Research has demonstrated that customers’ overall satisfaction rating with a bank is dependent on their impression of the usefulness of the bank’s website. As a result, banks are looking for ways to improve the value of the online channel by providing rich features that utilize the unique characteristics of the channel. Preferably, these enhancements should also provide an opportunity to generate additional fee income or reduce cost. S1 Electronic Vault provides features that satisfy all of these business objectives.
While many individuals have electronic copies of files stored on their home or business computer, these files may be lost if the computer crashes, is stolen, or destroyed. A bank offering S1 Electronic Vault can eliminate this risk by allowing their customers to electronically copy these files to a storage location at the bank, as well as serve as a convenient alternative to physically placing copies of files in a traditional safe deposit box. Additionally, S1 Electronic Vault can help drive the adoption of paperless statements as banks can place monthly statements in the S1 Electronic Vault and provide their customers the ability to decide the length of time that such statements will remain available online. In return, the bank benefits from the cost savings associated with printing and mailing fewer statements each month.
Since customers will consider the S1 Electronic Vault service as a value-add, banks can use the features of S1 Electronic Vault to drive fee income through the payment of monthly or annual fees for the service or to improve cross-sell or up-sell opportunities. Access to S1 Electronic Vault can also be provided as a benefit to customers to incentivize them to upgrade their accounts or purchase additional products from the bank.