Tag: encrypted documents

14 Sep 2016

Overcoming the ‘Digital Commitment Gap’

How Can We Convert More Customers to Paperless Billing?

Ask anyone on the street, and they’ll probably tell you that using electronic, or paperless, billing and statements is a good thing. When introduced more than a decade ago, paperless billing was touted as an environmental savior; by driving more customers online to receive and pay their bills, fewer natural resources are used and less waste is introduced into the environment. However, beyond this initial adoption from customers who want to “go green,” e-billing as the singular way of receiving a bill or statement from financial institutions, healthcare organizations, telecom providers and other billers has remained stagnant, with growth virtually unchanged over the last few years, according to recent research from InfoTrends.

In a separate report, research firm Javelin says the number of consumers who receive both a paper and a digital statement also remained steady from 2010 to 2015; nearly 1 in 4 financial institution customers and bill payers still receive both online and paper statements each month. These “double dippers” want the convenience and reminder of a paper bill, but oftentimes choose to pay their bills online rather than respond in kind with a mailed payment. Javelin calls this disparity—the gap between customers who received paper bills and subsequently pay them online—the “Digital Communications Gap.” And that percentage of users—34 percent in 2014 and 2015—actually shows a slight increase over the previous three years. Closing that gap could mean a savings of $2.2 billion over the next five years, Javelin reports.

So why are customers increasingly paying their bills online (an 18 percent increase in online bill paying from 2010 to 2015), but not choosing to receive their bills only by electronic means as well? According to InfoTrends, the reasons is two-fold:

  • Consumers want the hard copy of bills and statements for their records (53 percent of respondents)—and as a reminder that their bills are due (45 percent).
  • Today’s digital experience is not consumer-friendly—Customers need to remember multiple user IDs and passwords, and use websites with different navigations and document retention timelines.

At the same time, the marketing strategy to drive further adoption of paperless transactions remains largely unchanged, as companies continue to push the environmental benefits and “clutter reduction” of online bill payments instead of attempting a transformational strategy to encourage adoption. Ironically, companies are continually optimistic about growth in e-billing—year after year predicting increases in adoption—without making any changes to their processes.

More than an estimated 500 billion bills are sent annually and the rate is increasing by 2-3 percent a year, according to research group Billentis, so the problem is only going to get worse. When asked by InfoTrends about the various reasons why they have not adopted paperless billing and statements, 21 percent of customers surveyed said their provider did not offer the option, 11 percent cited that their providers did not incent them enough to stop receiving paper bills, and 10 percent said their providers make it too difficult to switch. These are relatively low percentages, compared to some of the top answers cited above, which in addition to wanting hard copies and a reminder to pay, also prefer hard copies as a security precaution (24 percent).

Clearly, there’s a disconnect between senders and recipients. If the solution is not to make it easier for customers to sign up to go paperless (as only 10 percent cited this as a reason), what will cause significant uptake in paperless billing that puts companies on the same page with their customers?

It’s a business problem and requires a business solution—one that takes a much firmer stand on the benefits for both sides in going paperless. According to InfoTrends, a transformative approach is needed to see real results—one that goes beyond the “green” aspect of paperless billing. This may include:

  • Making paperless the default for new or double dipping customers, and requiring them to opt back in to receive paper bills.
  • Updating policies to include charging a service fee for paper-based bills
  • Providing the option to consolidate their paper (or paperless) bills under a single provider, such as a bank or other source
  • Offering loyalty points, other incentives, and improved experience for paperless customers

Overall, companies need to provide more options across the company to deliver a better digital experience across all the communications they send to customers—not just bills or statements, as according to the Billentis report, companies send more than five to 15 times the volume of “invoice-like documents and messages” than they do actual bills. These options also need to include the expansion of secure electronic document delivery so that customers can easily receive their sensitive documents encrypted from the company directly from their inbox.

Will the industry ever go completely paperless? Probably not, unless these transformative changes are implemented quickly. But the rewards are there for companies that do take the transformation process seriously: closing the Digital Commitment Gap could mean an industry-wide savings of $2.2 billion over the next five years.

By Jacob Ginsberg, Senior Director of Products, Echoworx

23 Feb 2016

Increasing Demand for High Volume Encrypted Document Delivery

Your customers and partners want to receive their important documents and e-mails faster than ever before. They want them delivered in a way they can trust and are easy for them to access. And you’re the lucky one who needs to deliver on this.

