Paper statements demanded by online bankers

People who bank online want traditional paper statements to help them manage their finances effectively, research for Royal Mail today revealed.

The research into banking attitudes of consumers, conducted on behalf of Royal Mail by the Henley Centre, revealed that 74 per cent of online bankers want to receive posted paper statements. It also showed that many study their statements in greater detail than non-online bankers.

The survey ‘Beyond the Gate – Making a Statement’, which follows up an initial exploration into consumer attitudes to financial service’s communication conducted in 2004, also highlighted the conservative take-up of online banking services, with only 24% of consumers having used an online service in the past six months.

It also revealed that 34% of all respondents would switch banks if they had no choice but to bank online, and not be able to receive posted statements – an increase of five per cent on last year’s study.

Key findings from the research show:

· 74% of online bankers still want to receive posted paper statements
· 79% of online bankers open posted statements straight away
· 90% of online bankers keep and file statements (compared to only 83% of ‘traditional’ offline bankers)

Online bankers also place a high value on the statements they receive by utilising them to help improve their financial management. A massive 60% of online bankers spend up to 5 minutes reviewing their paper statements, compared to 51% of offline bankers. In addition:

· 64% of online bankers check their statements in detail
· 64% of online bankers also cross check their statements with other information (such as receipts)
· 65% of online bankers state they use paper statements to refer back to, to check their finances

Leonora Corden, Head of Financial Sector Marketing for Royal Mail, said:
“It is evident from the Royal Mail Henley Centre research that although online banking is becoming a comfortable channel for some consumers to aid organisation of finances, it should by no means replace other communication channels.

“Traditional and online bankers alike still hold paper statements in high value, and financial brands must continue to provide consumers with the choice to interact through the channels they choose.

“The financial services sector has had a long and close relationship with postal communication, and it’s important to remember that even with the growth and evolution of digital channels like the Internet, e-mail and even SMS, consumers need to be presented with a choice. Taking this away can have as much of a negative impact on customer loyalty and a customer’s propensity to switch to another brand as low levels of customer service.

“The research also confirms the notion that consumer attitudes to financial management are difficult to quantify. The assumption that online bankers prefer the channel over other forms of communication isn’t necessarily true, and many will still value postal communication as much as, if not more, when utilising the internet and email to manage their money.”

Ends

Issued on behalf of Royal Mail
148 Old Street
LONDON
EC1V 9HQ
www.royalmail.com

For further information on this release please contact:
Katrina Jackson, Tom Dowler or Phil Borge at Eulogy!
Tel: 020 7927 9999
Email: [email protected] / [email protected] / [email protected]