There is a huge digital commitment gap between bills paid online or mobile and statements delivered digitally. New research finds 72% of bills are paid through online or mobile channels”but only, only 39% of statements are delivered digitally.
The potential payoff to financial institutions and billers of closing this “digital commitment gap” is enormous, with $2.2B savings in next five years.
JAVELIN’s new report Paperless Banking and Billing 2015: Closing the Digital Commitment Gap, examines the state of paperless adoption today, explores strategies to target remaining holdouts, and delves into the ROI opportunities for financial institutions and billers.
The number of consumers who receive both a paper and a digital statement remains steady. Nearly 1 in 4 checking account owners and bill payers still receive both online and paper statements each month – that figure has been constant since 2010. Converting double-dippers and paper-only holdouts will not be easy, as FIs and billers have already capitalized on consumers’ desire to eliminate clutter in their financial record-keeping and help the environment.
Javelin says FIs and billers must upgrade the digital experience to satisfy customers who seek a paperless lifestyle – or even just a less-paper lifestyle. To achieve greater paper turnoff, FIs and billers must think bigger about the overall digital experience, break down organizational “silos,” and deliver a digital lifestyle that is integrated, complete, and reliable.
The report is based on 1) a consumer survey of 8,525 consumers and 2) interviews with industry strategists responsible for paperless initiatives at banks, billers, and third party players.
For more information visit:https://www.javelinstrategy.com/brochure/361
For data, background and forecasts on Digital Payments: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].