A few years ago, one of our largest credit union customers—The Smart Credit Union (SCU), for the purposes of this post—came to us with a problem. They needed to more effectively manage costs and found a way to do it by lowering paper and postage costs. The issue? Just five percent of their 200,000 members were using electronic statement options. We knew then that some big changes had to be made.
We recommended SCU aggressively stimulate electronic adoption and improve their electronic services product, which would bring them up to speed on the ever-growing e-billing industry. From there, Microdynamics Group and SCU put together committees to act on three objectives:
- Identify and prioritize improvement opportunities
- Align resources and funding
- Track and measure results
The team launched a full-scale marketing blitz, capitalizing on all transpromotional marketing pieces, including statements, envelopes, and marketing inserts. SCU pushed electronic adoption even further by sending detailed letters and emails to customers explaining the e-billing initiative.
But the critical component to success was a bold action: SCU started charging customers for paper statements. Understanding the risk, they gave each member 24-months’ notice before the change took effect.
SCU started out this two-year long initiative with only 5 percent of members using electronic statements. By the end of this 2-year period, 40 percent of members adopted SCU’s e-services. From there, Microdynamics Group and SCU believed that they could get even more members on board with a more customized, functional e-services interface. We developed custom interfaces and widgets that made e-services work on each individual member’s terms.
In 2016, our organization released a new E-statement interface for both desktop and mobile use, which, in turn, resulted in a 60 percent increase in SCU’s electronic adoption rates. This year, Microdynamics Group is partnering again with SCU to further improve and innovate the e-services and features provided to customers. As we approach a period in time and technology where online billing has never been bigger, it’s the perfect opportunity for you to join us at the forefront of e-services.