In the recent Forrester report “Paperless Plight: Growing Resistance Outpaces Adoption”
the survey of 3554 online adults revealed that only 24% had switched off paper bank statements.
This is a pitiful amount – by any standards.
But banks have been pleading, motivating, cajoling, bribing, forcing and greenmailing customers into signing up for online statements for over 10 years.
What’s inhibiting the move away from paper to the greener electronic versions that can
- Maybe it's because online statements are only available to online bankers cutting out 60% of the banking base.
- Maybe it's because customers have to register, remember a username and password, login and download their statements that currently arrive in the post with no effort required.
- Maybe it's because the notification email is a
perfect phishing attempt.
- Maybe it's because receiving a flat digital version of the paper adds no extra value.
Forrester report on this topic suggested that customers “just needed a push”. I whole heartedly concur. Customers should be pushed their eStatements via email. No website to visit no registration to fill in, no new username and password to remember,
no phishing risk.
Just send them an interactive document with graphing and sorting, feedback forms and personal loan calculators. Not a pipe dream – something that smart banks all over the world have been doing for a while with tremendous success.
Only once the banks start to offer added value in return for turning off paper will we see a growth in the adoption of eStatements and significant paper turn-off.