What Reasons did Consumers Cite for Not Using Online Statements?
Consumers were asked to indicate if they currently use online statements and if they do not, what is their likelihood to use online statements in the next year.
Those households that indicated that they were “somewhat likely” and “not at all likely” to use online statements were then asked to indicate the reason they are reluctant to do so.
Four out of 10 (43%) of those respondents reported that they were concerned with privacy/security issues.
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About RFG’s national consumer research
Financial institutions receive national consumer research through RFG’s Strategic Planning Study Group (SPSG), a marketing research program consisting of semi-annual consumer surveys on current industry topics derived from RFG’s research process.
Based upon 1,155 survey responses of a randomly drawn sample of members of a nationally representative direct mail panel, the consumer responses used in this study were weighted to reflect the nation’s demographic composition. The study’s confidence interval for any proportion gathered in the survey is in a range of 1.7% to 2.9% at the 95% level of confidence.
For more information about RFG’s national consumer research, visit www.raddon.com/spsg.
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I guess I don’t understand the issue with security, as I really thought most people had overcome online fears by now. Especially with regard to financial institutions. How often do you hear about a security breach involving e-statements? It doesn’t make the news…ever.
The reality is that e-statements are no less secure than on-line banking in general, considering they’re a feature within an online banking platform.
But guess what…whether you’re signed up for e-statements or not, there’s a strong chance your statements are already sitting on a web server anyway! Most banks/credit unions go ahead and load all of the statements for their clients onto the online platform. That way, when someone does sign up, they’ll immediately have access to some historical statements.
So knowing that these sites are extremely secure (they’re governed by what they call two-factor authentication – if you don’t know what it means, Google it), and that your data is most likely sitting out there anyway waiting for you to sign up, you might as well use the service and save the trees.
Jeff Hines
[...] eStatements: Raddon breaks down why consumers say ‘no’ [...]
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