STERLING HEIGHTS, Mich.-One statement production company says it has developed a new platform that will allow credit unions to more efficiently manage and target their marketing efforts, while saving money on postage and paper.
Wendy Lokken, CEO of Lasertec, which does statement printing, e-delivery, notices, tax forms, target marketing and graphic design, told Credit Union Journal the company is in the process of trademarking "Intelligent Documents," which launched in 2012 after "years of development." She said the platform has been installed at a handful of CUs so far and has been "well received," because it enables credit unions to pass through a "suite of services" to their members.
"Because we are a statement producer and an end-user of the core processor, we can integrate targeted marketing message into the member's statement," she explained. "Credit unions have to send statements anyway, whether electronic or paper, so that cost is there. Intelligent Documents, or ID as we call it, allows them to get more return on investment by delivering a marketing message at the same time as the statement-and it is a relevant, targeted message."
ID is not limited to monthly newsletters, it can be used for any notice sent to members, Lokken said.
Marketing Messages
Marketing messages can be whatever the credit union is offering at that time. Lokken said Lasertec works with CUs' marketing departments, mortgage departments, lending and others.
"Any type of campaign or promotion that is running, we can help credit unions manage the white space on their statements," she said. "If a smaller credit union does not have a marketing department we help them with messages. We can put something on the outside of a paper envelope or a banner on the landing page when the member opens his or her e-statement. The more involved we are with our sales team and our marketing team, we can make a difference and help the credit union grow."
One message that is in frequent rotation is encouraging CU members to agree to receive their various notices electronically. Lokken said one large credit union with 188,000 members has saved almost $250,000 in paper and postage costs by pushing hard on the "going green" theme.
"The whole concept is driving credit union members to opt in, and through the ID platform and working with credit unions we are helping them move statements from paper to electronic," she said. "The goal is to move all of them to electronic. We offer both, but it is smarter for a credit union to use the same vendor for both paper and electronic because we can help."
'Fantastic Way To Save Money'
"Electronic statements were invented 16 years ago, and we really thought the switch would have taken place by now. It is a fantastic way to save money," she added.
Asked why so many consumers have not switched, Lokken said for some the answer is habit, including those who like paper for tax records, and for others its compliance.
Lokken said the next innovation in electronic statements will be advanced archiving capabilities, so people will feel comfortable about having prompt and easy their records for seven years in case the IRS comes calling.
