Paperless banking is an area in which online services have shown dramatic improvements in efficiency, cost, and security. Yet many financial institutions have moved slowly into online banking and many customers have kept paper statements even while using online services.
Making the Switch
Converting from traditional banking to paperless banking can seem like a daunting task but it doesn’t have to be with the help of SQN Banking Systems.
Our conversion services allow you to replace bulky files and challenging filing systems for faster, simpler, and more secure technology. While your team maintains focus on the daily operations of your institution, SQN will begin scanning your documents and importing your data to online accounts. Converting to paperless has never been so easy – but once your bank goes paperless, how do you get your customers to follow suit?
How to Encourage Paperless Banking with Your Customers
A 2013 study by the Pew Research Center found that 51% of U.S. adults or 61% of internet users bank online, yet a March 2016 study by the National Consumer Law Center found that more than half of lower income Americans, Americans over 65, and consumers with less than a high school education prefer paper statements. There is something about paper statements that are hard for some customer to let go.
Here are a few key points to keep in mind when appealing to your customers to switch to online banking:
- A quality online experience: Clear navigation, tools that simplify data, email or text alerts for low balances, and user-friendly experiences across PC, tablet, and mobile platforms can go a long way to enhancing acceptance of paperless banking.
- Robust online account history: If customers see that statement history is available going back for an extended period, they will be more likely to trust the system.
- Ease of opting out: Customers are more likely to try paperless if they believe that they can switch back to paper with ease.
- Share savings with customers: If your bank saves money by going paperless, pass the savings on to your customers with a higher interest rate or a discount on a service when they opt in to paperless banking.
- Make online the default for new customers: Rather than making paper the default system and asking customers to opt in to paperless, try making paperless the default system and asking customers to opt out for paper if they really want it.
- Emphasize the benefits of paperless banking: For some, the virtues of better environmental stewardship, enhanced security, and lack of clutter will be reason enough to go for paperless.
As always, ensure that your customers feel cared for and secure in banking with you whether they choose paper or paperless.
Contact SQN to Learn More About Paperless Banking Conversion Today
At SQN, we take security and the technology that comes with it seriously. If you have questions about paperless banking and how to make the switch, reach out to us now via our online form.