DALBAR USA Study has the Potential to Change Conversations about e-Delivery
In today’s digital age, more businesses and service providers than ever are opting for electronic solutions when it comes to communicating vital information. Financial service firms are no exception, as paperless financial solutions (commonly known as e-Delivery in the financial services space) are becoming an increasingly commonplace way to communicate with consumers. DALBAR’s first-ever Online Search Behavior Analysis provides interesting insights on who is searching for electronic delivery of their financial statements, and how the searches are taking place. These insights have the potential to fundamentally alter the way financial services firms talk about their e-Delivery solutions.
Currently, there is a common belief that men and/or younger individuals are the most likely target demographics for paperless financial statement solutions. However, the study shows that women aged 65 or older are much more inclined to seek out information about e-Delivery online. In fact, women within this age group conducted 40% more online searches related to “going paperless” than their millennial (25 to 34 year-old) counterparts.
In addition, the DALBAR study showcases the correlation between other factors, such as region, household income and device type (i.e. mobile or desktop), and consumer interest in e-Delivery services. The analysis also identifies the specific search strategies utilized by consumers to seek out e-Delivery services online.
These insights highlight the importance of identifying and understanding how customers are searching when it comes to the paperless delivery of financial management, especially in an ever-changing digital landscape.
By identifying the demographic that is actively searching for paperless solutions – as well as the demographic that isn’t – and the search strategies used by individuals, financial firms can work towards implementing more effective online search strategies, communication methods, overall messaging, and user experiences around e-Delivery. Strategies can be generated to appeal to individuals who are already interested in “going paperless,” and to educate those who are currently not seeking e-Delivery services on the benefits of adopting paperless solutions.
For an in-depth look at these findings, the full Online Search Behavior Analysis can be found on the DALBAR website.