E-statement Study Reveals High Satisfaction but Further Efforts Needed to Increase Awareness

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.

 
 

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.

 

 

 

Sept. 9, 2002


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