Benefits Of eStatements For Credit Unions & Members

Why should credit unions adopt and promote eStatements? Who will benefit from persuading members to enroll? With this blog post, we will explore all the benefits of adopting eStatements for both credit unions and members, as well as how eStatements are implemented. 

How do eStatements work?

eStatements are your typical account statements but in the form of an electronic document instead of a paper one. They may look exactly like their paper counterpart or you can choose a redesigned layout optimized for that format.

Electronic statements allow financial institutions to follow the given regulations that require them to send customer account statements, while cutting costs related to printing and mailing. These statements also serve as a new platform for supporting your bank’s brand and efficiently sharing marketing messages with members.

Benefits Of eStatements For Credit Union Members

Electronic statements provide the same functionality to members but with added convenience and faster distribution. Instead of waiting for mail to arrive, customers are immediately notified through e-mail, SMS or push notification on their mobile device as soon as their eStatement is ready.

estatements member

Members can easily review eStatements from any computer or mobile device. They can quickly go through their transactions and reconcile their account from their current location, wherever it is. Instead of having to manually file paper statements, your members’ eStatements are automatically saved online and can be retrieved electronically any time. 

Some members prefer to receive both print statements and electronic ones. Others manually print their electronic copies. Regardless of their preference, you can easily integrate eStatements into your members’ current banking experience. The information within each format is the same. You can also include additional marketing messages and special offers within eStatements in either HTML or PDF files.

Benefits Of eStatements For Credit Unions

The primary benefit of eStatements to credit unions and other financial institutions is the significant cost savings it offers. Each piece of mail sent to a customer has an average cost of $9. Adopting eStatements can result in savings of up to two-thirds of the original expense. 

As previously mentioned, eStatements also provide additional marketing opportunities. It is an effective platform that will help you establish your brand and advertise your marketing promotions. It also cuts down on costs to place marketing messages on electronic statements instead of printing paper inserts or printing more pages to your paper statements and envelopes.

An underrated feature of electronic statements is that you can easily track and review reports based on user activity. You can also receive instant notification if email addresses are undeliverable. With paper mailers, you aren’t able to determine how many customers actually opened it or if they threw it away as soon as they received it. More often than not, you won’t even know if it was successfully delivered.

Framing your eStatement adoption efforts as a way for your credit union to support sustainability helps convince your customers to make the switch. It also adds to your institution’s credibility and appeal, increasing members’ trust and making it easier for your institution to be their first choice for other products and services, such as loans. 

Every credit union needs to send statements. With IMSI’s Make A Statement, you can now streamline the process with electronic statements and save time, money and significant resources.

Let’s talk about optimizing the creation and distribution of your credit union’s statements and notices:

Credit Union Marketing Trends | 2019

IMSI Credit Union Solutions

General Trend Focus

We know that credit unions are member-owned, and therefore provide a lot of benefits to the membership. There are more 6,000 credit unions in the United States, serving more than 100 MILLION members. That’s 45.4% percent of the economically active population! With that said, credit unions still need to plan for marketing, advertising, and new member recruitment. Below are the trending topics when it comes to credit union marketing in 2019.

Credit unions must concentrate on meeting member needs and continually pushing for engagement, member involvement, and fulfillment.  Extending their efforts and stepping into more consumer spaces is also essential, driving trends like community outreach, portable applications and instruments, and chatbots. User experience is KEY in 2019!

Attracting Young Members

With the average age of a credit union member being 47, it is vital for CUs to attract younger members who are more likely to need borrowing and loan support. With Millennials applying for credit cards at a higher rate than any other generation, there is a need to be served. There are a few credit unions who have recognized this need and have come up with very creative ways to serve it.

Online Banking Credit Union IMSIFor example, Fairwinds Credit Union wanted to provide easy access to their services for a generation accustomed to digital access. So they created “Virtual Advisor,” a platform for voice and social media access to banking and lending services. The platform allows member access through Facebook. Alexa, Google Home, and SMS, where members can ask questions, applying for a credit card, make an inquiry, and more.

With an average member age of 39 (well below the national average of 47), Michigan State University FCU has reached younger membership opportunities by offering different types accounts to different age groups ranging from elementary age to college age students. Finding unique ways to attract a younger membership is just as important as keeping your current membership happy, but continued growth is imperative to success.

Improving Member Satisfaction

Credit Unions are known for having high levels of member satisfaction. However, it is important to consider what components of service are most important to the different age groups that make up your membership. While older members may consider having regular face-to-face contact with employees, younger members may find a secure and reliable digital experience a high ranking component. The easiest way to determine how much emphasis to put on aspects of service is to ask your membership.

Create a list of five key components your union wants to focus on, and ask your membership to rank them in order of importance. You may find that older members consistently choose one focus area, while younger members choose another. However, that one key area that both agree on is where you should put the most effort forth.

Embracing Digital Financial Tools

IMSI Credit Union Systems and SolutionsMany credit unions haven’t put significant resources into digital efforts when compared to the “big banks.” However, for younger members, online and voice-enabled banking is not only something they expect but also something they demand. The ability to bank anywhere, at any time, is a feature that the younger, more experience-oriented members require. IMSI works with Credit Unions specifically, bringing together the best in web development, industry expertise, and superior customer service, so please let us know how we can help you!

Community Outreach

Community outreach has always been an essential component of financial marketing. Credit Unions have an advantage in this area, as most are community-based, and known by the community members they serve. Working in tandem with local schools, you can teach children about saving and the benefits of a credit union. Holding informational sessions for first-time homebuyers and discussing different types of loans and mortgages, or partnering with local colleges to educate incoming students about different types of student loans, are just a few of the ways that you can work with community members while educating and encouraging them to become members!

IMSI can help your credit union “go digital” while ensuring the safety and protection of your members and your institution. Contact us today, and see how we can help you grow!

How Can We Help?