Electronic Statement Management. Amy Klapper, Product Line Manager

Transcription

1 Electronic Statement Management Amy Klapper, Product Line Manager

2 Agenda Industry trends Inside IBS clients Trends Observations Embracing e-statements Financial institution view Consumer view Tools to meet your goals Today and beyond 2

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5 Industry Trends Other Nothing, I will never give up the paper version What could your financial providers do for you to stop receiving paper statements and switch to only receiving the information online? Base: US online adults who receive paper statements Source: North American Technographics Financial Services Online Survey, Q

6 Industry Trends Local and regional banks have the lowest online only delivery for checking accounts. % receiving each type of stmt 100% 80% 60% 40% Online and on paper Only online 20% 0% Only on paper through the mail Only includes primary checking providers with sample size N>100 Base: US Online adults who receive statements for each type of financial account and have a checking account at each bank Source: North American Technographics Financial Services Online Survey, Q

7 Industry Trends While e-statement usage has jumped, paperless totals have held steady. Paper only through the mail CHECKING ACCOUNTS SAVINGS / CD ACCOUNTS CREDIT CARD MORTGAGE BROKERAGE 42% 45% 42% 61% 41% Online and paper delivery 39% 35% 46% 28% 40% Online only delivery 19% 21% 12% 11% 20% Base: US online adults who receive statements for each type of financial account Source: North American Technographics Financial Services Online Survey, Q

8 Industry Trends Nearly 30% of Gen X and Gen Y are paperless for savings / CDs accounts. 30 % receiving online only statements Checking account Savings / CD account Credit card Gen Y (18-28) Gen X (29-42) Younger Boomers (43-52) Base: US online adults who receive statements for each type of financial account Source: North American Technographics Financial Services Online Survey, Q Older Boomers (53-63) Seniors (64+) 8

9 Industry Trends Many consumers simply don t use their statements that much paper or otherwise Why did you stop having your paper statements mailed to you? US Online Consumers 52% It s better for the environment to go paperless. 36% It s just as easy to print out the online statement for record keeping purposes. 32% I don t read my statements, I get all the information I need online. 32% My financial provider stopped sending them once I enrolled in online statements. 26% My bank stores several years of my online statements in case I need them in the future. 19% I like the ability to save the PDF of the online statement on my computer for record keeping. 13% I never used to open my paper statements. 11% None of these. 8% My financial provider offered me a financial incentive to stop receiving paper. 5% My financial provider charges me for paper statements. Base: US online adults who receive statements for each type of financial account Source: North American Technographics Financial Services Online Survey, Q

10 Industry Trends Being able to store and print the e-statement eliminates several customer concerns US Online Consumers 53% Credit $5 to my account. 37% Allow me to print my online statement to file with my records. 38% Store several years of my statement for record keeping purposes. 36% Allow me to save my online statement for record keeping. 27% Plant a tree for every customer who gives up paper statements. 16% Start charging me to have the paper statement mailed to me. 20% Donate money on my behalf to an environmental cause. Base: US online adults who receive paper statements Source: North American Technographics Financial Services Online Survey, Q

11 Inside IBS Trends and Observations Other Nothing, I will never give up the paper version REMEMBER 7 in 10 non-adopters could be convinced to give up paper statements Base: US online adults who receive paper statements Source: North American Technographics Financial Services Online Survey, Q

12 Inside IBS Trends and Observations What is the adoption rate amongst the IBS clients using Consumer e-banking? 25 30% 12

13 Inside IBS Trends and Observations Roundtables at seven Regional User Groups in 2009 Representing almost 100 financial institutions Discussed adoption rates Shared success stories and best practices 13

14 Inside IBS Trends and Observations Consider the costs to create a paper statement Raw materials: statement paper and envelopes Printing: printer, toner, maintenance, hardware Rendering and mail prep: human intervention Postage: full price, post-net discounts Costs? $.75 $1.87 per statement* *Javelin Strategy & Research: Online Storage Vaults, Oct. 2008, InfoTrends, The Future of Mail,

15 Inside IBS Trends and Observations Paper statement 5,000 accounts / month At $1.87 $112,200 ANNUAL COSTS Electronic statement 5,000 accounts / month At $.20 $12,000 ANNUAL COSTS $100,000 a year savings! 15

16 Inside IBS Trends and Observations Financial Institution employees embracing e-statements Education Train employees on the financial benefit to the bank Require them to be an e-banking user Require them to be an e-statement user Inform them of the Marketing campaign Share with them WIIFM and what is in it for the clients 16

17 Inside IBS Trends and Observations Financial Institution employees embracing e-statements Incentives Every account signed up Employee gets monetary reward Employees name gets put in the hat for prizes Employee receives points towards gift cards Employee receives points towards auction for merchandise 17

18 Inside IBS Trends and Observations Financial Institution employees embracing e-statements New product offerings Require e-statements for all Student products Integrate e-statements into low / no fee checking accounts Integrate e-statements into high-yield interest bearing accounts 18

19 Inside IBS Trends and Observations Financial Institution employees embracing e-statements Get marketing involved Know your customers what will motivate them Traditional Branch posters / banners Inserts in paper statements Messages on the statements Billboards, radio, TV campaigns Go Green buttons or t-shirts that all employees wear Teller and ATM receipts with e-statement message If on hold, have phone message remind them Update your Website 19

20 Inside IBS Trends and Observations Consumers embracing e-statements Education Immediate accessibility 24/7/365 Fast and convenient Safe and secure Environmentally friendly go green Reduces clutter Can save or print their own statements, if needed Ensure them that you, the FI, maintains 7 years history 20

21 Inside IBS Trends and Observations Consumers embracing e-statements Incentives For as little as $5, a consumer will switch. Low cost gifts; movies passes, two for one lunches Gift cards Go Green bags with Financial Institution logo 21

22 Inside IBS Trends and Observations Consumers embracing e-statements New product offerings Earn more interest if e-statement, number of debit cards transactions and ACH Student accounts Combined value products Go Green accounts Cash back accounts 22

23 Tools How can FIS help? Utilize standard Splash pages in CeB and BeB Customize Splash pages in CeB and BeB Add Demos to your website Engage with our Product Sales Consultants 23

24 What do we have today and where are we going? Current e-statement interfaces Deposit, loan, credit card, and XAA statements Future e-document interfaces Deposit notices, Loan notices Year-end forms Retirement statements 24

25 Questions and Answers

26 7of 10 non-adopters could be convinced to give up paper statements! Source: North American Technographics Financial Services Online Survey, Q2 2008

27 Thank You Amy Klapper