Posted on Wed, Aug 25, 2010 @ 02:57 PM
Everybody is talking about business intelligence these days -- techniques to identify and analyze business data to drive improvements and increase profit. After all, the old adage “good data equals good decisions” holds true if you aim to make better business decisions.
But the notion of “business intelligence” is often wrapped up in costly and overly complicated data warehousing technology that can ultimately sidetrack your efforts. A recent report from Gartner found that more than 35 percent of the top 5,000 global companies regularly fail to make insightful decisions about significant changes in their business and markets. Is this because of a lack of data? Or is it more likely that the systems used to mine that data are so complex that meaningful business decisions are caught in the technical miasma of the system itself?
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Our answer is centered on simple, straightforward ways to use the information that you are already gathering. For example, every bank can identify how many incoming checks it must process; this data is already available. And since the cost to process a paper check is more expensive than an electronic transaction the bank may want to focus on programs to move these customers to a debit card. |
Real business intelligence is less dependent upon technology than the thoughtfulness that is applied to the strategy. Indeed, straightforward analysis of the data you already have can uncover significant process improvements and improved business practices. In the end, “transpromo” strategies, managed print strategies and other process improvements all depend on the ability to apply intelligence to the data you have collected.
Contact us today to find out how our products, like Statement2Web and Managed Print4U, can easily provide you with data to drive intelligent business decisions that will make a real world, bottom line difference in your operation.
Posted on Tue, Aug 10, 2010 @ 04:27 PM
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Marketing event automation can make the most of correspondence to your customers. While the idea of personalized, data-driven documents is not necessarily a new concept, what is new is the practical ability to put the approach into place. Easy to use and easy to implement tools like Statement2Web help you more fruitfully leverage the information you have about your customers to target their specific needs and interests.
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Improving customer acquisition and retention with personalized correspondence is less about the technology and more about the intelligence behind how you use the technology. Marketing event automation allows you to put a thoughtful marketing strategy into place and then be assured of a nearly “lights out” operation by automatically triggering events and customer correspondence.
For example, when a new customer enrolls a welcome letter can be automatically generated that includes an “up-sell” offer (e.g., “get a free savings account…get a great rate on a certificate of deposit...refinance and reduce your mortgage payments,” etc.). You don’t have to be a marketing genius; and instead of having to execute each correspondence manually Statement2Web simply triggers the marketing event to run automatically.
The result is more comprehensive, less error prone and less costly customer communications with a superior level of consistency (in both printed and online correspondence). Just turn it on and measure the results in the reporting feature of Statement2Web.
Contact us today to learn more about how we can help through our network of independent and certified Statement2Web partners.
Call 770-814-4284 or email info@outsourcemanagement.com
Posted on Tue, Jul 20, 2010 @ 09:35 AM
Despite the increasing digitization of the world today, paper is still a chief mechanism of communicating with customers. The Postal Service estimates that U.S. households receive over 150 billion pieces of mail each year. While about 75 percent is “junk” mail, bills, statements and other transactional documents make up the remaining volume.
Ever since the first electronic bill presentment and payment solutions in the late 1990’s, the notion of paperless billing has been a holy grail for many businesses and organizations. But until recently making the transition to electronic billing has been too complex and expensive for many organizations to consider. But a new breed of solutions like Statement2Web allows you to migrate from paper to electronic statement delivery without the high cost and high level of support needed in the past.
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If you have considered moving your customer statements to an online delivery mechanism in the past, now may be a good time to reconsider how Statement2Web can assist in making your strategy a reality. One clear benefit is in postage – by far the biggest expense associated with printing and mailing customer statements. Indeed, the cost of postage has risen 24 percent in the past eight years and organizations often struggle to make the most of postal savings in the face of ever-changing USPS regulations. Moving to online delivery is one way to battle these rising operating costs.
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Online statement delivery can dramatically improve your cash flow as well, since customers are more likely to pay outstanding bills more quickly in an online environment. One click is all it takes to pay the outstanding balance vs. having envelopes sit on desks and in in-baskets waiting for attention. This is an important improvement to cash flow, especially in today’s economy.
Contact us today to learn more about how we can help through our network of independent and certified Statement2Web partners.
Call 770-814-4284 or email info@outsourcemanagement.com
Posted on Thu, Jul 01, 2010 @ 02:31 PM
OMI provider of Statement2web and Managed Print4u is pleased to sponsor the Document Strategy Podcast - Episode 21 - with host Kevin Craine and interview with Jeff Hayzlett, the best selling author of the book "The Mirror Test," on the podcast. Jeff was, until just recently, the chief marketing officer for Kodak. Known for his outspoken appearances on numerous TV reality shows, including Celebrity Apprentice with Donald Trump, Jeff has built his career on having the ability to get people to look up and pay attention to the problems at hand. And as Jeff points out, if you aren't willing to look at what's working and what isn't - and then take the necessary steps to fix them -you are in for a rough ride.
