The Right Tool For The Job - How Digital Mail Can Reduce Customer Communication Costs

Each year, the financial services industry spends almost $20 billion on printing and distributing paper based customer communications (including credit cards and P&C insurance lines). Some larger banks and brokers own full scale distribution centers, which add millions more in overhead costs without providing any strategic benefit to the firm. Aside from being costly, paper based communications also present significant security risks and environmental impact. As a result, firms have been imploring their customers to "go paperless" for years. So, why haven't they?

A leading reason why customers are avoiding the current alternative to paper – i.e., email – is that the user experience is frequently disjointed and inconvenient. Across the financial industry, email-based customer communication has reached a plateau. While customers are increasingly willing to conduct business online, many still receive paper based communications for their financial relationships,