizations are better able to continue operating through major disruptions. eStatements provide that digital flexibility.
You can switch more than just account statements. Many of your documents can go electronic to make sorting easier and filing more efficient. Check out XDI’s article about eStatement conversion campaigns to learn more!