Listen to the Interview with Jeff Hayzlett:
Click Here
Posted on Mon, Jun 21, 2010 @ 04:06 PM
There has been a lot of buzz about “Transpromo” recently – the concept of customizing bills and statements with personalized messaging aimed at wooing existing customers with additional products and services. By including relevant and personalized marketing content, monthly statements can rise above the din of competitive messages and transform into a beneficial marketing edge. And since they require an action, bills and statements rarely find their way into the trash.
Unfortunately, Transpromo is an overused word and an underused technique. As a result, many organizations are missing significant opportunity to build a competitive edge. One reason for this is that most strategies touted by industry pundits and large systems suppliers have been simply too complex and costly for most organizations to consider in the past. But times are changing. Transpromo technologies and concepts have matured, making both the complexity and the price points more manageable. Now is the time to take another look at how transpromo communication strategies can make a difference or otherwise risk being left behind by your competition.
How can you begin to take advantage of transpromo in the real world? One way is to start with your online customers. After all, if you have already converted a portion of your customers to online statements – through Statement2Web, for example – you already have a discrete group of customers that are perfect candidates for a transpromo strategy. These customers already interact with you online, plus you have a great deal information about what they read, what they click, and what they buy. This makes it easy to initiate transpromotional marketing for additional products and services -- you have a trusted communications channel with your customer paired with a wealth of information about their interests and account history.
Proving the success of your transpromo efforts is easier with your online customers vs. a similar campaign in print. By virtue of being online, it is easy to capture data on what your customer clicks, and what information is read, and then track the response. You can even automate a follow up with an email, direct mail, or a phone call. Ultimately, your online customers can be a great test bed for broader cross-media marketing initiatives; once a campaign or approach has been proven effective in the online environment it can be moved out to other more traditional print-based marketing channels.
The bottom line is this: Don’t get left behind when it comes to transpromo. Contact OMI today to learn more about how we can help you make the most of simple strategies that will grow your business and build customer relationships.
Call 770-814-4284 or email info@outsourcemanagement.com
Posted on Mon, Mar 01, 2010 @ 04:51 PM
Go Green! Protect the Environment & Your Bottom Line |Live on Thursday, March 11th at 2:00 PM EDT | 11:00 AM PDT
Upcoming Live Event On-Demand Sponsored by OMI:
Just a few short years ago, the buzz was all about "going green." Then the bottom fell out of the economy, and everyone's focus shifted to "saving green." But the two concepts are not mutually exclusive. In fact, this shift in our collective consciousness offers credit unions not only an opportunity to adopt more sustainable and responsible practices but to expand their business to meet these changing consumer demands.
From electronic statements to wind/solar power offices, financial institutions are meeting the needs of a constituency with increasing awareness and concern about the environment. In many cases, these practices and investments can yield immediate and long-term savings for the organization. Some can actually help add to your bottom line.
Join us for this CUtv event which covers several areas in further greening of your business, including:
Sans Paper: No longer is it necessary to kill a forest each month to provide monthly account statements. Nor is it necessary to turn over your paper money . . . for more paper.
Transportation: Have you switched your lending marketing focus to attract more "hybrid" auto loans? Or perhaps you can join the growing number of credit unions who are meeting their demand for bicycle loans.
Green Architecture: The public is increasingly more aware of and more demanding of their retail and service partners to be at the forefront in energy savings, water efficiency, CO2 emissions reduction, improved indoor environmental quality, and sustainable resources.
Green Architecture, Part 2: Many homebuilders are leading with environmental benefits. Consumers are looking for houses that both fiscally and environmentally responsible -- and lenders to with similar values to partner with them.
Remote Deposit Capture: Another tool to help consumers save time, money, and gas with fewer trips to deposit checks -- allowing staff to concentrate on areas of customer service that require face-to-face attention.
Posted on Tue, Dec 01, 2009 @ 01:44 PM
| By: Green T
The world is changing. Like the many great empires who came before us, for the first time, we are learning how to cope with having too much. The magazines that used to tell us what to buy now tell us how to de-clutter our lives. Business has also taken a turn. Mail is not received the way it was 50 years ago. In recent years, what used to be a practical and appreciated means of communication has become a burdening clutter. Within merely one year the average person comes in contact with 663 pounds of paper. According to Inform.org "Only about 10% of the paper we consume in a year is preserved in the form of filed documents, photographs, and books or magazines." As our mailing practices change, business must change with it. See How Business is Changing
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Posted on Wed, Oct 14, 2009 @ 01:06 PM
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"A lot of financial institutions offer electronic statements and Statement2Web certainly puts us up there with the best of them. It is certainly something we needed to offer in order to be competitive."
