Product category:
Direct Mail Printing and Services
News Release from: DSTi Output | Subject: WhiteHi Output paper solution
Edited by the Printingtalk Editorial
Team on 11 January 2006
Banks Wasting GBP110m On Statement
Inserts
UK banks are wasting over GBP110 million a year by including leaflets and advertisements with monthly statements, claimed a new survey commissioned by DSTi Output.
UK banks are wasting over £110 million a year by including leaflets and advertisements with monthly statements, claimed a new survey commissioned by DSTi Output The research found that just three out of 10 people read statement inserts, which means over 375 million a year go straight in to the bin unread - costing GBP112,518,000
This article was originally published on Printingtalk on 19 Jul 2006 at 8.00am (UK)
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Tim Delahay, the chief executive of DSTi Output, the UK transactional mail and technology specialist, said: "When you consider that on average, a leaflet or advertisement within a statement costs 10 pence to design and 20 pence to post, banks are wasting over GBP110 million on inserts that are not read by the customer.
The cost to the environment is also high, especially when you consider that 375 million inserts is the same in paper terms as 125,020 trees." He continued: "There is a great opportunity for companies to market and cross sell products when sending a statement or bill to a customer.
However, the research clearly shows that banks need to look at how they use this opportunity more effectively." In terms of response rates from the three in 10 that do read inserts that arrive with their statement, just over 10 per cent have responded, highlighting the need for banks to take a more targeted approach with their customer base, citres the report.
Other key findings in the research highlighted that the days of the mono bank statement are numbered.
Amongst the 16-44 year-old age group was a strong preference for receiving colour bank statements as these people found them more attention grabbing and easier to read.
Tim Delahay added: "The good news is that the technology is now available for banks and other organisations to print colour, targeted messages, directly on to a statement or bill using a white paper solution.
Not only does this eliminate the need for inserts but it also means that banks no longer need pre-printed stock.
How many times in the last six months have banks had to change their pre-printed stock due to a small change in the terms and conditions?" And he concluded: "In addition, companies currently using our WhiteHi Output paper solution have seen their typical two per cent response rates being uplifted to as much as 20 per cent.
Overall it's a win-win for the banks and the environment.".
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