Chase com go paperless6/2/2023 ![]() Instead of a cash incentive, though, the bank offered a chance to win $35,000 with its “Bring it Home” sweepstakes. In addition to urging banking customers to sign up for paperless statements, Chase also encouraged its mortgage customers to go paperless. Click ‘accept’ to update your preferences to paperless statements.” The “accept” button was highlighted and, instead of a decline button, the other option read “manage preferences.” Please update your statement delivery method. In May, when customers logged into the website, they were presented with a message that stated, “Action Required. Through its online banking site, Chase took a more assertive stance and assumed that customers would want to opt-in to paperless. Chase was also one of the few banks to clearly indicate that statements were available for 7 years. All of the emails dedicated content to reiterating anytime access, that online statements reduced clutter and that they were, in fact, more secure than paper statements. The average email read rate in financial services is 41%, and the paperless emails sent by Chase garnered read rates between 29% and 43%. Through June 2015, three subject lines related to paperless statements have been used: “Earn $5 – Go paperless and get 24/7 access to your accounts ” “Go paperless, Get $5 with your new Chase checking account ” and “Hurry! Earn $5 by the end of the month.” The subject lines of all email tracked included the $5 incentive, while rotating additional messaging. Mintel Comperemedia ePerformance/eDataSource research shows that Chase sent approximately 11 million emails so far this year encouraging its customers to switch to paper statements. Email is the prime channel for customer communication. The bank uses ubiquitous messaging, communicating via email, direct mail, statement inserts and website messaging to persuade customers to turn off their paper statements. For example, Chase has been offering a $5 incentive to any customer who will switch to paperless. Incentives have not been widely tracked in the paperless effort, but when they are, they typically are relatively low. ![]() Some banks use those messages along with an incentive to change behavior, while others try to establish the new behavior at the point of acquisition.ĥ0% of US consumers do more than half of their banking on their computer or laptop Consumers aren’t cashing in on bank incentives As banks seek to overcome these objections they are focusing on communicating the increased security and decreased waste that online statements provide. Consumers also state that they are simply used to paper and see no reason to change, or that their bank does not require them to switch. According to Forrester, about half of consumers who are unwilling to forgo their paper statement reported that they will not do so because they want the paper statement for their records. What consumers have been reluctant to do, however, is switch to paperless statements. In fact, Mintel’s Mobile Banking US 2015 report discovered that 50% of consumers do more than half of their banking on their computer or laptop and 13% do so on their smartphones. They have flocked to online and mobile banking and taken advantage of the advanced functionality of ATMs. US banking consumers have been eager to adopt self-service transactions when it adds convenience and flexibility to their lives.
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