eBilling/eStatements for Financial InstitutionsPublished on 21 Feb 2006
eBilling/eStatements for Financial Institutions
In the Financial Services industry, consumer communication is critical, detailed, repetitive, legislatively required and expensive. There is probably no other sector where eStatements & Electronic Billing is more applicable.
In this, the second industry-focused newsletter, we look at the extensive opportunities for securely encrypted email communication, statements & billing.
It’s all about ‘Identity Theft’ and ‘Retention’
One of the biggest concerns for every financial institution is eliminating identity theft, the fastest growing crime in the world. Stealing bank statements that arrive via post or retrieving those that are thrown out are the most common forms of identity theft. The other major concern is customer retention. It is raised in every meeting we attend as a top priority for 2006. Banks specifically are actively looking at ways to maximize customer service, convenience and thus reduce churn.
Secure ‘PUSH’ Email Statements & Billing is a highly secure, significantly unique and ultra convenient customer service tool, which has yet to be adopted and offered by FI’s in the USA.
This is the process through which a Financial Institution utilizes encrypted email technology and strategies to DELIVERsensitive documentation directly into the relevant recipient / customer’s inbox, take payment (if required), and suppress paper.
The above can be achieved WITHOUT the need for the recipient to register, choose a username & password, or visit a single web page.
It is applicable to:
* Banks * Insurance Providers * Vehicle & Asset Finance * Mortgage * Brokerages * CPA Companies * Credit Unions * Credit Card Providers
This technology enables the following functionality to be included in a single securely encrypted email attachment:
- Multiple accounts (summary and detail) can be consolidated into a single email
- Every check image
- A PDF print version of all documents
- Mortgage and other loan calculators
- Call-back & query submissions
- Bill payment (if a payment is required)
- Embedded data files. (Specifically formatted data files can be included for easy upload into home and small business accounting applications.)
- Regulatory inclusions
- Personalized marketing: the ‘push’ nature of this strategy allows for completely personalizable up and cross-sell opportunities.
In addition to being more secure and convenient, email statements result in significant cost savings and greater cross-sell capabilities.
Many global companies are actively utilizing secure Striata eStatements and eBilling solutions.
And if you still think that phishing fears are or could effect email ‘push’ eStatements, see this article.
Please do contact us for case studies and discussions about these implementations.
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