Go Paperless at Your Peril
Resistance to moving to all-electronic communications won’t go away, so perhaps it’s time to take a fresh look at new ways of making those statements and other correspondence work for you using new technology and the latest marketing techniques, suggests GMC Software’s Bill Parker.
For a long time now it’s been accepted
wisdom that customers should
be encouraged to accept financial
information electronically via emails, the
web or text. Many elect to do so but, even
with incentives, many others are reluctant
to do away with this most traditional way of
receiving their personal financial details, paper.
And is it such a good idea to get rid of it?
We know from research that the one item
of written correspondence most likely to be
read and retained is a financial one. People,
especially the more mature, also trust paper
information more and feel that in hard copy
it is solid proof of their financial status. Rather
than run something off the internet, receiving
it from the bank is a physical connection
which is not to be dismissed lightly in a
society where customer loyalty can be taken
less and less for granted.
 Following on from the backlash on branch
closures and the perceived part the banking
community played in the current financial
crisis, banks need to make the most of
every chance they get to connect with their
customers. Gone are the days when people
were more likely to get a divorce than change
their bank. To push too hard towards a
paperless future can look like another slap in
the face for clients who increasingly want to
bank on their terms. But that doesn’t mean
turning the clock back and it doesn’t mean
giving up on cutting the costs of supplying
printed material either.
Instead, by using some imagination, looking
at marketing and all other communications –
including financial correspondence – as part
of an integrated strategy,
it’s possible to innovate,
cut printing and postage
costs, build customer
loyalty and grow the
business, thanks to new
generation personalisation
technology. This is not
pie in the sky, it’s already
being done around
the world by all types
of businesses, including
financial institutions.
Crossing boundaries
It works but it means thinking across
traditional barriers, combining financial, sales
and marketing messages to make the most
of the proved additional attention span
that printed personal financial information
commands. This is made possible by an
easy-access single software platform
to design and produce all personalised
customer correspondence.
Marketing, design and sales personnel can
input into the all-important layout of this
new type of printed material without having
to go through the IT department first. Full
colour images bring the pages to life and
the wastage of printed inserts or separate
marketing mailings, which so often end up in
the bin, can be avoided.
The new software also means an end
to weeks and months of lead times spent
testing new layouts, another barrier to change.
Sophisticated personalisation properties
ensure that any information, offers or advice
are tightly targeted and highly relevant. This
adds to the feeling that the institution really
does know who they are talking to and cares
that the contact is timely and relevant.
By combining information streams it’s
possible to use written material in new ways:
electronic contact for day-to-day matters and a
colourful printed quarterly report with financial
summaries and seasonal offers, for example.
Nor does it mean a financial institution
has to have its own printing facilities. Technology enables personnel to outsource
the print via the web to anywhere in the
world while retaining the security and
control of its own data management.
So look again at your printed
correspondence with a fresh eye and make it
work harder and smarter for your business. FBA |
