by Ron Daly
Recently, a number of clients have written us emails asking for the “industry standard” of eStatement penetration. While there are any number of results in your typical Google search, we wanted to offer our clients and, in turn, our blog readers a thoughtful answer. So we took the number of eStatement users each of our clients had, compiled our data into an Excel spreadsheet, ran some of the averages and came up with some numbers we think are quite interesting.
Yep, you’re reading that correctly – nearly 80% of online banking users have eStatements. These folks manage their money online and take advantage of eStatements. This number grew twenty percentage points in one year, leading us to believe that more and more people are making the connection between electronic documents and smart money management.
A little more than half of all the customers/members we evaluated were checking account holders. It stands to reason more checking users would be using eStatements just to avoid getting a paper statement that’s weeks behind their online banking reports, ATM receipts, or mobile alerts. Still, that number grew 19 percentage points in a year…that’s a big gain.
Even though this number grew 11 percentage points in a year, it’s still a little low for my tastes. Only 28% of members use eStatements? Why so low? Here’s why:
- Most financial institutions still have eStatements inside online banking and only online banking members can get them (see the first percentage number we listed, for eStatement/OLB users? Make sense now?)
- Very few financial institutions have marketing campaigns to increase adoption anymore. Those that do typically see great ROI.
- Most financial institutions don’t make eStatements the default for online banking users. Reg E says you have to give your users a choice of paper or electronic…but it doesn’t say what the default option must be. Why not start those users with eStatements and make them ask for paper statements?
If only credit unions and banks would make eStatements the default. Most users would never bother to make the switch or make a stink – they’d probably never even think about it again.
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