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E-Statement Success Improve E-Statement Adoption and Cross-Sell Opportunities

E-Statement Success Improve 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?

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E-Statement Success Improve E-Statement Adoption and Cross-Sell Opportunities

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  1. E-Statement Success Improve E-Statement Adoption and Cross-Sell Opportunities

  2. 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?

  3. Quick Poll • How successful are your current e-statement adoption marketing efforts?

  4. 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

  5. E-Statement Adoption - Step 2 • Know Your Demographics • Target marketing • LKCS client demographics

  6. 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 paperwould be saved every year. • 34% of consumersswitched 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

  7. E-Statement Adoption – Step 3 • 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. 

  8. E-Statement Adoption – Step 3 • Safer than Paper Statements (continued) • Encourage people to look for the “lock” symbolin 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.

  9. E-Statement Adoption – Step 3 • 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

  10. E-Statement Adoption – Step 4 • 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.

  11. E-Statement Adoption – Step 5 • 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)

  12. E-Statement Adoption – Step 5 • 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.

  13. E-Statement Adoption – Step 5 • 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.

  14. E-Statement Adoption – Step 5 • 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.

  15. E-Statement Adoption – Step 5 • A few ideas in the $5 range:

  16. E-Statement Adoption – Step 6 • 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.

  17. E-Statement Adoption – Step 6 • 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.

  18. 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?

  19. On the E-Statement • Banner Ads • Link to web pages or PDFs • Appear for all members or selectively

  20. On the E-Statement • Statement Ads/Onserts

  21. On the Notification • Custom E-Statement E-Mail Notification

  22. On the Way In • Custom Login Page

  23. Questions? • Questions/Comments Sid Haas Vice President of Business Development Direct 815-220-3904 sid.haas@lk-cs.com

  24. Thank You Thank You!

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