E-Statements: Go Green/ Save Green

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E-Statements are good for the environment, they’re convenient and secure (no one can pilfer your statement from your mailbox.) Your e-statement can be easily personalized with relevant information and used by the FI as an opportunity to get to know you better.

The typical road-blocks to launching a successful E-statement program are 1) getting people to convert, 2) including elements to create a compelling read and 3) developing the statement so that it becomes an effective communication vehicle.

To address the first challenge, FIs usually offer incentives (cash) or disincentives (fees for paper statements) to get people to convert. Instead of this approach a more structured path would be an appeal to the consumer’s sensibilities – assure them that the e-statement is secure, that they will get it instantly and that the money saved will ultimately result in higher returns.

Create compelling content by focusing on the inclusion of dynamic offers related to the individual recipient. If someone already has your credit card, don’t try to give them another card – instead use a simpler approach to engage them in a survey, this will help you learn about their aspirations and give you information to then create a more targeted offer.

To achieve effective communication status, you must track the ROI and make sure the recipient is being served the appropriate elements. Tout the money you have saved (internal team) and track the clicks and recipient feedback to make sure you have followed your good communiqués with additional, relevant information.

These same rules apply for non-financial companies…