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Green Billing 2010: How to Turn Off More Paper Statements
Javelin Strategy & Research, Jan 2010, Pages: 48
The importance of environmental issues has only grown since Javelin published what we believe is the nation’s first research report on green banking in 2003. In short, there is a Green Dividend – and it is taking on increased significance during the recession and banking meltdown as banks, credit unions, billers and vendors search for ways to persuade consumers to convert from paper statements to online statements. The good news is that billers in three key industries have achieved remarkable results from their efforts to “turn off’’ paper statements. On the other hand, the large majority of consumers still receive paper statements, costing billers billions of dollars annually in postage and paper alone. This report tracks the influence of environmental issues since 2005, outlines what will motivate consumers to view more bills online and switch to electronic statements, measures adoption of estatements in 14 industries, examines the characteristics of green-minded consumers and identifies key market segments to target first, and examines the return on investment from turning off paper statements.
Primary Questions
- What marketing messages pack the biggest punch when it comes to persuading customers to turn off paper statements?
- Is the power of green marketing starting to brown out?
- Which billers are most successful at turning off paper statements?
- Which customers are most likely to turn off paper statements?
- What is the return on investment from “suppressing” paper statements?
- Is there a relationship between payment channel, paper turn-off and payment method?
Methodology
This report is based mainly on data collected online from a random-sample panel of 2,779 households in April 2009. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.86% at the 95% confidence level.
Longitudinal information in the report is based on data collected online from random, representative samples of:
- 2,350 households in March 2008, with an overall margin of sampling error of ±2.02 percentage points at the 95%
confidence level.
- 2,800 respondents in March 2007, with an overall margin of sampling error of ±1.85% at the 95% confidence level.
The analysis of “Moneyhawks” is based on respondents who received e-mail or text alerts in the previous 90 days. The majority of Javelin data is based on “online households” vs. “individual consumers.” This is a typical way of presenting online banking data because account management is typically collected on a per-household basis. In 2009, the U.S. population was estimated to comprise 306 million people. That includes 232 million adults, 118 million households, and 87 million households that are online. On average, there are about 2.6 people per household. Javelin also collects onlinebanking data using a base of all consumers for comparison purposes.
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