![]() If a bank has agreed to intensify its conversion efforts, it can next decide whether fees or incentives best motivate adoption.īanks have effectively used both incentives and fees as separate tactics, but successful choices between the two tend to take into account the bank’s overall customer experience goal. A bank lagging its peers may decide to push more aggressively while a credit union outperforming its class might decide to stay the course.įees or non-punitive incentives. By comparing itself to peers, an FI can determine whether its current adoption rate is in-line or underperforming. For instance, evidence from GCI’s Consumer Financial Life Survey suggests that, excepting direct banks and credit unions, larger financial institutions (FIs) have higher rates of electronic statement adoption than smaller FIs. When making this decision, it helps to benchmark your experience against peer norms. In that case, the bank could maintain its current strategy or seek to accelerate conversion by introducing fees for paper statements. ![]() A bank, for instance, might already offer paperless statements to every customer opening a new account. The decision tree begins with two options: maintain your current approach to statement conversion or renew efforts to increase e-statement penetration. Stay the course or push electronic statements more aggressively. However, a three stage decision process can help your team resolve this issue: Why alienate customers with paper statement fees when electronic statements are on track to exceed paper this year – and when the annual rate of adoption looks to progress comfortably at 3.5%?Ĭlearly, no single answer works for all banks. The industry has made commendable strides toward paperless statements, so accelerating that trend could bring unnecessary risk. But some might wonder how aggressively to push their digital reform. ![]() Two-thirds of this expense can be avoided when banks deliver eligible statements electronically instead of mailing paper.īankers know well the savings associated with switching their client base to digital reports. Last year, the retail banking industry sent paper checking account statements to 69 million households at an average cost of $9 per customer. Xxxx.onclick="return gtag_report_conversion('')" Var xxxx = document.getElementsB圜lassName('fusion-button button-default fusion-button-default-size button fusion-privacy-consent') If(document.getElementsB圜lassName('fusion-button button-default fusion-button-default-size button fusion-privacy-consent') != null) If(document.getElementsB圜lassName('fusion-privacy-bar-bottom') != null)ĭocument.getElementsB圜lassName('fusion-privacy-bar-bottom').style.visibility = 'hidden' Walk, or run, to paperless statements (function(w,d,s,l,i))(window,document,'script','dataLayer','GTM-P7RK2W')
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