​Today, millennials have surpassed Baby Boomers as the nation’s largest living generation. With an estimated 75.4 million millennials in the United States (according to population estimates released by the U.S. Census Bureau), businesses have been scratching their heads trying to discover the best way to engage them.  Based on research and Lanvera’s 30+ years of experience in delivering business-critical data, here are two demands this generation has when it comes to the way you communicate with them:

1. Millennials Demand Digital
A decade ago, almost all web browsing took place on desktop and laptop computers. Now, smartphone popularity has rapidly changed the technological landscape, and in turn, consumer expectations.  And millennials are leading the charge. According to a new report from comScore, computer use is dropping off quickly as mobile devices encourage new types of interaction. In fact, many millennials don’t use computers at all, instead relying entirely upon their smartphones.

According to CCG Catalyst Consulting Group, 92% of millennials say they would choose to work with an organization for its digital services. Millennials are accustomed to accessing data at any given point from any mobile device or computer. To keep up with changing demands, it is imperative to partner with a communications vendor who offers innovative solutions such as SMS and email delivery, as well as direct access to documents on your ePresentment platform.

2. Millennials Demand Personalization
​According to USC Dornsife, 62% of millennials report that personalized brand engagement is more likely to make them a loyal customer. Millennials, as well as other generations, want and expect the personal touch and collaboration that one-on-one communication allows.

​Many businesses are already placing ads on social media networks and other websites, allowing users to click and instantaneously be directed to a chat window with the brand. With your business-critical communications, you can implement a few strategies to capitalize on this movement, such as live chat features between customers and your organization, as well as providing direct links from your ePresentment to popular social media platforms to enable quick sharing of information.

Conclusion
For more helpful statistics about millennials, 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 help you understand customer demands and expectations when it comes to your business-critical communications.

Loan servicing professionals are perpetually 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.
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​Here are two ways to expand the value of your portfolio this year:

1. SEGMENT MARKETING
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 eAdoption rates. 

2. DYNAMIC MESSAGING
Dynamic Messaging allows you to present strategic messaging to all borrowers 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 borrower 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?
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Here are some tips on harnessing the power of dynamic messaging on borrower-facing digital and print communications:

• Target to individuals, not groups. Not all borrowers 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 borrower receives on a daily basis by presenting them with messaging that is targeted specifically to their needs. 

• Always Be Changing. 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 borrower communications. If your borrowers 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 encourage high engagement rates.
• Timing is everything. This ties both of the above points together. Say a borrower 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 borrowers on a personalized level without any human touch points involved are endless.  As borrower communications continue to shift, the importance of dynamic communications will continue to increase. To learn more about how you can net more profit per loan in 2018, click here.

Let’s face it, delinquent payments are a problem for most businesses. Oftentimes, a customer will make an honest mistake and simply miss a payment. Other times, they will actively avoid you. Managing the revenue cycle can also prove difficult when you are competing with multiple other monthly bills customers receive electronically and via USPS.

While there are plenty of good strategies for collecting the money your business is owed, it doesn’t have to come to that. Here are Seven Ways to Get Paid Faster through the use of your business-critical communications:

1. Have a clear call to action (CTA): Show your customers exactly where they need to go to pay their balance. The CTA should be eye-catching so the customer not only sees it, but is compelled to read and act. When you clearly state exactly what you want your customer to do, it takes out the guess work and encourages an action on their part.

2. Use color:  Adding color to marketing messages can increase engagement rates by up to 42%. And not only that, the addition of color can actually aid in improving your customers’ memory. Studies have proven that color can help people process and store images more efficiently than black and white, so by adding color to marketing, customers are far more likely to not only read, but retain your messaging and be more inclined to act upon it.
 
3. Make it convenient: According to a recent Federal Reserve survey, roughly one-third of consumers and three-quarters of businesses expressed willingness to pay a fee for payments that have faster availability to the payee. Offer an online invoicing process with the ability to pay online. An automated billing system will "ping" your customers until it shows the invoice has been paid. There is something to be said for having an automated process performing the follow-up for you! 
 
4. Be polite with your language: While it may seem unimportant, adding lines such as "Thank you for your business" and "We appreciate your timely payment" positively reinforces the relationship you have with a customer. Be nice, and they just may return the favor. In fact, a recent study found that a simple "please" or "thank you" can increase your chances of getting paid by 5%.
 
5. Specify payment timelines: If a bill needs to be paid within 14 days, be sure to list this on the document. Also list if there will be a charge for late payment and how much the charge will be. Give your customers and clients as much information as humanly possible.
 
