Pulling The Plug On Paper Statements

September 22nd, 2008

Emmett Higdon

With contributors:

Peter Wannemacher , Benjamin Ensor , Courtney Tincher

Summary

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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