September 22, 2008

Pulling The Plug On Paper Statements

North American Technographics

This is the third document in the "eStatement Adoption" series.

by Emmett Higdon

with Benjamin Ensor, Peter Wannemacher, Courtney Tincher

Executive Summary (This is a document excerpt)

Adoption of eStatements in the US continues to grow strongly, as seen in data from Forrester's North American Technographics® Financial Services Online Survey, Q2 2008. More than 55% of online checking, savings, and credit card customers today receive an eStatement. That's up from slightly more than 40% in 2006. Checking eStatement adoption alone jumped 11% in less than one year. Nearly one in three online consumers find little use for any statement — all the information they need is available online. Concern for the environment motivates half of all paperless consumers to switch. And 70% of consumers still receiving paper statements could also be convinced to move to online only. What would make them switch? As little as $5 for half of Gen Y and Gen X holdouts, while Boomers and Seniors are looking for more statement storage options.

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