Striata to launch eConsent, innovative paperless adoption process, at FinovateEurope

Johannesburg, 03 Feb 2012

Striata, a global leader in paperless communication, will be launching eConsent, an innovative paperless adoption process at *FinovateEurope, in London, on 7 February 2012.

"It's time for billers to control the paperless conversion, instead of relying on their customers to proactively enrol and switch off paper," says Michael Wright, CEO of Striata. “Our innovative adoption techniques not only completely eliminate the registration barrier, but also enable customers to switch off paper in just one click.”

Innovation at adoption point is crucial to achieving ROI

"Banks and financial institutions invest heavily in online initiatives aimed at reducing paper, but fall short at the most important hurdle - getting customers to adopt the technology. To achieve ROI on paperless solutions, innovation at the adoption point is crucial. FinovateEurope provides us with an opportunity to demonstrate a seamless conversion, as customers are prompted to sign up for our paperless e-billing solution via a simple, one-click eConsent process," explains Wright.

Going paperless is not only about building the right solution, but its success relies entirely on whether the end-user adopts the alternative offered, thus switching off the existing solution. Today, almost every major biller and financial institution (FI) enables their customers to view electronic versions of their bill/statement online. These 'pull' solutions require the customer to proactively register and then remember to login at each subsequent visit with a username and password.

Registration and the use of username and passwords create barriers to paperless adoption, and as a result these billers and FIs are not realising their paperless objectives - in fact, adoption based on 'pull' methodology has stagnated at less than 20% across all industries.

Billers can now control paperless conversion

Wright says that at FinovateEurope, Striata will show billers how they can control paperless adoption by utilising the power of e-mail. "The bill is delivered directly to the customer's inbox - all that is required is an e-mail address and then the paper turn-off consent process can be built into the interactive e-mail bill. This process has enabled Striata to achieve adoption rates in excess of 85%.

"We will also demonstrate how our 'shared secret' technology eliminates the need for customers to remember usernames and passwords. The secure PDF opens with a dialogue box in the customer's existing PDF reader, with no software download required. Payment can be facilitated directly off the face of the PDF, without having to visit a Web site. Our interactive PDF bill delivers an added value experience for the end-user, enabling navigation, multiple 'virtual pages', sorting of data, interactive graphs, grouping of data, animations and videos."

"Our registration-free adoption process paints a compelling story, which is bound to challenge the status quo," concludes Wright.

Striata will be demonstrating its innovative paperless adoption process - eConsent - at FinovateEurope, in February 2012. Interested in attending? Visit www.finovateeurope.com and enter Striata10 as the discount code to receive a 10% discount off your ticket.

FinovateEurope

FinovateEurope is a demo-based conference for innovative start-ups and established companies in the fields of banking and financial technology. Held in London, one of the world's premiere financial capitals, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate and unique format. FinovateEurope is organised by Online Financial Innovations. For more information on the event, or to view videos of previous demos, please visit www.finovate.com/europe2011.

Michael Wright: Chief Executive Officer, Striata

Michael founded Striata in March 1999 with a view to building a global software business. Striata's eMarketing and eBilling are complementary solution sets that deliver a rapid reduction in operational costs, quicker payments and an enhanced customer experience.

Michael is a pioneer of the internet industry. He has spoken at numerous conferences on the use of email as a business tool and customer communication method. In 2002, Michael was awarded the title “Direct Marketer of the Year” by the DMA and was also a finalist in the “IT Personality of the Year” awards.

Before the formation of Striata, Michael was the managing director of VWV Interactive. Michael began his working career with PricewaterhouseCoopers where he became a principal manager in the Consulting & Assurance Services (CAS) and was responsible for both Internet Strategy & Services and Business Information Services.

Michael is a Chartered Accountant. He served on the Institute of Chartered Accountants' (SAICA) information technology steering committee. He is a founding member and past Chairman of the Audit Bureau of Internet Standards (ABIS).

Michael is also a chapter founder and executive chairman of the First Tuesday, the “Global Thought Leadership Network”.

Michael is now one of the world's foremost experts on eBilling adoption tools and techniques. He routinely consults and speaks on driving paperless process in large organisations.

Striata

Striata revolutionizes the way bills, statements, policies, collection notices, letters, paystubs and other high volume system-generated documents are delivered and paid. Registration requirements are eliminated by emailing feature rich, interactive, encrypted documents directly to the inbox and enabling innovative 1-click electronic payment from within the document itself.

Direct email delivery of bills and statements dramatically increases customer adoption of electronic documents, paper turn off and ePayments. This enables Striata's clients to achieve rapid ROI; complement their existing self-service and e-communication strategies; significantly reduce paper output and to meet their carbon footprint/environmental impact targets.

As a leading international provider of electronic messaging since 1999 with more than 200 blue chip customers, Striata has operations in New York, London, Sydney, Johannesburg, Hong Kong and partners in North, Central & South America, Europe and Asia Pacific. Its clients include Citibank, Standard Bank, Barclays, Nedbank, GMAC, Time Warner Cable, CPS Energy, MultiChoice, HSBC, Amex, Diners Club and Vodafone. www.striata.com

Editorial contacts