The more things change, the more things stay the same. Futurists once predicted that paper would become obsolete. While it may be true that digital means of document retention and review have reduced some need for hard-copies of statements (even with the proliferation of e-statements), a recent poll revealed that over 50% of consumers continue to have their financial statements printed and delivered through the mail.
So with the ease and convenience of e-statements, why is more than half of our audience sticking with paper statements? For many, paper is familiar and they like to keep the hard-copy for their records. For those who prefer e-statements, being able to easily review them anytime, anywhere is where the value lies.
All things considered, electronic and print statements both have their place – one is not better than the other – but there is an opportunity to be had through statement distribution. Each month is an opportunity for credit unions to share services and promotions that are being offered and to inform members of the benefits available to them.
Traditional statement processing and the latest technology now integrate to take this targeted messaging to a new level – Enhanced Statements. With parameters set by the credit union, promotional messaging can be customized on the statement – whether print or digital – and can be further segmented to selected target audience. For example, let’s say you want to tell all of your members about your newest branch, but want to inform only those within a 5 mile radius of said branch that they are eligible for a promotional mortgage refi rate. You’re sending the statements anyway; making it an opportunity to interact with specific members is possible!
Enhanced Statements do not replace classic statement processing. It is simply an added option that enables credit unions to tailor messaging to members like never before. Want to learn more? Contact Jean DeStefano to set up a time to learn more about the latest twist to a classic function!