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Pros and Cons of E-Statements

Question: 
What do you think should be the driving factors behind a decision to move to E-Statements for our customers? Is there a downside? Are most banks using them in addition to, or instead of, paper statements? Do you need to do both for a while to make customers more comfortable?
Answer: 

Answer by Andy Zavoina:

The bank will save production and postage costs, which haven't dropped and the price of these will only go up. There is also a convenience to the customer base, which is increasingly adopting technology and delivery of documents in this manner. Especially if this is a business and they want their accountant to have a statement copy.

There is little downside as the steps to delivering e-statements are a one-time set up. If the rules in place but currently optional change, though, returned e-statements may require redelivery via other addresses, including snail mail. That would increase costs but should be limited in the overall scheme of things.

Getting consumer acceptance is the biggest obstacle.

Answer: 

Answer by John Burnett:

My sense is that acceptance of e-statements will increase once banks avail themselves of Check 21's push toward truncation. Once customers become accustomed to non-receipt of checks, one significant hurdle to e-statements will have been jumped.

First published on BankersOnline.com 10/20/03

First published on 10/20/2003

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