Most major financial institutions have been pushing estatements for several years (see previous coverage). The appeal of shaving $10 to $20 off the annual servicing cost for every account is an attractive payoff.
Yet, you rarely see estatement appeals elevated to the homepage. BB&T bucks convention with this attractive graphic with the big-three benefits: security, convenience, accessibility (see first screenshot). The green button leads to a landing page reiterating these three benefits plus adding the environmental message.
Bottom line: It’s a good, educational effort. But with most consumers already aware of online statements, there’s little motivation to change something that’s worked fine for the past 10, 20, 30 or more years.
If you are serious about reducing paper and postage expense, give your customers a reason to change their behavior:
- Low-cost gifts, such as a pair of movie tickets, 2-for-1 meal, $10 Starbucks card, etc.
- Sweepstakes (one-time or ongoing; see Wells Fargo example below)
- Extra online services such as increased archives or an electronic vault
- Enhanced security guarantee
- Discounts on other services
But whatever you do, don’t introduce a fee for paper statements unless you want to get T-Mobiled.
BB&T homepage promotes online statements (7 Oct 2009)
Access via Seattle IP address; we do not have any accounts at the bank
Landing page (link)
Wells Fargo $60,000 estatement sweepstakes landing page (link)
For more information, see our Online Banking Report: Lifetime Statement Archives (June 2005)