Offering eDelivery services is one of the smartest moves your financial institution can make. From a money-saving standpoint alone, eDelivery costs are generally less than 35 percent of the print cost when considering the price of postage.
But, just because you offer it, doesn’t always mean automatic adoption by customers and members. Sometimes, it takes a little time and ingenuity on your part in order to really see paper usage shrink. A few well-thought out actions can mean all the difference, so consider employing some of these top five ways to spur eDelivery adoption:
Offer Rewards and Incentives
- Offer a small monetary incentive to those who enroll—even just a $5 “thank you”—and you’ll send adoption rates soaring. Consider taking it a step further with a monthly drawing for bigger prizes—$50 or $100 gift cards, perhaps—at the end of a specified time period.
- Provide special services to only eDelivery adopters. One institution began offering “ultimate” checking accounts, for which adopters receive an account dividend of up to 3.5 percent for keeping a minimum balance.
- Devise additional incentives. Other options include offering better rates, discounted fees and special rewards programs. Or, initiate a “free checking means eChecking” policy for customers and members who accept all statements and notices electronically.
Tout the Enormous Environmental Benefits
- You’d be amazed at the environmental benefits of reducing the carbon footprint and greenhouse gases from paper consumption, and so would customers and members. Share some hard yearly statistics with them, based on sending out just 2,000 paper statements per month:
- 672 pounds of paper consumed
- 2,510 pounds of wood consumed
- 2,803 pounds of greenhouse gases produced
- Offer an eco-friendly grocery bag for each new eStatement account.
- Consider partnering with a local nursery to plant a tree for each sign-up.
- Tout security aspects. A statement delivered through online banking is far more secure and less susceptible to identity theft than one sitting in an unlocked mailbox. And no more “lost in the mail” or shredding documents issues.
- Establish bill-pay alerts. In a Forrester survey, 23 percent of respondents said they haven’t switched to eDelivery because they think they’d forget to pay a bill. Take that fear out of the equation by showing them how to set up automatic alerts.
- Educate users. Teach them about such eDelivery benefits as enhanced viewing capabilities, as well as how to back up data in case of computer crashes, print and store statements and set up various alerts.
Showcase the Convenience
- Tout eDelivery’s efficiencies. Statements are immediately accessible online and available to download directly to your PC for offline storage if necessary.
- Customers and members like viewing their banking history, so consider giving them access to as much as seven years’ worth of statements, rather than the customary six months.
- Make sign-up easy. You can even make adoption automatic by simply requiring new accounts to opt out of eDelivery rather than asking them to opt in.
Get Employee Buy-in
- Encourage some friendly competition between employees and/or branches to see who can obtain the most sign-ups. Offer $5 to employees for each new adoption, with perhaps a larger prize at the conclusion of the competition.
- Add an eDelivery adoption goal to your tellers’ yearly evaluations.
If all else fails, consider charging a fee for paper statements and notices as a way to help you offset print and mail costs. However, we think you’ll see that by trying a few of these options—maybe a combination of several—your institution will see adoption soar and costs plummet.
Jimmie Paradee is product manager and sales engineer with CSI’s Document Services Division. In his role, Jimmie is responsible for the product management of all CSI Document Services SaaS applications, which includes revising operations processes, performing all sales demonstrations and updating all product documentation.