Improving Paperless Adoption

by | Jan 21, 2021

What To Do When Your Paperless Adoption Rates Stagnate

Paperless Adoption

Improving paperless adoption is key to any digital transformation strategy. But too often, organizations assume that customers want to communicate digitally because that’s the general trend. But, unless you have asked each customer directly, you can’t really speak for them.

One thing is certain, customers will only let go of what’s familiar if something equivalent or better is offered.

This is evident when companies attempt to reach their paperless adoption targets by repeatedly offering customers the same digital channel as the paperless option. For example, the utility company that asked customers to switch paper off and tracked responses from the email request to successful portal registration saw an 85% drop off rate from the initial email click to registration.  Why were the paperless adoption results so poor?

The answer is pretty simple: you cannot give customers the same option over and over again and expect to receive a different result. That is the definition of insanity. 

This particular utility was promoting paperless adoption, but only provided customers with the option to fetch their documents from a web portal each month.  While many of these customers had already registered for the portal, some didn’t select it as their paperless channel. Why?

The recommended channel did not satisfy enough of their customers’ needs, which meant they weren’t motivated to move off physical channels completely. They still preferred to receive communications such as bills, statements, and the like, in the traditional way.

If the recommended digital channel fails to meet the customer’s needs, there is no point in continuously asking them to use that channel to go paperless.

The multichannel gap is an opportunity

Something to consider: the leap between receiving a paper bill or statement in the mail, and logging in to self-serve on a portal, might just be too wide for some digital novices.

We call this the multichannel gap. It occurs when traditional portal presentment has done its job of getting a segment of customers to go paperless.  That leaves a percentage (approx. 15-25%) still using traditional channels, such as print because that’s always going to be their choice and a percentage (approx 15-20%) that has adopted ePresentment (portal).

But, a large number of customers remain (55 – 70%) in between those two groups, who will only go paperless if offered exactly what they need.

The Mutlichannel Gap

Close the gap by offering additional paperless channels

If paperless adoption using your current digital channels has stagnated, you have the opportunity to convince a new segment of customers to go paperless by offering them additional digital channels.

Depending on the communication you are targeting, there are other channels that can provide a different customer experience. This may be the CX that the middle group is looking for, and the reason they decide to go paperless.

Alternative channels to boost digital paperless adoption

1. Send a text message with a link to the document

Perhaps it isn’t the portal that’s the problem but the fact that the customer is on the move, and views their correspondence primarily on mobile. The emails directing them to the portal get lost.

Text messaging is a good way to get customers’ attention. Include a link in the text message to the portal, but make sure that the process is simple and optimized for mobile viewing.

2. Attach the document to an email

Email is the ideal channel to send out bills, statements, and other critical documents as attachments. The document lands directly in your customer’s email inbox, which they check multiple times a day. The document is attached to the email, usually as a secure PDF, and is easily opened and accessed.

Successfully converting customers that are open to going paperless, but haven’t done so, despite being active on the portal, requires offering them a choice of alternate channels. If you want to increase your paperless adoption rate, then you need to offer these channels as part of your omnichannel strategy.

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3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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