eStatement Cross Sell

Converting Existing Customers

$132K Annual Savings

Business Problem

The community bank knew it would save two to three dollars per account per month for accounts that adopted eStatements. This printing, postage and people time savings could be significant if they could continuously promote use of eStatements to its customers.

Our Solution

After analyzing the bank’s current customers, FI Works developed a model that would identify customers that were most likely to use eStatements by looking at other digital delivery channels customers were using.

Campaign details of how it worked.

FI Works developed a model to identify customers bankers should call on because they were likely to use eStatements. While the initial 40% response rate for the eStatement adoption campaign was good, the overall savings of $132,000 wasn’t huge – but it was $132,000 savings every year. In addition, by making eStatement adoption a permanent performance metric for the bankers, the eStatement adoption rates and related savings continue to grow every year. 

The details of the campaign are outlined below:

We solve the data dilemma in banking.

Solving the Data Dilemma

Analytical Models Identified Customers to Target

Using its analytical engine, FI Works was able to identify trends and patterns of how customers were using other digital delivery channels – online banking, mobile, debit card usage, etc. Based on its findings a list of customers most like to use eStatements was able to be generated.

“While eStatement adoption may not be exciting, it can be a huge cost reduction initiative that just keeps giving.”

Keith Henkel, CEO, FI Works

We make intelligent targeting easy for bank sales and marketing

Making Intelligent Targeting Easy

Online Task Lists Drive Banker Action

FI Works generated individual task lists for the frontline bankers which identified the customers they should contact because they were most likely to convert to eStatements. In addition to the cost savings goal for the bank, this campaign also gave the bankers a reason to make relationship calls without trying to sell them something. And, because the bankers were calling only customers likely to convert, the customers were grateful they had been contacted. 

Making eStatement adoption a performance metric motivated the bankers to discuss the option upfront when a new account was opened.

We drive high-performance behavior.

Driving High-performance Behavior

Dashboards & Scorecards Motivate Bankers

Goals for eStatement conversion as part of the campaign were established, and FI Works dashboards were established so the bankers (and management) could all see how the campaign was performing. This motivated the bankers to take action producing a 40% response rate, and an immediate annual savings of $132,000.

Performance Tracking Changes Behavior

Based on the immediate results eStatement conversion campaign produced, the bank made eStatement adoption a permanent performance metric. With a spotlight on eStatements, bankers spent more time getting customers to make these types of service selections at the time they opened an account. Seeing this positive change in behavior, the bank set goals for the bankers in other areas such as debit card, internet banking, and overdraft protection.

The Proof is in the Numbers

  • 40% Annual Savings
  • $2-3 in Savings/Month/Account
  • $132K Annual Savings