The Time is Now: The Top 3 Reasons to Shift from Print to Digital Statements 

Don’t Delay! Start Shifting from Print to Digital

Digital adoption for banks is often an incredibly challenging undertaking because financial providers own complex processes and systems. But with the rising cost of print and mail, an increased demand for digital statements, and the risk of falling behind with legacy solutions, evolving from print to digital is one project you can’t afford to delay any longer. Still not convinced? Keep reading to discover the top 3 reasons to shift from print to digital statements.

1. Your Print and Mail Costs are Rising

Print isn’t without its benefits. Many clients still prefer to receive their statements via mail as they can be viewed easily and provide a tangible, secure format with a beautiful layout. It’s also possible to keep printed statements looking fresh and modern. With the right technology, you can include personalized, data-driven account data, inserts, and targeted marketing campaign images on all your printed communications.

But if you’re keeping track, the cost of print and mail has already seen significant increases in recent years. And it’s expected that these increases will only continue in 2024.

The question you need to ask yourself is: how can you reduce the demand for printed statements without sacrificing the customer experience? The answer is simple: you need to shift from print to digital.

Shifting from print to digital statements isn’t about abandoning print altogether. It’s about making digital statement options available with mobile-first (HTML), or interactive (IXM) solutions that meet evolving customer expectations to reduce the demand for print. Because when you reduce the demand for print and mail, it benefits everyone! It reduces operational expenses and helps to develop loyalty by giving clients the unique experience they want.

2. Your Customers Demand Modern Digital Statements

The crux of this shift—of digital adoption for banks—lies in the fact that today’s clients demand more from their financial providers. They’ve grown accustomed to receiving access to documents and other communications in the channel of their choice, anytime, anywhere.

Digital formats elevate print thanks to HTML. While you can share print PDFs digitally, the data remains flat and static. HTML gives your clients more ways to engage. It allows for richly presented information that clients can access via mobile, tablets, and laptops through links, a portal, or a website. You can even send clients notifications about the status of their statements or additional resources, or emails with a link to a personalized video.

The demand for modern digital statements is a huge benefit to your bottom line because it means you can reduce the demand and cost for print and postage while giving customers what they want: a superior customer experience.

3. Futureproof Your Legacy Solutions with Interactivity

Interactive experiences are the future of Customer Communication Management (CCM) beyond mobile-first communications. This next-level technology is already here, most of which is rapidly evolving.

Consider implementing or evaluating tools like Interactive Voice Response (IVR) and Chatbots that help to direct customers via text or voice to resources and information about their statements. Interactive, personalized videos also give clients a real-time snapshot of personalized information about their accounts.

Improving paperless adoption by implementing digital solutions is only a step in the right direction. Interactive tools like these are noteworthy because they reduce the strain on customer support teams and even help to reduce costs associated with print queries or issues. To ensure the longevity of your organization, looking ahead to the future of communications is a major benefit of starting to shift from print to digital—now.

Don’t Wait—Partner Up with the Right Solution

Shifting from print to digital is a complex project with so much to consider. You likely have legacy systems and processes in place, which means you need technology that delivers a powerful CCM experience. It also means you can’t rush the process. Shifting from print to digital should happen at your own pace, not overnight.

We help to make this transition as smooth as possible!

Doxim empowers clients to send the right person, the right communications, whether they want emails, texts, printed and mailed documents, or a web experience.

With a little help from our team, you too can discover how to drive a better customer experience, reduce costs, and increase revenue while maintaining strict regulatory and security requirements.