Online members likely to sign up for e-statements

WASHINGTON – Credit unions that don’t offer e-statements might want to consider adding that functionality, especially since the competition may be beating them to it. That’s one way of looking at a Callahan & Associates survey of 8,325 online respondents from the Web sites of nine credit unions that currently don’t offer members the option of receiving their statements electronically. Sixty-eight percent of those respondents said they would likely sign up for the service if it was offered. And, tellingly, about 48% of them said they already get e-statements from other vendors, including credit card companies (20%) and other financial institutions (12%). “This segment is already familiar with the benefits of e-statements. Credit unions will have an easier time convincing these members to sign up” for the money-saving service, says Scott Patterson, Callahan’s e-commerce manager. The survey was part of a study on e-statements Callahan conducted in late July and early August for the 15 credit unions participating in its online survey consortium. Half the respondents also said they would be interested in receiving market information such as special rates with their electronic statements, while 30% said they would not.