HERNDON, Va. (4/23/12)--DigitalMailer's credit union clients collectively grew their eStatement users by 25% in 2011, resulting in savings of nearly $1 million.
"Credit unions can't control the cost of postage, but they can control the number of mailings sent to members – and the number of members who receive their statements electronically,"said Ron Daly, DigitalMailer, president/CEO.
As statements grow heavier to include additional types of transactions, the cost to mail paper statements will rise, possibly moving credit unions into the higher-priced, multi-ounce mailing category, Daly said.
Earlier this year, DigitalMailer recognized Carter FCU in Springhill, La.; Warren FCU Cheyenne, Wyo.; and TopLink FCU in Maple Grove, Minn., as its top eStatement leaders in the annual "Move It and Lose It" competition. Client credit unions were challenged to increase the number of members switching from paper to electronic statements using creative campaigns, simple usage changes and product coupling.
Dliminating paper statements has many positive effects on the environment and financial benefits: reducing the use of paper and gasoline, lessening greenhouse gasses and waste water, and helping to preserve U.S. forests, according to PayItGreen, a NACHA-led coalition promoting electronic billing and payments.
The group reports that if 10% of U.S. households made the switch, nearly 7.5 million gallons of gas would be saved. The greenhouse gases prevented would be equal to preserving 535 acres of forest from deforestation.
"Helping members switch to eStatements is both pro-environment and pro-bottom line," said Daly. "When you consider the cost of postage, printing and marketing materials, clients are saving approximately $8 to $12 a year per switched user, on average. And that adds up quickly the more members switch."