eAdoption is not a new concept, yet the challenge in switching customers to the paperless movement is still impacting financial institutions' bottom lines. Despite the fact that about 85% of the U.S. population uses the Internet, most financial institutions only average 15%-20% electronic adoption rates, which means that there is much room for improvement. Download this white paper or click on the image above to learn about some of today's challenges that are hurting your bottom line- and how to solve them!
Human touchpoints are being eliminated with continual process automation, giving customers direct online and mobile control over their financial accounts. Tasks that once required a customer to walk into a bank or credit union are now carried out through the touch of a finger on a screen or keyboard. In turn, automation is altering consumer expectations, and marketers are realizing that static content is on its way to extinction.
Hotwire PR’s seventh annual “Communications Trends Report” highlights the fact that consumers expect timely, relevant and personalized content in real-time (think Snapchat, Periscope and Meerkat). This trend shows that customers now expect to feel as though they are receiving exclusive content while being a part of instant communication. This means they will be more responsive to personalized dynamic communications on all branded print and digital documents as well. As a financial institution, now is the perfect opportunity to provide real-time messaging to your customers for retention, cross-selling, upselling, and/or utilizing affiliate advertising.
Dynamic Messaging allows you to present strategic messaging to all customers or a specific target group and use consumer-facing marketing space by targeting account holders with products and services that best fit their needs. There are many ways to incorporate dynamic communications on specific customer criteria, including account balance, zip code, gender, or marital status, to name a few. You don’t have to reinvent the wheel in compiling data because you already have it. Why not use it to increase your bottom line?
Here are some tips on harnessing the power of dynamic messaging on customer-facing digital and print communications:
1. Target to individuals, not groups. Not all customers are created equal, so personalization is key! In a recent survey, only 21% of individuals reported that marketing messages they receive are “usually relevant.” This low percentage provides you with an opportunity to stand apart from all of the usual communications your customer receives on a daily basis by presenting them with messaging that is targeted specifically to their needs.
2. ABC- Always Be Changing. If you’re in sales, I know your first thought at seeing that acronym was, “Always Be Closing.” I think these two sayings go hand-in-hand. A colleague of mine once told me, “A static website shows your audience that your organization is static.” The same principle applies to all other customer communications. If your customers don’t see you moving forward with the times, they will be less likely to respond to your brand’s communications. A good practice is to re-evaluate messaging on a quarterly basis to ensure customers stay engaged.
3. Timing is everything. This ties both of the above points together. Say a customer has JUST opened up a savings account with your institution. Would it be wise to send them a document the following month containing an ad with the messaging, “Open a savings account with us?” No. Instead, maybe it’s time to start sending them ads about an auto or home loan.
The opportunities to speak to your customers on a personalized level without any human touch points involved are endless. As customer communications continue to shift, the importance of dynamic communications will continue to increase. To learn more about dynamic messaging, click here.
It’s the beginning of March, the last month of Q1 and the month where the spring season begins. As you ramp up for Q2 and the change in season, we want to provide some reasons as to why your business-critical documents need spring cleaning:
We live in a fast-paced world where customer communication expectations are higher than ever. The anticipation of a more personal interaction and simplified user experience has challenged banks to think of new ways to increase customer retention and encourage growth. This leaves many banks with the strategic question of adding value to daily customer interaction and experiences without negatively impacting the bottom line.
ADD A PERSONAL TOUCH
People like to feel recognized and known. Personalizing customer communications is an effective way to let customers know that they are individuals with specific needs rather than “just a number.” Furthermore, it creates a better user experience and is the difference between disruptive content and useful material...
To view the rest of our article on adding value to the customer experience without increasing costs, visit CBInsight.com.
By December 2015, credit unions saw massive growth in auto loans with balances projected to reach the highest to-date: $264.7 billion, according to Callahan & Associates. Furthermore, credit unions bagged 16.5% of the auto market, which is the highest year-end rate since December 2009 at 19.9%.
In an effort to aid credit unions in their continued pursuit of auto lending portfolio growth this year, here are some ways to utilize member-facing documents to meet this strategic goal:
Segment Your Audience
Because there is no such thing as a cookie-cutter member, standard marketing will not produce the same response rate as segment marketing. According to MailChimp, segmented email campaigns see 59.99% more clicks than non-segmented campaigns.
Incorporating targeting and personalization in your documents using business rules and workflows provides the ability to significantly improve your print marketing ROI.
Make it Easy to Respond
Many credit unions fall into the trap of creating extra, unnecessary steps for members to take in the pursuit of auto loans. Get ahead of your competition by making it easy for members to respond! A great way to do this would be to post a URL in the members' ePresentment documents that will drive members to a page where they can fill out a quick form in order to be contacted by one of your loan officers.
