From Green Right Now Reports
Despite monthly reminders from banks, phone companies, utilities, credit card providers and just about every kind of business that issues a monthly statement, a large percentage of the populace remains reluctant to go completely electronic. According to a report by Javelin Strategy & Research, nearly one-third of all households still receive at least one statement in both paper and electronic form.
The report – Green Billing 2010: How to Turn Off More Paper Statements as Consumer Attitudes and Alerts Technologies Change – says institutions are making progress in eliminating paper statements, but the going remains slow. Companies still spend billions of dollars on postage and paper, while printed statements pose an additional risk of fraud to the consumer.
“There is a ‘Green Dividend’ that began taking on increased significance during the recent recession and banking meltdown as banks, credit unions, billers and vendors searched for ways to persuade consumers to convert from paper statements to online statements,” Javelin President and Founder James Van Dyke said.
Javelin began looking into ”green banking” trends in 2003. The new report assesses the impact of environmental issues from 2005-09 and attempts to outline what will motivate consumers to view bills online and move over to electronic statements.
Among the major findings:
- Reducing clutter motivates more consumers to turn off paper statements than environmental or security concerns.
- One consumer in four now receives only online statements for their primary credit card, an increase of 10 percent over 2008 figures.
- At least seven of 10 consumers receive paper statements for 14 common bills. A significant number of “double dippers” receive both paper and electronic statements.
- Consumers want to view all of their bills in one place.
“The top priority is to get those ‘double-dippers’ who are experimenting with electronic statements to fully give up paper statements,” said Mark Schwanhausser, Javelin’s Senior Analyst in charge of Multi-Channel Financial Services. “That will be significant for the bottom line, and a spring cleaning for personal finances and the environment.”
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