Pnc bank paperless statements10/30/2023 ![]() They should better feature the customer's e-statement within a secure website to grow usage rates. Bank, PNC and Citizens Bank, are already charging fees to people receiving paper statements.ģ. Banks should disable paper statements altogether and charge consumers who still want to receive statements in the mail. In other words, embed paperless adoption into the onboarding process but make sure to include a prominent opt-out for customers who prefer paper.Ģ. Banks should set their default statement options to "online only" for new customer recruits. Here are four Wannemacher outlines in the report:ġ. There's no silver bullet, but there are ways for banks to improve the paperless rates. Those cents add up for banks struggling to make money given the undercurrents attacking the industry: namely, high compliance costs and low interest rates.įorrester's data implies, then, that banks need to provide some tough love for individuals who already receive e-statements. Indeed, it costs a bank about $0.60 per month to mail just one customer document, says Wannemacher. Still, there's one really good reason banks should spend more time convincing more of their e-statement customers to give up receiving paper statements: a clear ROI. "You can't turn off paper for all the folks," says Wannemacher. ![]() To be sure, there are reasons for banks' paperless results gap. Even as e-statement and e-bill adoption trend up for checking accounts, savings accounts, credit cards, mortgages and home equity lines of credit, all the products share one stat: actual paperless adoption remains under 50% for each product.Īmong the top reasons people still want paper, according to the report, include: "I want the paper version for my records" (48%), "I'm used to paper and see no reason to change (29%), and most interesting to banks, "my provider doesn't require me to switch" (26%).įorrester drew its results from surveying 10,359 individuals.
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