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. And until more customers can be convinced to go paperless, firms will continue to incur burdensome printing and postage costs. An emerging technology that may be a compelling alternative is Digital Mail. This point-of-view will help companies better understand the cost benefits to using digital mail and how it may impact the customer experience.