Study highlights importance of paper statements
Paper statements are as important as UK-based call centres and local bank branches to customers, according to a study that reveals removing key transactional communications can damage relationships and erode customer loyalty. Research commissioned by Royal Mail reveals that switching off paper statements can have the same negative effect on customer satisfaction as removing UK call centres or local branches. Four in ten people agree that paper statements are as important to them as UK call centres and 73% would feel inconvenienced and annoyed if they were taken away.
The findings further highlight that communication choice is extremely important to customers, even those who prefer online, and a company that makes the wrong choice could lose customers.
It reveals that 65% of customers who prefer paper bills and statements would consider defecting to a competitor, or would leave straight away, if a company removed that choice. And even 29% of customers who prefer to receive information in a digital format would move or consider moving, if the option to receive paper statements was taken away from them.
The research also revealed that stopping paper statements could see the most affluent customers move, with people who receive paper statements having on average £1,000 more in their savings accounts than digital only customers.
A clear preference for a combination of mail and digital transactional communications has been indicated in the findings, with 69% using mail and paper together as the ideal way to manage their accounts.
Overall, three quarters of customers still choose to receive paper bills and statements to manage their accounts.
The research also highlighted the importance for paper statements for company communications. Not only do eight in ten (81%) of customers say they are more likely to read their statements if they receive online and paper copies, 70% say they are more likely to notice advertising on their paper statements.
Antony Miller, head of media development at Royal Mail, said: “Our research clearly shows that most people like to have the choice of receiving confidential statements through a combination of both mail and email channels.
“Companies that do not give their customers a choice about how they receive statements really run the risk of losing them to competitors that do. We want to remind companies of the value of transactional mail and its impact on brand loyalty, customer retention and overall business success.”