6. Utilize incentives: Beyond motivating payment with late fees, try positively incentivizing customers to pay you early. Incentives might include a 1 to 2 percent discount if payment is received within a specific “early” time frame. Consider offering future discounts, credits, gift certificates or merchandise as possible incentives. In the end, you’re saying thank you for making that payment a priority. It’s rewarding your customers for their business, increasing their loyalty, and helping you get paid.
 
7. Keep open lines of communication with customers: Oftentimes, when people have not paid, they do not realize it. Sending a simple automated email reminder to customers can go a long way. Part of the value of an email reminder is that it reinforces your relationship with the customer and provides an opportunity to engage. Use the email reminder to create an open dialogue with clients, providing them with a sense of security and comfort.
 
Interested in using your transactional documents to influence speed-to-pay? Click here to learn more or contact us for a demo. 

According to NFCC’s 2015 Financial Literacy Survey, roughly 1 in 4 U.S. adults do not always pay their bills on time. Depending on where your business falls on the priority scale of all the monthly bills your customers receive, it is inevitable that many of your customers will make late payments, or even skip payments altogether. Here are four steps to better billing that will encourage your customers to pay you on time, or even early:

1. Offer convenience. A recent Pew survey reported that nearly three in ten adults say the most common way to they take care of their regular monthly bills is by an online or electronic payment. Furthermore, the Federal Reserve has found that roughly one-third of consumers and three-quarters of businesses express willingness to pay a fee for payments that have faster availability to the payee. The best way to cater to this need is to implement an online invoicing and payment process. An automated billing system not only gives your customers easy access to their bills and the ability to pay, but can also be set to send your customers friendly email and SMS reminders. 

2. Communicate a clear and colorful call to action (CTA). Adding color to messages can increase engagement rates by up to 42%. Additionally, color can aid in improving your customers’ memory. Studies have proven that color can help people process and store images more efficiently than black and white. By adding color to your CTA, customers are far more likely to engage and pay their bills. Try orange or another bright color! According to QuickSprout, orange CTAs boost conversion rates by about 32.5%, and red CTAs boost conversion rates by about 21%.
 
The CTA should be eye-catching so your customers are compelled to read it and act. When you clearly state exactly what you want your customer to do, it eliminates guesswork and encourages action.
 
3. Be consistent. Consistency is key to your customers knowing exactly where to find their balance each time they receive their bills. Online and printed bills should be identical, making it easy for your customer to quickly scan their bill to find how much they owe and when they need to make their next payment.
 
4. Utilize Incentives. Try positively incentivizing customers to pay you early. Incentives might include a 1 to 2 percent discount if payment is received within a specific timeframe. Early payment rewards work particularly well for companies you are billing that have a separate accounts payable department. In fact, they tend to cut checks first when they see incentives for early payments.
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To learn more about how to optimize your billing and increase the amount of on-time and early customer payments, contact Lanvera today.

Every organization, no matter the industry, has one common goal:  
Make an impression on the customer.

It’s the only way to maintain profitability, stay in business and stand out from competitors. Businesses that utilize high volumes of customer communications are at a unique advantage and can leverage business critical documents to connect with and make a positive impression on their customers… But it’s not always easy.

To really take advantage of this platform and set your business apart through your communications alone, it’s essential to give your customers the information they want, when they want it, the way they want it. Here are the top 5 things customers really want from their communications:

Omni Channel Document Delivery
Customer communications and document delivery have shifted dramatically towards a digital experience. To remain competitive, financial institutions must present data in multiple ways, including mobile, text, PC and print delivery. 

To make the customer experience truly exceptional, make things as easy as possible.  Your electronic presentment option should be full service, easy and functional, with all documents available through a single platform, easily logged into from any interface. 

Consistency
It’s pretty well known that people in general are typically reluctant to accept change.  This is especially true in the way they receive their financial communications and documents. When they view information, they want it to be the same as it was last time, and the same as it will be next time, so they aren’t constantly searching for the information they’re looking for.

To accomplish this, format your documents using a template that includes designated space for branding, summary tables and transactional information. Documents with consistent formatting not only increase readability, by  placing logos and branding in the same area will increase brand recognition.

Memorable Experiences
Customers want an experience that is unique to him or her as an individual. If your documents are consistently formatted and optimized for readability, easily accessible through any platform or channel and personalized to individuals instead of your customer base as a collective group, you will create the memorable and engaging experience that customers crave.

Solutions greater than sales pitches
What customers want is solutions to their problems. It’s the driving force that has made Google into what it is today: The #1 search engine for people looking for answers to anything and everything. Providing solutions in transactional documents and customer communications is actually much easier than it sounds!

Using transactional data to target customers with specific offers and services similar or compatible with services they already utilize. Sending specific marketing (in the form of cross-selling and upselling) to individuals who, based on previous habits, will have an interest in or need for that particular service provides them with answers to their questions, and solutions to their problems.

