SAN FRANCISCO--(BUSINESS WIRE)--A new report released by Javelin Strategy & Research reveals that consumers can financially do well by doing good, improving financial control while eliminating the paper bills, statements and checks that harm the environment through forest destruction, wastewater, fuel consumption, air pollution and landfill waste.
“Paper checks, bills and statements are set to become a historical artifact with consumers,” said James Van Dyke, President of Javelin Strategy & Research, “as banks, credit card providers and other companies increasingly offer online services that are ‘green, safe, and practical’ rather than just ‘new-and-cool’. Yet we’re at a crossroads because the rate of new consumer adoption of online banking and bill pay has actually slowed. As environmental concerns increase, more people will understand that they can more effectively control their finances without causing damage to the environment.”
The report, titled 2007 Online Banking and Bill Payment: Trends, Forecasts, and Strategies for Reinvigorating Growth and Adoption, shows how to cleanly, conveniently and safely increase online usage by giving non-online bankers the practical services they want most now. Interestingly, those who have yet to use online banking have actually become more entrenched in their objections over time, with twice as many stating that they “prefer to deal with people” or having ill-defined fears of fraud.
This report builds on an extensive new research survey to show how current and emerging technologies actually fulfill common needs, ranging from the basic (access to one’s complete financial picture) to emerging capabilities (mobile banking and payments, live chat, banking blogs, Web 2.0 bank-sponsored community forums, or bulletin boards). Companies can also provide important safety advantages with paperless options that minimize criminal mail access, user-defined activity alerts, fraud-loss guarantees and the ability to safely log in and monitor activity from nearly anywhere.
Key Findings of the Javelin Strategy & Research Report:
The Yearly Benefits – If All U.S. Households Viewed and Paid Bills Online:
In assessing other trends illustrated by the report, author Mary Monahan added, “People manage their assets and bills online to gain control of time, finances and safety. Bankers can meet consumer needs while providing vital environmental benefits. In addition, emerging features such as two-way mobile or email alerts (interactive financial messages, or IFMs™) and preset user-defined limits and prohibitions (UDLAPs) can transform today’s overwhelming flood of online information into an experience that is green, safe and practical for everyone.”
For More Information
Additional information and a copy of the complete 2007 Online Banking and Bill Payment: Trends, Forecasts, and Strategies for Reinvigorating Growth and Adoption report, along with other Javelin reports, is available by visiting www.javelinstrategy.com/research or by calling (925) 225-9100 x26.
About Javelin Strategy & Research
Javelin is the leading provider of independent, industry-specific, quantitative research and strategic direction for payments and financial services initiatives. www.javelinstrategy.com.