Only 61% of checking account customers have committed to paperless statements.
A decade ago when digital banking was new, FIs played it safe by asking for volunteers to turn off paper, and they gave uncertain customers the choice of becoming a “double-dipper” by receiving both paper and digital statements. One unintended result is that today nearly one-third of active digital-banking customers continue to receive both paper and digital checking account statements – costing FIs an estimated $594 million annually.
“Consumers now reflexively reach for their smartphones in all aspects of their lives and banking is not an exception,” said Mark Schwanhausser
, Director, Digital Banking at Javelin Strategy & Research. “The intent is not to take statements away from customers; it is to provide an alternative that convinces them that paper statements are as unnecessary and obsolete as a checkbook register.”
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.