Which one is a higher priority for your company, increasing the percentage of your customers that opt out of print for electronic presentment, or making sure that all of their documents are readily available for secure, on-line access?
It’s not exactly a chicken and egg dilemma is it? Unless you’ve already created the infrastructure and implemented the processes for efficiently converting your print, image, and mail documents into the formats required for secure, on-line access, there’s no reason to start convincing your customers to sign-up for electronic presentment.
While it’s hard to imagine actually finding someone who doesn’t whole heartedly embrace the concept of e-presentment, many companies still haven’t fully established an electronic presentment infrastructure. At the same time, there’s no shortage of compelling data validating the long term trends and current adoption rates; communications are migrating away from print and mail to a variety of digital formats that provide consumers with the information they want, when and where they need it. According to a recent InfoTrends study, electronic presentment only currently comprises 11% of all bills and statements. InfoTrends predicts that adoption will increase and reach 22% of total bills and statements in North American by 2014.
Convincing customers to switch from paper to electronic delivery is a significant undertaking that’s well worth the effort in terms of reductions in print, image, and mail costs as well as increased customer satisfaction. Customer Communications strategies for converting customers to electronic presentment need to be consistent, targeted, and ongoing in order to be successful. Additionally, a solid communications plan will reach across all aspects of the customer communication spectrum from variably imaged messages on bills and statements, to web site messages, emails, and even customer service phone scripts. Case in point, every single time I’m on the phone with my insurance company, the representative never fails to ask me if I’m aware that all of my electronic documents are available on line. At the same time, literally every page of their website provides quick, on-line access to all of my documents.
But effective customer communications initiatives that drive increased adoption rates are only part of the plan. The other side of the coin is ensuring that all of the required documents are available for secure on-line viewing. Developing and implementing a strategy for converting, storing, and providing secure on-line access can be quite complex, especially when you consider all of the stakeholders and the wide range of existing production workflows and technologies.
While some organizations enjoy access to the latest technologies, adequate funding, and responsive internal IT resources, many companies are saddled with older technologies, lean IT resources, and legacy systems that make it very difficult to easily establish an appropriate infrastructure for electronic presentment.
The good news for that second group is that cloud computing and the right technologies provide fast, low cost access to secure, electronic presentment solutions that don’t require capital expenditures or overhauls to existing document composition technologies or production systems.
As a provider of customer communications management technologies and solutions, NEPS has recently seen an uptick in the number of companies choosing our hosted platform and electronic presentment solutions to accelerate their document conversion timelines while lowering overall costs.
Just contact us if you’d like more information on our electronic presentment solutions.