During the past year, the $970 million Xceed Financial Credit Union of El Segundo, Calif., has boosted enrollment in e-statements by more than 20% by implementing incentives such as cash bonuses and gift sweepstakes for members and staff.
As a result, more than 23,000 of the credit union’s nearly 67,000 members – about 34% – are now enrolled in e-statements, Xceed Financial said.
In addition to a sweepstakes featuring prizes such as a 27-inch iMac computer and iPads, the credit union began offering a $5 cash bonus to members that sign up for e-statements and $2 cash bonus to associates that encourage them to enroll.
More than 3,000 members have signed up during the cash bonus campaign, which began in March and continues through July 31, Xceed Financial said.
“We’ve found incentives are a great way to make more of our existing members aware of the convenience and security of the paperless option, and encourage them to make the eco-friendly choice,” said Teresa Freeborn, president/CEO at Xceed Financial.