Lifetime Statement Archives One less headache for consumers, one powerful retention tool for banks
Jun. 9, 2005; OBR 118
Table of Contents
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Abstract: Looking for an alternative to free bill pay? While bill payment, free or otherwise, is great for account retention, itís a costly way to hold onto middle-of-the-road customers whoíve 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. Itís 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
Companies mentioned: Bank of Montreal, Chase, Deere and Company Credit Union, eCU Technologies, E*Trade Financial, Google, ING Direct, Intrust, U.S. Bancorp, Pennsylvania State Employees Credit Union, Southland Civic Credit Union, and Wells Fargo.