With each passing year, more and more credit unions are emphasizing e-statements. The appeal is easy to see: less paper, print, and mailing means a better bottom line. Anyone can recognize the cost-efficiency of e-statements, but there’s a few other benefits that people don’t always notice at first glance.
In this blog post, we’re breaking down a few of the benefit of e-statements (for credit unions and members) that often go overlooked. Here’s our top four:
- E-statements are more convenient for everyone. Not everyone likes dealing with paperwork. Opening, filing, and organizing monthly statements is a hassle members can easily avoid with e-statements. Most credit unions offer automatic storage for 18 months or longer, meaning members have easy, immediate access to any statement they might need — without worrying about storage themselves. For credit unions, e-statements reduce the logistics associated with print and mailing. In a world where people increasingly expect convenience, e-statements deliver.
- E-statements keep financial information more secure. It’s all too easy for someone to swipe your bank statement from your mailbox before you get home from work. Similarly, there’s always the risk that someone will find financial documents in the trash that weren’t properly shredded. E-statements keep everything securely locked on private servers.
- E-statements are good for the environment. Did you know that the paper production uses 4% of the world’s energy consumption, making it the fifth largest industry for energy consumption in the world? Environmentally-minded consumers are likely to view e-statements as a priority, while a push for e-statement usage is great for PR on behalf of credit unions. Considering paper is one of the most wasteful industries in the world, reducing paper usage is simply being socially responsible.
- Dramatic cost-savings. We already acknowledged that cost-savings is an obvious benefit of e-statements, but have you looked at the numbers? A study by the Spark Institute reports that electronic delivery of documents can reduce communications expenses by as much as 36%. This figure highlights the enormous potential for cost-efficiency offered by e-statements in comparison to print delivery. Members enjoy the benefits of this as well, as it allows credit unions to keep fees as low as possible.
Curious about the pros and cons of e-statements? Post your questions in the comments section, follow our blog for more expert advice, or give us a call today at 1-844-437-3627.