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February 10, 2012

Many get both online, paper statements

Nearly 30 percent-40 percent of consumers who receive their financial statements and bills online also receive paper versions, according to a white paper released Friday by NACHA – The Electronic Payments Association and a coalition led by the group called PayItGreen®.

While this finding represents challenges in efforts to make more efficient use of resources, the paper also says Gen Y and Early Adopters are more likely to respond positively to messages encouraging a complete transition to paperless.

The paper, based on data collected by Javelin Strategy & Research for the NACHA 2011 PayItGreen® Survey, also says nearly 20 percent of Gen Y consumers simply forgot to turn off paper statements when they began receiving electronic ones, the group reported. It also showed 41 percent of Gen Y and 48 percent of Early Adopters would be receptive to the automatic shut-off of paper statements when signing up for online billing and payments.

To encourage the adoption of online-only behaviors with consumers, the study recommends that financial institutions and billers refocus their efforts to influence the younger, technology-savvy consumers, such as Gen Y and/or Early Adopters.

Recommendations include changing out-bound marketing messages and channels to better target Gen Y and/or Early Adopters, and creating appealing content and placing it on websites to attract Gen Y and/or Early Adopters.

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