Headquartered in Mountlake Terrace, Washington, 1st Security Bank of Washington has been serving customers since 1936. This local bank is dedicated to serving customers' financial needs in the best way possible with the most advanced technologies and services. 1st Security places the highest priority on customer service, and offering products, services, and rates that rival the best.
It's no surprise then that 1st Security began in 2006 to offer their customers the convenience and security of electronic statements using Statement2Web from OMI, a managed service that gives banks and credit unions the ability to quickly and cost-effectively implement electronic statements. 1st Security has just recently upgraded to the new version of Statement2Web and, according to Sandy Hutchins from the business services division, the move has provided a new level of customer service and target marketing that gives the bank a competitive edge.
Sandy Hutchins feels that electronic statements via Statement2Web are helping 1st Security expand beyond their current market and reach new customers. "It is really allowing us to better serve our existing customers and as new customers come in it is something more that we can offer. Coupled with the added security and the convenience, it makes it an attractive product to have."
Posted on Mon, Sep 21, 2009 @ 04:47 PM
Statement2web sponsors Document Strategy's educational podcast on the current state of industry as it relates to utilizing transactions such as account statements, bills, invoices and other transactional related documents as the primary marketing communication medium to constituent base. The podcast discusses the definition of Trans Promotional communications, recent advances in technology and live reporting from the Trans Promo Summit recently held in Boston.
Posted on Wed, Sep 09, 2009 @ 07:58 AM
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"Electronic statements offer us a lot more flexibility and ability...and there is no drawback in terms of the fact that members receive the same statement that they would have on paper." Carmelo Roldan -Vice President Information Technology |
Nutmeg State Federal Credit Union uses Statement2Web to transition from paper statements to 21st century electronic communications
Nutmeg State Federal Credit Union (NSFCU) has a long history of financial service and innovation. This Connecticut-based credit union was originally started in 1935 by employees of Southern New England Telephone which is now part of AT&T. Even in the best of times, credit unions must steadily grow membership to survive, and over the years NSFCU has continually expanded its scope and services. In addition to opening its doors to AT&T, NSFCU also serves over 215 select employee groups, and the communities in and around Hartford County.
NSFCU was founded on the simple premise: "dividends in fellowship." Indeed, in order to join, members purchase a five dollar "share" and become part owner; each with an equal vote for the board of directors. This tradition must be working, because nearly seventy five years later the credit union continues exceed the expectations of its members.
Less Paper, More Service
You would think a financial institution with such a long history would be buried under stacks of paper, but just the opposite is true. NSFCU has recently begun to eliminate paper by offering electronic statements to its members. Once they opt-in to e-statements, members are given access to a fully customized portal where they can view, download, and print their statements, and peruse a complete history of their activities and transactions.
According to Carmelo Roldan, NSFCU's Vice President of Information Technology, the move to electronic statements has not only helped to reduce the printing and mailing costs associated with members statements, but it has also enhanced the level of service the credit union can offer while retaining the integrity of the original printed version. "Electronic statements offer us a lot more flexibility and ability," says Carmelo, "and there is no drawback since members receive the same statement that they would have on paper."
Electronic Statements - a Managed Service
NSFCU's transition to electronic statements was made possible through the use of Statement2Web from OMI. Statement2Web is a managed service available through the credit union's print/mail provider, Harland Clarke Marketing Services. As a result, the credit union was able to implement e-statements without a lengthy development time. "We send an electronic copy of our statement file to Harland Clarke and they send that same file to Statement2Web," explains Carmelo. "The system then creates both a PDF version and an HTML version. Members can view and print the actual version of the statement through a web portal just as if they had they received it on paper."
While NSFCU has been making use of Statement2Web since 2006, they recently began to take advantage of the expanded capabilities available in the new version of the service. "It has been a dramatic change for us," says Carmelo. "We now have the ability to add electronic inserts, add statements, and an electronic newsletter. These were all capabilities that we did not have before with the older version."
NSFCU relies on Statement2Web to enable their strategy to transition from paper based communications to online presentment where it makes sense. The credit union has enhanced the experience of members and reduced the cost of printing and mailing. "We are definitely sending out less paper," says Carmelo. "And as we continue to offer additional electronic statements - like our mortgage statements or our billing notices - we are definitely going to see those costs drop."