Greg Crandell, Executive Vice President
(Toll Free) 866.994.4900, ext.106
Herndon, Va. (April 22, 2011) – ORNL Federal Credit Union had a dilemma: The credit union began offering eStatements in October 2008 and had seen a drop in paper and postage costs by making them the default for new members. Yet most existing users weren’t signing up.
“When members called or came into a branch, MSOs cross-promoted eStatements’ benefits, such as increased security, faster delivery and greater convenience,” said Melissa McMahan, Vice President, Remote Services, for ORNL FCU, based in Oak Ridge, Tenn. “If a member liked the idea, we directed the member to our home banking site to complete an online form. But not many followed through.”
To overcome members’ foot-dragging, ORNL FCU turned to DigitalMailer, Inc., which offers a “one-click” statement enrollment program. Instead of filling out an enrollment form with sensitive account and personal information, members receive an email invitation that includes the necessary disclosures. With one click on the email’s ‘I Agree’ link, the member is enrolled.
“This process makes enrolling for eStatements virtually automatic for members,” McMahan said.
ORNL FCU’s efforts have paid off. Before implementing the one-click program in December 2009, the credit union had 8,140 eStatements users. By year end 2010, that volume had grown to 13,807 – a 70 percent increase in eStatements usage. The results are even more significant considering rising postage and paper costs, along with the expense of mailing printed statements today estimated at a dollar per statement.
“The results are nothing short of amazing,” said McMahan. “Of 11,759 members who received one-click emails, 5,287 clicked through. That’s nearly a fifty percent acceptance rate.”
Typically, DigitalMailer’s clients run one-click promotions for a couple of months twice a year, with a series of 4-6 emails sent to members during each cycle. But ORNL FCU’s results were so impressive that the credit union requested DigitalMailer to design an ongoing program. Now, ORNL FCU members can sign up through one-click anytime. Since June 2010, the program has seen a 45 percent open rate on first emails, with only 9 percent bounced addresses and 26 people who unsubscribed. Among those who were sent second email invitations, the open rate was 23 percent with 2 percent bounced addresses and only nine unsubscribed.
“Not only are eStatements convenient for our members, but they also provide opportunities to cross-sell other products and services when email notices are sent out letting members know their statements are available.” McMahan said. “And DigitalMailer’s system allows us to customize these promotions to specific members’ interests.”
According to DigitalMailer’s President/CEO Ron Daly, email continues to be a preferred communication method for many consumers, with research indicating three-quarters of adult Americans that are online favor email for receiving commercial communication.
“It’s a growing trend, and we’re always happy when we can help credit unions take advantage of the cost-effective, electronic marketing strategies that are available,” he said.
About DigitalMailer, Inc.
DigitalMailer, Inc. is a digital communication and electronic marketing firm that provides clients the power to reach their members across multiple digital channels. A leader in building powerful online connections, the firm combines its technology know-how and online communication tools to create an affordable way for clients to drive profitable growth. For more information, contact DigitalMailer at (866) 994-4900, or visit www.digitalmailer.com.