The objective for e-statements, also known as Secure Document Delivery is to push statements, documents, and bills directly to your customers. The problem is you need to deliver a cost-effective solution that seamlessly integrates into your distinct environment while driving performance and customer service. With OneWorld Encrypted Documents, organizations finally have the ability to securely deliver confidential and business critical statements, invoices, and bills directly to customers’ inboxes with full security and confidence. There are a number of reasons why there is a great demand for secure e-statements in the market today.

Reach Today’s Customers Through Multichannel Communication

Organizations must increase customer satisfaction by providing their customers’ documents and important information through their preferred channel of communication. Because your customers’ expectations regarding communication with you are being shaped outside of your industry alone, you need a strategy that meets your customers’ wide array of communication and servicing needs, while working within the realities of your internal systems.

And, in today’s always connected world, customers want the freedom to choose how companies communicate with them, whether it’s through e-mail or an app on a phone or tablet via a secure web portal. Echoworx provides solutions that meet these diverse multichannel communication needs. OneWorld can deliver encrypted messages over TLS, using encrypted PDF’s, PGP or  S/MIME keys, encrypted ZIP attachments or to a secure web portal.

Using OneWorld encryption, you can now send customers their bills, invoices and statements in a robust, interactive and most importantly encrypted PDFs that have the look, feel and functionality corresponding to your website. The encrypted PDFs can be delivered and read on any desktop or mobile device including tablets.

The benefits of Echoworx’ Encrypted PDF include fully branded PDFs, customer account self-servicing within the PDF, and highly secure communication delivery pushed to your customer’s inbox. Messages can be routed into the system via SMTP or API to accept both end user generated email and system generated mail.

Secure Document Delivery For Regulatory Compliance

To reduce mailing costs and increase efficiencies in document processing, many organizations are migrating to secure e-statements instead of traditional paper forms.  In order for e-statements to be an effective means of communications and data collection, organizations must ensure the security and confidentiality of these statements as they are transmitted across the public networks.

Securing e-statements can be a challenge for organizations unless they look at solutions like the OneWorld encryption platform. Customers can have all statements generated in an universally accepted secure PDF format and send via e-mail for easy collection. Statements are automatically encrypted and sent to your customers’ e-mail inbox. Statements are decrypted with simple, but secure, password protection.

With the implementation of encrypted e-statements, organizations must ensure they meet the strict mandates of various regulations.  Regulatory compliance is expensive and time consuming. Requirements change frequently however security of information is always at the forefront of all major regulations. OneWorld Encrypted Documents ensure your organization is taking the right steps to conform to all major regulations including HIPAA, PCI, GLBA, and others.

Reduce Communications & Servicing Costs 

For all companies, producing and maintaining customer paper communications is a costly, disorganized process that adds very little to the bottom line. What is needed is a solution that will lower document delivery costs and yet scale dynamically as e-mail demand on the system fluctuates to handle the bulk e-statements – and all in a secure fashion. Customers prefer documents, statements, and bills delivered right to their inbox but do not want to sacrifice the security and ease of use. With OneWorld, you get the best of both worlds: an easy to deploy, highly scalable statement delivery platform with unparalleled encryption technology.

Leverage Existing Investments

OneWorld Encrypted Documents isn’t a replacement for your core billing and fulfillment systems. It’s not a software tool you have to install, integrate and continuously manage as all of your systems morph and change. Rather, it interfaces seamlessly with the multiple systems your company uses for document delivery and enables a security layer to it.

Empower Business Owner Control

Instead of making customers log into a portal, remember a unique PIN, and then view their statement, the OneWorld encryption platform allows you to directly deliver encrypted PDFs converted from your statements right into their inbox. This keeps you from having to store and retain all of that data and at the same time simplifies the process for the business and customer.

For more information on how you can send millions of encrypted statements a month, using a single encryption platform as both a secure e-mail gateway and an encrypted bulk documents transmission engine:

  • Watch our WEBINAR  | Embracing High Volume Email
  • Download our CASE STUDY  | Top Bank Demands Performance & Volume
  • Download our DATA SHEET  | OneWorld Encrypted Documents

By Robby Gulri, Channel Manager, Echoworx