South Africa’s Electronic bank statements (e-Statement) usage has jumped considerably and adoption rates among Absa customers have reached a million registered accounts.
“The Internet has fuelled an increase in customer expectations for online access to their financial documents, particularly monthly statements.
Today’s sophisticated e-statement solutions actually improve security and customer convenience, without compromising usability. It is not surprising that paper statements are rapidly becoming outdated,” says Gavin Opperman, Chief Executive of Absa Retail Bank.
Opperman expects the migration to e-Statements to continue rising steadily, as customers realise the benefits of receiving their account information via email.
“Our early adopter clients have served as e-Statement pioneers and have been able to influence the evolution of e-Statement development. While some may prefer to continue receiving their statements via post, we are confident that the demand for e-Statements will grow and that it will soon be recognised as the most widely accepted form of communication,” says Opperman.
Opperman also emphasises the benefits of paperless banking beyond greater convenience and faster delivery.
“To start with, choosing to receive e-Statements has a meaningful impact on the environment. Estimates indicate that only about 8 000 to 12 000 sheets of paper can be made from the average pulpwood tree. This indicates that our customers who have opted for e-Statements are making a positive environmental contribution.”
“The switch to e-Statements provides for better levels of security and a simple way to archive, file, and store monthly statements. Additionally, one can also forward e-Statements more easily to tax consultants, financial advisors, your spouse or others.”
Opperman says that offering e-Statements indicates Absa’s commitment to constantly innovate and align its business processes with the needs of its customers.
“We are consistently embracing technology in order to provide our customers with safer, more convenient and cost-efficient solutions,” concludes Opperman.