26 April 2010

Switching to paperless makes Americans more satisfied consumers according to study

Receiving bank statements and bills in the mail can be downright annoying even when the numbers in the statements are larger than the ones in the bills.

A new study from PayItGreen finds a “direct correlation between consumer satisfaction and paperless billing behaviors.” Consumers who made the switch to paperless statements and online bill pay report greater satisfaction (10-percent higher) with their bank or credit union than those who opt to remain on tree’s most wanted list.

“This research makes an important connection between consumers and environmentally friendly behavior – as paperless billing adoption grows, consumer satisfaction and loyalty will follow suit,” said Eric Leiserson, a founding member of NACHA’s (National Automated Clearing House Association) PayItGreen coalition. “The PayItGreen survey also tells us that less clutter, easy access and reduced waste are all motivating consumers to leave paper behind – a significant observation for the entire payments industry.”

The old adage it’s tough to teach old dogs new tricks seems very fitting when it comes to the paperless revolution. According to the study “consumers ages 55 to 64 lag farthest behind in paper statement adoption at 20 percent and twice as many 25- to 34- year olds have gone paperless. In addition, 25 to 34 year-old consumers are embracing a paperless future, with 42 percent responding that banks should automatically shut off paper statements once they start reviewing and paying bills online.”

The survey also revealed that 62-percent of respondents went paperless because of ease of use, 50-percent made the switch to reduce clutter and 49-percent wanted to eliminate paper waste.

PayItGreen claims that if 20-percent of American households switched to electronic bills, statements and payments, nearly 2 million trees, 151 million pounds of paper and more than 100 million gallons of gas would be saved every year.

All things being considered it might be time for those “old dogs” to start doing some learning.

Survey graphs:

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