27 November 2014

Banking Technology Ramblings

Randall Pearson - Pearrari Solutions Inc.

1 | posts 3,420 | views 1 | comments

Online Banking

This community is for discussion of developments in the e-banking world, including mobile banking. This can include all the functional, business, technical, marketing, web site design, security and other related topics of Internet Banking segment, including public websites of the banks and financial institutions across the globe.

eStatements: The Lost Member Communication Channel?

06 February 2013  |  3421 views  |  3

A recent CUinsight article by this topic explores the untapped up-side in marketing via the eStatements channel. The post was made by a vendor in this business. Nothing wrong with selling, but...

In my experience, migrating a user from paper to eStatements is a very good thing in a connected world.

However, when a paper statement is delivered, it is usually opened. The envelope is tossed/recycled. Inserts not a native part of the statement are almost always tossed/recycled without a look... or with a brief glance. That's why response rates are so low for statement stuffers. The statement itself may be glanced over... possibly even used for (gasp) balancing ... so old school! Generally just filed to gather dust until the date with the shredder. Promotions integrated onto the face of the statement have a better chance of getting viewed a few times.

When the user moves to eStatements, the experience changes to... The eStatement is loaded into the repository. An email notification (or other notification mechanism) goes out declaring that the statement has arrived. That is deleted or filed. The user frequently never accesses the statement until/unless some particular need for that arises... such as doing taxes, finding an out of balance, etc. So while eStatements have lots of positives, increasing engagement and enhanced cross-selling isn't among them. Those actually decrease. Now there are a few really good ways to engage the few users who do pull up eStatements, which is nice. The advantage is they're online and can respond in real time to cross-selling prompts. The problem is one of scale. It's a bit like PFM. There's some truly great stuff that full engagement PFM can enable... but so few users are active with PFM... like eStatements...

Does it make the short list of things that get your time today to work on promotions to groups of users so small that after segmentation, response attrition, qualification attrition, and closing attrition... you don't wind up with much? If you answer, "Yes", then I applaud you. Your organization is likely both relatively large and better staffed for cross-selling than most I've seen.

TagsMobile & onlineRetail banking

Comments: (3)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 11 February, 2013, 14:12

My experience resonates well with your views about how eStatements are not suitable for increased cross-selling. As I'd highlighted in my Finextra post titled, Save Costs But Lose Revenues With eBills And eStatements, because of better open-rates and a more natural advertising experience, "Most advertisers... are willing to pay a premium for advertising on printed documents compared to eBills or eStatements."

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Michael Wright - Striata eBilling and eMarketing - London | 11 February, 2013, 15:12

I can see where you are headed with this idea - but you have not considered the opportunity to send the eStatement as a encrypted attachment to an email, using the email body as valuable real estate for cross selling and marketing.

I get my Barclaycard statement this way and signed up for contactless payments off a marketing link on the email.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 12 February, 2013, 09:26

Oh, I keep getting such offers but, since I don't intend to open the attachment, I delete such emails w/o opening them just after reading their subject. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Randall

eStatements: The Lost Member Communication Channel?

06 February 2013  |  3421 views  |  3  |  Recommends 1 TagsMobile & onlineRetail bankingGroupOnline Banking
name

Randall Pearson

job title

Founder

company name

Pearrari Solutions Inc.

member since

2010

location

Tucson

Summary profile See full profile »
http://www.linkedin.com/in/randallpearson

Randall's expertise

What Randall reads
Randall writes about
Randall's blog archive
2013 (1)

Who is commenting on Randall's posts