It seems like the encouragement to go “paperless” is everywhere, from television ads to email signatures. Yet a 2015 study commissioned by the USPS Office of Inspector General found that “91 percent of customers chose to receive their bills by mail despite a clear preference to pay bills online.”
Boy, if that’s not a mixed message.
We understand the desire to save printing and mailing costs; however, switching from paper to electronic is not always as easy as it sounds. And the true cost, in terms of both conversion and attrition of slow-adopting customers, is often underestimated. That’s why you may be better served by employing a dual strategy of print and electronic.
To completely round out our portfolio of high-security document solutions, Bacompt has partnered with OMI to offer Statement2Web™ services. With Statement2Web, you can realize the benefits of electronic communications by increasing your opt-in rates using these strategies:
For current customers:
- Raise awareness that you do indeed have an electronic option.
- Make sure enrollment is easy, with one click preferred.
- Nudge your customers who already use your other online services.
- Train your staff to encourage paperless at every customer interaction.
- Provide incentives (inexpensive giveaways) to opt in.
For new customers:
- Set the expectation of a paperless standard.
- Evaluate the practice of charging for paper statements in light of the risk involved.
- Design new products that allow you to waive fees for going paperless.
- And, as always, staff training and buy-in are key.
At the end of the day, you have to understand your customers’ demographics and psychographics. Some were born “digitally native.” Some may never switch to paperless. So don’t underestimate the power of print. By utilizing an integrated, single-source solution, you can be assured of Bacompt’s integrity and compliance — for both print and paperless high-security documents.
Contact us to discuss your electronic statement strategy.