More efficiency, Less communication!
The final thing that your customers want from their documents is LESS OF THEM. It’s redundant and unnecessary to receive several pieces of mail every day from one organization: Consolidation is key.

Make the most of your customer communications by consolidating and combining so you can send out fewer documents as a whole. Your customers can be assured that should they need access to their information and documents at any time, it’s always available online. Your documents become more effective and useful, you save money on print and postage, and your customer’s are happier because they aren’t bombarded with document overload.

Most credit unions outsource the creation and delivery of their member communications. Evaluating and selecting a new vendor is often a slippery slope that leads to unexpected results and possible long term constraints and consequences.  This is only natural in light of two key situational factors. First, credit unions do not change their statement and notice vendors very often.   Secondly, on the surface, most vendors appear to be offering identical products and services. 

For example, consider statements, letters, and notices. These are often the most frequent direct touch point that a credit union has with members.  In today’s world, more and more credit unions are delivering these documents electronically. Methods such as mail, email, text, mobile banking access and direct ePresentment sites must all work hand-in-hand in order to meet the many different ways that members now expect to be communicated with.   This broad spectrum of deliverable methods has transformed a vendor selection process from one that was once a simple price focused choice into a complicated review that requires a deep dive into each potential vendors business.

What typically happens when credit unions sit down to finally select a new vendor? Well many times the credit union has a difficult time clearly defining distinctions. This often results in making a selection that is based on one of three flawed selection methods:  1) The coin flip method   2) The price method or   3) The relationship method.
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​Staying safe and secure on the internet is a top priority, especially during this heavy online shopping season.  Cybercrime is a very lucrative business and criminals will try anything to access passwords, bank account information and identities.  Consumers are targeted by new email scams daily and scammers are getting more creative, and successful, at an alarming rate.
 
That said, below are some proactive ways to protect customers from scammers (both over the phone and electronically):

• Offer transactional alerts. Many organizations (especially in the financial space) offer alerts through email or text. 
• Implement two-factor authentication. Two-factor authentication, a security measure that requires more than a customer’s username and password to gain access to personal information is a critical element in protecting your customers. Be sure to communicate with customers that while this will help protect them from scammers, they still should be mindful of any phishing emails or texts that appear to be from your organization.

• Ensure brand consistency across all customer communications.  Branding will minimize the risk of customers falling prey to scammers because they are less likely to click on a link or pick up a phone call if those suspicious communications do not match the brand.
  
• Utilize the white space on customer communications (print and electronic statements, letters, notices etc.). This provides an opportunity to include instructions on how to handle suspicious activity or a data compromise, as well as contact information.

 
While these solutions are not 100% foolproof, they may help prevent customers from falling prey to scammers.

Learn how Lanvera can give you the tools to effectively communicate the latest scam signs and instructions by contacting us.

After assessing your current processes, identifying your ideal customer’s wants and needs, and ensuring your tech infrastructure is advanced and efficient, it’s time to create your customer document strategy.

Every organization will have a completely unique approach to their customer communications, but at Lanvera, we have a few universal tips and techniques to share that will help you to increase the value of your business processes, drive customer behavior, and reduce or offset your operational costs as a whole. 

1. Optimized Documents- We’ve written previously about ways to help you create the most effective and customer-friendly documents possible, no matter the industry or the document’s content, and can’t emphasize enough the importance of optimized customer documents.

Your documents are one of the primary ways in which you communicate with your customers, so their design is an integral component of your strategy. To find out how to create documents that are customized and consolidated to reduce page counts and customer frustration, visit our recent post, 3 Ways to Optimize the Design of your Customer Communications.

2. Production and Delivery Processes- Once the design of your documents is optimized and finalized, developing a new and more effective processing strategy is the next step. Utilize our document production checklist to assist in identifying the ideal operational solutions, but take care to ensure your new process is 5 main things. 

• Automated- Automation reduces human error and ensures consistent and accurate processing.
• Flexible- Your new or updated production and delivery processes must be flexible, accommodating and easily altered with changing regulations.
• Multi-Channel- The ability to produce your documents on multiple platforms is an absolute necessity for creating the most positive customer experience.
• Prepared- Your documents, processes and capabilities must be comprehensively backed up to guarantee complete business continuity.
• Proven- No matter which method you choose for your production and delivery processes, to ensure success, choose a solution with a history of solid results.
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3. Transpromo Marketing- We’ve mentioned many times the importance of taking advantage of transactional data to create targeted and personalized marketing campaigns. In practice, this technique of including promotional material directly within transactional documents is known as “Transpromo Marketing.”

