Banking Exchange Magazine Logo

Paperless-only statements could reap huge savings

Bridging digital gap could mean up to $2.2 billion

  • |
  • Written by  Website Staff
  • |
  • Comments:   DISQUS_COMMENTS
Paperless-only statements could reap huge savings

Digital banking may be on its way to being a way of life—72% of bills get paid via online or mobile channels—yet only 39% of statements are delivered digitally, says Javelin Research.

The potential payoff to financial institutions and billers of closing this “digital commitment gap” could amount to $2.2 billion in savings over the next five years, Javelin projects.

The number of consumers who receive both a paper and a digital statement remains steady. Nearly one in four checking account owners and bill payers still receive both, a constant since 2010. Converting double-dippers and paper-only holdouts will not be easy, as financial institutions and billers have already capitalized on the most-willing consumers’ desire to eliminate clutter in their financial record-keeping and help the environment.

“Financial institutions and billers must upgrade the digital experience to satisfy customers who seek a paperless lifestyle—or even just a less-paper lifestyle,” says Ian Benton, research specialist at Javelin. “To achieve greater paper turnoff, financial institutions 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.”

back to top


About Us

Connect With Us


Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.


This webinar is brought to you by:
Vouched Logo