In a new report examining how well banks are shifting their customers to online-only statements, Forrester Research found in surveys that these efforts are bearing fruit. Not only are a majority of checking, savings and cardholder account users receiving online statements, many younger customers are managing their finances without the need for any kind of statement.
Forrester found that the number of consumers who now receive online statements (either alone or in combination with a mailed paper statement) is now between 55 and 58 percent for cards and DDAs. Consumers receiving electronic mortgage statements have topped 39 percent, according to Forrester.
Forrester’s report also shows that among Gen X (29-42) and Gen Y (18-28) customers, both paper and electronic statements are becoming superfluous. For these demographics, regular online account access to transaction summaries serves their purpose. The report found that 32 percent of Gen Xers don’t read statements; and 48 percent of Gen Yers skip them as well.
Banks have been reluctant to cut off paper, mostly from consumers who demand a paper printout for their records, according to Forrester. As the firm has uncovered in past surveys, perhaps the easiest path to weaning customers off paper is to pay them: 39 percent of all consumers would drop paper statements for as little as a $5 account credit.