To find out more about the different types of transpromo marketing, visit our recent post, Transpromo Marketing FAQs and discover how you can utilize this powerful opportunity to grow your business, increase value and offset your production costs all together.

If your statement processing strategy is not performing as well as you’d like, is requiring lots of time and effort from employees with other obligations, and is costing lots of money and still resulting in customer complaints and phone calls, contact Lanvera today to find out how we can help your business increase operational productivity while substantially lowering costs.

Last year, the retail banking industry sent paper checking account statements to 69 million households at an average cost of $9 per customer. Many financial institutions find that when they combine those expenditures with a sea of high compliance costs and low interest rates, margins tend to dwindle.

While mailing business-critical information can be expensive, there are a few ways to drill down those costs while ensuring your customers receive all their necessary documents.
Today, we are sharing our top five cost-cutting strategies that will help you drive down costs and save your business valuable resources:

1. Householding- Householding is the practice of including multiple documents for the same address in a single envelope. For example, if two pieces of mail are going to a husband and wife, these letters could be combined into a single document, saving on postage of one piece of mail instead of two. 

2. Document Redesign- The customer experience, or CX, is critical to the ongoing success of any organization. The redesign process helps banks and credit unions strategically identify ways improve CX through enhanced document readability while maximizing white space, thus reducing the number of pages going into an envelope and minimizing postage.

3. Integration with Home and Online Banking- By providing a seamless experience between the online banking app and ePresentment platform,  more customers will convert to electronic only due to a positive user experience, thus reducing printing and postage costs. 

4. Paperless Adoption- Paperless adoption is the best way to counter the postage rate increase by eliminating print and mail costs entirely. Encourage customers to convert to eStatements through in-document cross-selling and upselling.

For more great ways to help boost your paperless adoption rates, download our eAdoption white paper.

5. Document Outsourcing- Outsourcing document production and delivery to an expert is the best way to really cut costs. By eliminating capital investments in software and equipment, and outsourcing operations to a vendor, you are able to save money where it counts AND devote your full attention and efforts on your core competency.
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Outsourcing allows you to not only take advantage of your vendor’s expertise, but also any postage discounts they offer, so you can ensure your documents are expertly delivered, at the lowest possible cost to you.

Interested in learning more about how Lanvera can help you save money? Click here to contact us.

​Today’s technological landscape is evolving rapidly; which translates to mean that getting customers’ attention (let alone, keeping it) is becoming more challenging. Consumers have 24/7 access to multiple communication platforms including email and the ever-changing social media.  As a result, businesses from around the world are all clamoring for your customer’s time and attention. That being said, the question every business should keep top of mind is: How do we stand apart from all of the white noise in the marketplace, engage each customer and encourage a response?

1. Deliver Data on Multiple Platforms
Technological data delivery is quickly shifting from a novelty to the standard. While print documents are still necessary in delivering customer critical data, it is important to consider younger generations’ expectations regarding the ways in which they receive and respond to it. Offering your customers the options to receive their documents via email, as well as the ability to log in and have access to their information from any computer or mobile device, will encourage them to open said documents and respond accordingly. Also, giving customers the option to receive their data online only will positively impact your business’ bottom line. It’s a win-win!

2. Create a Distinct Call-to-Action
Your customer has viewed their data…Now what? Whether you want them to pay a balance or go to a certain page website landing page, a strong call-to-action is extremely important. Aside from the Golden Rule of keeping it “short and sweet,” Hubspot has a great call to action (CTA) checklist that can aid in crafting response-compelling documents:
-Eye-catching design
-Copy that makes people want to act
-A clear value proposition
-A specific website landing page aligned with one stage in the sales cycle
The CTA should be eye-catching so the customer not only sees it, but is compelled to read and act on it. Remember that color is your friend!

3. Utilize Big Data 
Delivering data to customers provides you with a vehicle to encourage new revenue growth.  This is where big data comes into play because it can work in your favor in identifying and segmenting audiences, therefore maximizing customer engagement opportunities. According to Gartner, “Big data is high-volume, high-velocity and/or high-variety information assets that demand cost-effective innovation forms of information processing that enable enhanced insight, decision making, and process automation.” What does this mean for you? Utilizing demographics, trends in borrowing and buying, and geographic location are very powerful tools to use in successfully communicating with each customer on a more personal level. For example, customer-critical data is scheduled to be delivered to a 30 year old, married male. Data reveals that this particular man has recently bought a new house. This would be a perfect opportunity to insert an advertisement about qualifying for a low interest rate loan into the data delivered to him. The more each customer is engaged with offerings that appeal specifically to them, the higher the response rate will be.

As technology continues to progress, practicing these tips will aid in customer engagement success. If you would like to learn more ways to increase customer response rates, click here.