Of all the benefits that digital technology can offer, an uncluttered lifestyle is topping the list. Instead of amassing record collections or stacks of CDs, we download hundred-song playlists to a pocket-sized digital device. Roomfuls of patient records, student data - entire libraries in fact, can now be accessed quickly and securely, in just a few clicks. Not only is digital information saving enormous amounts of time and space - this paperless method of storing and accessing data is enabling groundbreaking cost-savings for banks in particular.
On top of the very familiar “going green” and convenience campaigns surrounding paperless banking, the industry is incentivizing customers to ditch paper statements for online access - offering sweepstakes entries, iTunes cards and quick cash deals like the “Get $5 when you go paperless” appeal from Chase. As Chase serves one out of every six Americans and has more that 5,500 bank branches, it’s easy to see how this commercial banker is saving a fortune in paper-related costs quarter after quarter.
Paper and printing costs
Paperless options are not only ridding budgets of reams of paper, printing equipment investments and staggering postage costs, they are saving on the manpower it takes to move this process along. But these only account for some of the far-reaching ways that banks are employing for paperless statements. Here are a few more points to consider:
Real estate commitments
For smaller banks still choosing to print statements in-house, paperless statements can help lower infrastructure costs incurred by housing equipment as well as printing-related supplies and personnel.
Paper statements left lying around or un-shredded are an all too easy target for identity thieves, scammers and other prying eyes. Though even the best digital security safeguards are not a fail-safe for thwarting all online breaches, digital intrusions can be detected and responded to rapidly whereas information theft from paper statements often takes considerable time to realize before the damage is done.
Customer support expense
Moving statements online closes a key communications gap when it comes to issue resolution between bankers and their customers. Self-help FAQs and other online knowledge features are minimizing support calls, while automated support solutions are allowing banks to reduce or repurpose staffing resources. Additionally, an online environment enables customers and agents to be literally on the “same page” as they work to resolve issues. Clearer communication equates to increases in customer satisfaction and agent productivity.
Customer relationship ROI
The ROI on “customer experience” has companies scrambling to compete. Banks that give online statement options are meeting today’s customers’ expectations for “always” and “everywhere” engagement. The tech savvy customer is quickly becoming a bank’s key demographic. Successfully moving from paperless to platform-based information access is a key competitive trait.
Up-sell opportunities and consumer intelligence
There are only so many inserts you can enclose in an envelope or print on a page. By driving customers online, banks are able to leverage the dynamic nature of web design to offer multiple and more customized offers. Even more promising is the insight banks gain into a customer’s preference and sentiment by tracking their online engagement. This “big data” when paired with online analytics helps banks make financially impacting improvements to every facet of their organization.
Increasing efficiency and boosting revenue growth by moving traditional paper processes online is made incredibly easy with iSynergy Document Management. Find out how this leading process improvement specialist can increase efficiency and reduce cost in your organization.