In a recent online survey conducted by Callahan's Credit Union
Survey Consortium, credit union members who use e-statements report fairly
high satisfaction with their credit union e-statement. The majority (84%) of
members who use e-statements are satisfied with their credit union's e-statements,
with 57% saying they are very satisfied. Only 2% reported being dissatisfied.
To some extent, satisfaction varied with the length of time of e-statement
use. Most (82%) of the respondents have been using e-statements for less than
one year, with about one-third starting in the past three months. Satisfaction
levels increase as usage increases, potentially because several months of use
are necessary before members are familiar with the process and comfortable with
relying on them.
The study, which included both members who used credit union e-statements and
those who do not, also raised some issues regarding the level of marketing needed
to support an e-statement program. Among online members who had not yet signed
up for their credit union's e-statements, one of the top reasons was that they
were unaware of their credit union's e-statements (33%). Another reason was
that they hadn't had time/planned to sign up soon (20%). Despite this, almost
half of these online members (44%) said they would be interested in signing
up for their credit union's e-statements.
Clearly, even for established e-statement programs, members need ongoing education
regarding benefits of e-statements as well as a reason for signing up for e-statements
sooner rather than later. Credit unions also need to make it as easy as possible
for their members to sign up.
Types of information that online members want to have regarding e-statements
include sample statements shown on the website, detailed explanations of how
it works, and security/privacy information.