Communicate Risk Mitigation with Credit-Impaired Members
Mitigating risk, especially when lending to credit-impaired members, is of utmost importance to credit unions. Ensure your institution is covered by insurance that helps protect collateral or loan repayment, and then build that cost into those specific loan rates. In order to effectively communicate this with your members without causing uproar, utilize member documents to prominently communicate the increase in loan rates- and the reasoning behind said increase. Your members will appreciate the communication and will feel good knowing that you are working with them to better their overall financial standings.
Your core focus is your members, so effectively communicating with them on every level, especially on member-facing documents, is of utmost importance. Partnering with a document outsourcing company that can design, produce and deliver business-critical content on any platform is critical to portfolio growth.
Member-facing documents are the perfect delivery method for your auto loan portfolio initiatives. By personalizing messaging, alleviating the customer response cycle, mitigating risk, and choosing a document outsourcing company that aligns with your strategic business goals, your credit union will be well on its way to seeing an expanded portfolio.
Steve Jobs unveiled the Apple iPad on January 27, 2010
On this day in 2010, Apple’s late Co-founder, Chairman and CEO, Steve Jobs, went on stage at the Yerba Buena Center in San Francisco to debut the first ever Apple iPad. In an article the day after the device was unveiled, CNN described it as the “missing link” between smartphones and laptops.
Fast forward to March 2, 2011, where the iPad 2 made its way to the marketplace with a nicer design that introduced the magnetic Smart Cover and front and rear cameras. The following March, the 3rd generation iPad was announced. This time, the change was a high-resolution “Retina” display, which was a widely requested feature among consumers. Since then, we have seen the iPad mini 1, 2, 3 & 4, 4th generation iPad, and iPad Air 1 & 2 and iPad Pro (I think I have covered them all!).
As a tribute to the 6th anniversary of the iPad, we want to share with you some lessons from the evolution of this multi-million dollar generating device:
1. Listen to Your Customers
One of the main goals of gathering customer feedback is to enable communications between your organization and the customer. Opening that line of communications allows customers to express their thoughts and/or ideas while giving you the opportunity to identify ways to improve the customer experience. Apple accomplishes this with an iPad product feedback webpage, where customers are directed to submit their comments. Financial institutions have the opportunity to promote customer feedback on all business critical documents, whether print or online.
2. Implement Changes Based on Customer Feedback
Executives at Apple made adjustments and created different versions of the iPad based on customer feedback. The result? More units sold each time a new version was released. Many financial institutions ask for customer feedback, but implementing changes in response is a whole different ballgame . According to Help Scout, if a company resolves a complaint in the customer's favor, they will do business with that company again 70% of the time. So rather than allowing customer feedback to disappear into a “black hole,” take time to strategize and create ways to improve the customer experience- and watch your revenue grow.
3. Brand Consistency is Critical
This goes without saying, but we are going to say it anyway: everyone knows that Apple is the creator of the iPad. Furthermore, all of the iPad product line is labeled as such. While there are other tablet brands on the market, no one mistakes an iPad for a Samsung product. Financial institutions that implement brand consistency across the entire organization offer customers consistency in exploring all products and services offered.
4. Quality is Key
Quality in products, services and all business-critical communications goes hand-in-hand with customer feedback and brand consistency. The iPad product line was the brainchild of Steve Jobs, who was very adamant about putting quality products and services on the market. “When you’re a carpenter making a beautiful chest of drawers, you’re not going to use a piece of plywood on the back, even though it faces the wall and nobody will see it. You’ll know it’s there, so you’re going to use a beautiful piece of wood on the back. For you to sleep well at night, the aesthetic, the quality, has to be carried all the way through.” –Steve Jobs.
Financial institutions that keep this ideal top of mind rather than implementing “quick fixes” will more likely see better retention rates and increased revenue in years to come.
Happy Anniversary, Apple iPad!
Mortgage industry professionals are increasingly experiencing regulatory changes while trying to balance portfolios. The “do more with less” mentality in the industry has sent loan servicers on the search for ways to increase their profit per loan. At Lanvera, we understand the importance of revenue growth per loan and would like to share some steps you can take to expand the value of your portfolio.
In Segment Marketing, a borrower base is divided into groups of individuals that are similar in specific ways relevant to customer attributes such as age, gender, interests, spending habits, etc. According to MailChimp, segmented email campaigns receive 14.72% more opens and 62.84% more clicks than non-segmented campaigns. What does this mean for your portfolio? Borrowers are more receptive to information that is specific to them.
Lanvera helps increase revenues by providing the ability for our clients to sell affiliate marketing space to businesses that offer services similar to borrowers’ needs. Segment affiliate marketing in borrower-critical document delivery can be applied multiple ways:
· Present a marketing page to borrowers as they sign on to access their statements. Information such as marketing promotions or inserts can be utilized for maximum exposure and increased calls to action.
