E-Statement Marketing

E-Statement SuccessImprove E-Statement Adoption and Cross-Sell Opportunities

Today’s Presentation

• E-Statement Adoption– How do you get your current account holders to sign

up for E-Statements? How are other financial institutions succeeding at converting people to E-Statements?

• E-Statement Marketing– E-Statements save you money, but is their a cost? How

are other institutions incorporating marketing campaigns with their e-statements?

Quick Poll

• How successful are your current e-statement adoption marketing efforts?

E-Statement Adoption - Step 1

• Remove the Barriers– Simple enrollment process

• Online registration a MUST! No paper forms!

• LKCS – account number, last 4 digits of SSN, password, MFA questions (if applicable), disclosure

– Consider home banking single sign-on• LKCS – multiple home banking providers, members click

one link and accept disclosure

– Easy Opt Out• LKCS – settings check box to revert to printed statement

– IDEA: One Click E-Mail Marketing Enrollment

E-Statement Adoption - Step 2

• Know Your Demographics– Target marketing– LKCS client demographics

Under 18

18-19

20-29

30-39

40-49

50-59

60-69

70+0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

E-Statement Ages

Less

than

$15

,000

$15,

000

- $19

,999

$20,

000

- $29

,999

$30,

000

- $39

,999

$40,

000

- $49

,999

$50,

000

- $74

,999

$75,

000

- $99

,999

$100

,000

- $1

24,9

99

Great

er th

an $

124,

999

0.00%5.00%

10.00%15.00%20.00%25.00%30.00%35.00%

E-Statement Incomes

E-Statement Adoption – Step 3

• Tout the Benefits – “What’s in it for me?”– Green/Eco-Friendly

• If all U.S. households stopped receiving paper bills and statements, 687,000 TONS of paper would be saved every year.

• 34% of consumers switched to e-statements to reduce their impact on the environment.

• 43% of consumers said they are more likely to do business with companies they perceive to be green.

• 22% said green initiatives cement the bond they have with their bank

• Women are more likely to say that environmental impact is “extremely important” in banking decisions.

Source: Javelin Strategy + Research Green Banking Report


– Safer than Paper Statements

• E-statement data is encrypted through a 128-bit “Secure Sockets Layer”, which is the standard for data encryption on the Internet.

• According to Verisign, “at current computing speeds, a hacker with the time, tools, and motivation to attack using brute force would require a trillion years to break into a session” protected by a 128-bit security certificate.

The user probably would have logged out of their e-statements by then.


– Safer than Paper Statements (continued)

• Encourage people to look for the “lock” symbol in their browser.

• LKCS e-statements are further protected by an Extended Validation Certificate, so you can tell account holders to look for the Green Bar.

• Remind users to protect their account number and password -- that’s the key to e-statement (and home banking) security.


• Additional Benefits:– Faster Delivery than USPS Mail

• E-Statement e-mail notifications typically sent within one day for LKCS clients

– Available from Anywhere with Internet Access

– Instant Access to Account History• At least 6 months and up to 18 months (or longer) for LKCS

clients

– FREE


• Pick the Low Hanging Fruit– Start with Home Banking users

– Go after them again and again

– Place e-statement ads within home banking

– Contact them by e-mail with one-click opt-in

• Don’t have current e-mail addresses? ASK FOR THEM at all contact points.

– Some LKCS clients have converted large percentages of online banking users to e-statements.


• Promote, Promote, Promote– E-Statements are the last thing on your account

holders’ minds

– Utilize ALL Media: direct mail, web banner ads, e-mail marketing, online banking banners/links, deposit slips, ATM receipts, lobby signage and so on

– Promote E-Statements within Printed Statements – envelope backer ads, statement inserts, statement ads/onserts, statement messages, etc.

– Raffle drawings DRAMATICALLY improve e-statement registration – triple you sign-up rates by offering a prize (draw from all e-statement users to maintain loyalty)


• Employee/Branch Contests and Incentives• Your front line staff can do the work! Arm them

with banners, posters, buttons and opt-in forms. Set up incentives or have branches compete with each other.

• Set up a home banking/e-statement demo kiosk. Have an employee greet members, demonstrate e-statements, and sign them up right on site.

• ASK! Keep asking people to sign up for e-statements. Explain the benefits.


• New Accounts– Sign account holders up for e-statements when they

first open their account! Have them tell you if they don’t want e-statements.

– Design some products to minimize/eliminate fees with e-statements and other e-services.


• Buy the Opt-In If Needed– Everybody wants something for their effort….

– LKCS’ clients have found that $5 appears to be a magic figure when it comes to enticing e-statement enrollment

– Cash vs. Logoed Product doesn’t seem to matter

– Have incentives available at teller and drive-up windows for instant e-statement opt-in rewards.


• A few ideas in the $5 range:


• Track the Results– Monitor new e-statement enrollments during

marketing campaigns.• LKCS includes opt-in dates for easy tracking.

– Look for any members who revert to printed statements and find out why they switched back.

• Remember you have their e-mail address, so you can ask them.

– Match back account numbers for any targeted campaigns or special offers.


• TIP: Don’t have the marketing budget? Remind management that each person who signs up saves your institution $0.50 or more per month.

• Savings Example: – 2,500 new e-statement users at $.50 per month– Monthly Savings: $1,250.00– Annual Savings: $15,000.00

How much would your CEO give you to spend on a marketing campaign that generates an ongoing $15,000 annual savings?

And that’s only for 2,500 additional members – some LKCS clients have over 30% of members on e-statements.

E-Statement Marketing

• Just because you are saving money with e-statements doesn’t mean you should sacrifice all marketing opportunities.

• How are your best members going to know about your latest specials and newest products?

On the E-Statement

• Banner Ads– Link to web pages or PDFs

– Appear for all members or selectively

On the E-Statement

• Statement Ads/Onserts

On the Notification

• Custom E-Statement E-Mail Notification

On the Way In

• Custom Login Page

Questions?

• Questions/Comments

Sid HaasVice President of Business Development

Direct [email protected]

Thank You

Thank You!

E-Statement Marketing

Economy & Finance

Transcript of E-Statement Marketing