Lifetime Statement Archives
One less headache for consumers, one powerful retention tool for banks
: OBR 118
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.
• Monetizing your online base part 1: Insurance
• Upost honor system for remote deposits now available to other financial institutions
• Communicating through RSS/XML feeds
checking, online, statements, estatements, archives, reporting, download, images, checks, transactions, filing, records, record-keeping