Technology is constantly changing. In terms of statement processing, the improvements are a welcome reprieve from worrying about data security to manually preparing and mailing statements. Electronic statements can streamline billing processes for greater efficiency, cost savings and greater customer satisfaction. Here are four ways technology is changing statement processing and how you can take advantage of these changes:
- Online payments are surpassing mail-in bills. With the advent of online payment services, consumers have grown to expect online access to their statements to keep track of their expenses. Electronic statements offer huge cost savings for companies. The key is offering secure and user-friendly electronic statement programs that make it simple for customers to access their statements. A decade ago, offering customers the option to switch to paperless statements was not available, but now companies can significantly affect their bottom line through this tactic.
- Did you know a typical consumer spends an average of three minutes reading their statement? That gives companies three minutes to capture their audience’s attention. Through electronic statements, companies can easily add personalized monthly coupons and messages to improve their brand loyalty.
- Data security has never been more important. Customers put a lot of faith in companies to keep their sensitive information secure. When companies fail to protect customer data, it can lead to lost business and heavy fines. Hackers are becoming savvier, and companies must continually monitor their security practices. Thanks to electronic statements, technology has enabled us to create statement data management systems to protect customer information. Is your company taking advantage of these security measures?
- The more things change, the more they stay the same. People like to have various ways to receive statements. Some like to receive a paper statement in addition to an electronic one. Having a statement processing expert on your side can help streamline the process by offering advice and taking on the heavy lifting of the offline to online transition.
Kaye-Smith offers the Northwest’s most comprehensive statement processing and billing services, including both print and electronic solutions. With more than 25 years of experience, the Kaye-Smith team can help your business create easy-to-read statements that also incorporate your marketing message and personalized communications.