· Utilize digital onserts to optimize workflows and segment borrowers groups with particular offers most beneficial to the individual. Digital onserts are clickable, providing instant access to landing page promotions and a faster way to drive intended borrower behavior.
· Capitalize on multichannel expanded hyperlinks by including links to webpages and offers from directly within individual electronic documents. Interactive links provide borrowers easy and instant access promotional content.
The benefits of personalized marketing are enormous to both borrowers and servicers and can impact profit per loan significantly. As a partner, Lanvera helps to maximize borrower communications through segment marketing, resulting in improved ROI and higher e-Adoption rates. Click here to learn more on how you can net more profit per loan.
Today, there are an estimated 95 million millennials in the United States and roughly 53 million of them in the labor force. As time marches on, this number will continue to increase, and your customers in this segment will advance to mid and c-level roles. In other words: It is wise to continually search for new ways to reach this generation. That being said, below are some key facts about millennials (and how they can impact customer-facing documents):
Millennials are Digital Natives
Millennials are characterized as a knowledgeable group in digital media trends and applications. They are accustomed to accessing data at any given point from any mobile device or computer. What does this mean for your customer-facing documents? You cannot survive on mail and email alone! Mobile delivery and ePresentment will help you achieve a desired response with this particular group.
Millennials Appreciate Receiving Mail
Before you make a goal of completely eliminating snail mail in lieu of web, email and mobile delivery, remember that millennials still value tangible items. Mail is no exception. Yes, this is shocking- but valid due to digital oversaturation in the marketplace. A study of response rates by the USPS in 1987, 2011 and 2012 reveals that people 18-21 would read mail immediately 65% of the time, while people 21-24 would read immediately 45% of the time. The best way to capitalize on these statistics on your customer-facing documents is, of course, to keep sending mail. However, keep in mind that consumers make subconscious choices about people and products within 90 seconds of contact or interaction, and between 62 and 90% of that initial assessment is based on color alone. Utilize color marketing and customer-specific messaging because it will help your documents stand out and encourage customers to open and respond favorably to snail mail.
Millennials Like to Support a Cause
Research shows that almost 50% of millennials would be more willing purchase from a company if they know their purchase will support a cause, while 37% say they are willing to purchase a product or service to support a cause they believe in- regardless of the cost. This is where segment marketing comes into play while building your customer documents. If your organization, for example, supports a certain charity foundation or sustainability initiative, there is nothing wrong with communicating that to your customer base. This will give you more credibility in the eyes of your millennial customers and increase brand loyalty.
For more helpful statistics about millennials, you can visit goldmansachs.com and leadscon.com (an expanded aggregation of stats). With millennials and other generations, it is always a best practice to keep an eye out for trends and statistics that can impact customer communications.
Long medical billing cycles are a long-standing concern for both revenue cycle management companies and medical groups alike. Not only is the complex process a headache to manage from the clinic’s side, it’s also a terror for the patients.
Frustration with receiving numerous bills littered with codes and jargon for charges they don’t remember making results in patient confusion, which leads to customer service calls with questions and sometimes even failure to pay at all.
It’s been a vicious cycle and developing a solution has been comparable to trying to find a needle in a haystack. Until now. Enter the Composite Patient Friendly Statement.
At Lanvera, we’ve long been in the business of developing patient statements that provide a cleaner, friendlier, more concise look and feel. We’ve written many blogs about it and we’ve implemented patient statement re-designs for a plethora of our customers, but what we’ve learned is that the frustration and complexity didn’t end there. So we sought out a better way.
IMPROVING THE MEDICAL BILLING CYCLE
The composite patient statement allows hospital groups and revenue cycle management companies to combine bills from various practices into a single, legible and actionable document.
For example, let’s say a patient, we’ll call him Bob, visits a hospital because he broke his leg falling from a ladder. Bob gets to the hospital, has his leg set, gets some blood tests from a lab, and then has a follow up appointment with his doctor a week later to ensure all is well.
With the composite patient statement, we can combine all of Bob’s charges onto a single bill, separate the charges out so he knows exactly what he’s paying for and why, and even include some personalized messaging into the mix to remind Bob that his next appointment is coming up in 3 weeks… Ultimately, it would look something like this…
THE MAJOR BENEFITS
Practices that leverage composite statements will experience:
Our years of experience managing patient bills and statements for our clients has given us the knowledge and expertise to help you transform your revenue cycle from a long and complex process, to an easily managed, succinct operation.
If you’re interested in incorporating composite statements for your practice, shortening your payment cycles and improving the patient experience, contact us.