This community bank knew it would save two to three dollars per account per month for accounts that adopted eStatements. This printing, postage and people’s time savings could be significant if they could continuously promote use of eStatements to its customers.
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 the 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 in savings every single 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:
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 use 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 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
Making Intelligent Targeting Easy
Online Task Lists Drive Banker Action
FI Works generated individual task lists for the frontline bankers that identified the customers they should contact who 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 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.
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 the 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
ready to get results like this?