The 2012 Banking Challenge: Paper turn-off test cases - predict the outcome
“Customers aren’t signing up anymore” or “Sign-ups are good but customers still want the paper as well”
As many eBilling projects hit a plateau of customer adoption, the cost of turning-off each piece of paper increases and the project team hands the hot potato of paperless adoption to the marketing team to come up with ever more inventive and desperate incentives for customers to suppress paper.
The truth is that if you have 25% adoption for eBilling on your customer portal and you are already battling to sustain this paperless adoption rate, you are never going to reach 80% with your current model.
You need a new approach
But don’t take our word for it – just follow our blog for the next six months as we run the 2012 Banking Challenge – and enter your prediction of the adoption rate for each model below.
Striata is engaged with 3 banking projects – each with a fundamentally different adoption model.
The results from each project will clearly show the value of each approach.
Bank A Profile:
High street UK bank with customer statements within Internet Banking. They wish to drive up to 1 million existing customers to go paperless by incentivising them to sign up to Internet Banking. This is no easy task as these customers have resisted all efforts and incentives to date. All efforts for this process will be ‘opt-in’ only (you can’t force someone to register for Internet Banking). Process will include email & SMS marketing, as well as call centre scripting. Once registered for Internet Banking, customers have to opt-in for eStatements and turn off the paper.
Bank B Profile:
High Street UK bank is launching Secure eStatements, with registration required on their webpage or through the call centre. Choosing eStatements will automatically turn off the paper. Customers will be informed of the eStatement option via email.
Bank C Profile:
African bank focused on credit card statements. The bank is implementing eStatements with the accelerated Striata eAdoption strategy. Customers with existing email addresses on file will be sent an eStatement, as well as a paper statement for 3 months – after which the paper statement will be turned off, unless the customer specifically asks to remain on paper. Customers without email addresses will be sent a text message (SMS) asking for their email address and then automatically included in the above process. Bounced emails will automatically be sent an SMS asking for an updated email address. Call centre scripting will be amended to ask for an email address as part of the authentication questions and update as required.
All these organisations are our clients and we would like to wish each of them success in their paper turn-off strategy! However, the respective model that is followed will clearly give them a different chance at success.
What do you think the results will be after 6 months for each of the above banks? Input your predictions below and we’ll publish a table of the closest predictions, once the projects have run their course.
You predict: who will win the race to greatest paperless adoption at the end of 6 months?
This poll has been closed.