Lifetime Statement Archives

One less headache for consumers, one powerful retention tool for banks

Jim Bruene

June 2005

: OBR 118



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Looking for an alternative to free bill pay? While bill payment, free or otherwise, is great for account retention, it’s a costly way to hold onto middle-of-the-road customers who’ve been adopting bill pay of late.
So rather than giving away bill pay, the one traditional fee-based component of online banking, consider substituting lifetime online archives. It’s a promising feature that could provide similar account-retention benefits for a fraction of the cost.
Most top banks provide just a few months of online archives with a few going out a year or two (see Table 3, p. 3). E*Trade is one of the few at seven years, but only check images (see Table 4, p. 7).
The report summarizes the current state-of-the-art and details potential fee income potential.

Other highlights:
• Monetizing your online base part 1: Insurance
• Upost honor system for remote deposits now available to other financial institutions
• Communicating through RSS/XML feeds

Lifetime Statement Archives


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