A recent article from American Banker acknowledges that customers are reluctant to completely switch from paper to electronic statements. Some will receive their statement electronically but also request that they receive a paper statement for their records. Research from Forrester Research Inc. shows that the trend to receive electronic statements is in fact increasing, but eAdoption remains under 50% for each of the following bank products: checking accounts, savings accounts, credit cards, mortgages, and home equity lines of credit.
According to the article the top three reasons people give for not switching to bank statement eDelivery are:
- “I want the paper version for my records.”
- “I’m used to paper and see no reason to change.”
- “My provider doesn’t require me to switch.”
The article outlines the reasons that banks should spend more time convincing people to adopt electronic statements. There are obvious reasons that will benefit banks, such as a clear ROI on electronic statements. With high regulatory compliance costs and low interest rates, banks are struggling to make money, and delivery of electronic statements will help them save costs.
But, what’s in it for the customer? The key to customer eAdoption is creating value for them rather than focusing on what’s in it for the banks.
Here are some ideas for getting the customer to see value in switching to eDelivery:
- New, improved personalized statement design
- Archival of and access to past statements
- Mobile and email alerts when a payment is due
- eDelivery instead of retrieving statement from portal
DataOceans specializes in bank statement redesign and electronic delivery and collaborates with our banking clients to effectively communicate the value of eDelivery to their customers. Contact us to learn how we can help your organization.