Tech-Savvy Women are Leading the Way in Paperless Management of Finances

When it comes to “going paperless” by switching to electronic financial statements, women are ahead of the learning curve. DALBAR’s recently-launched Online Search Behavior Analysis has found that women in the U.S. across multiple age groups are more likely than men to actively search for paperless financial solutions (commonly known as electronic delivery or e-Delivery in the financial services industry). And this finding has the potential to change the way financial services firms talk about their e-Delivery solutions.

What’s even more intriguing about this first-ever study is that it puts women aged 65+ at the top of the list when it comes to seeking out information about e-Delivery services such as paperless statements. The analysis showed that women 65 years of age and older conducted 40% more online searches related to “going paperless” than their millennial (25 to 34 year-old) counterparts.

These findings challenge a common belief that men and/or younger people are the most likely target demographics when it comes to seeking out paperless financial statement solutions. The data gathered in the DALBAR study suggest that financial services firms will need to take a closer look at how they’re currently targeting their e-Delivery messaging and make modifications as necessary. For example, targeting younger consumers with messaging around education and awareness of e-Delivery services may be more effective than a blanket educational marketing campaign, since older consumers have already demonstrated an awareness of these types of products.

As well as detailed data on age and gender, the DALBAR study uncovered insights on how other factors such as region, household income, and device type (i.e. mobile vs. desktop) influence interest in e-Delivery solutions. The report also identified search strategies used to seek out e-Delivery services online as well as provided important tips on improving the user experience for individuals interested in “going paperless.”

In order to improve e-Delivery programs, it’s imperative for financial services firms to understand shifting consumer trends in technology, especially as it relates to providing important documents to their clients via digital media. By taking an in-depth look at who is actively searching for information about going paperless, and who isn’t, financial services firms can target their e-Delivery messaging more precisely.

The full Online Search Behavior Analysis is now available on the DALBAR website here.

  • By Shelley-Ann Eramo
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  • 7/18/2019
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