DALBAR e-Delivery Research Finds Investors and Financial Firms are Both Aligned and Misaligned
Jun 23, 2020, 10:30 ET
MARLBOROUGH, Mass., June 23, 2020 /PRNewswire/ -- In reviewing the results of two e-Delivery surveys conducted by DALBAR, one investor facing and one completed by financial firms, comparisons were made between the responses provided by the two types of respondents. Expecting to find a trend toward agreement or complete disagreement between the two groups, we instead found a mix of both.
Investors who actively choose paperless identify website promotions as the top driver in their decision to enroll. Build-up of paper piles is a close second with statement promotions and a charge for paper tied for third. With 90% of firms utilizing Web promotions and 87% displaying statement promotions, firms are in synch with investors in their promotional tactics. Where firms have trepidation is hitting investors' wallets for paper documents. Only 10% of firms report charging for paper, although being charged for paper was among the top 3 drivers identified by investors.
Top Drivers of Paperless Election |
Top Tactics Used by Firms |
Website Promotion |
Website Promotion |
Paper Piles |
Statement Promotion |
Charge for Paper Statement Promotion |
Promotion on Envelope Pop-up Page |
Intentionally Seek e-Delivery and Pop-up Page (tie) |
Statement Insert |
Statement Insert |
Email Promotion |
With regard to notification, alignment between the two audiences varies. 82% of investors prefer notification by email and 100% of firms offer this notification method. However 48% of investors would prefer notification by text, yet only 6% of firms offer this. Investors and firms have similar views about the value of social media notifications; few investors identify this method as their preference and no firms oblige.
Among those refusing paperless, preference for paper is the top reason (53%). In synch with that sentiment, 40% of firms identify the same obstacle as their greatest. Firms and investors' alignment then dissipates as investors' #2 reason for rejecting paperless is the inconvenience of documents in multiple locations, while internal inefficiencies, missing or incorrect email addresses, are firms' next greatest obstacles.
Top Reasons for Not Electing Paperless |
Firms' Perceived Obstacles to Paperless Adoption |
|
Preference for Paper |
Preference for Paper |
|
Resistance to Visiting Multiple Websites for Documents |
Missing Email Addresses |
|
Distrust of Internet |
Incorrect Email Addresses |
|
Concern about Missing Notifications |
Privacy/Security Concerns |
|
Unreliable Internet and Refusal to Visit Multiple Sites to Sign Up (tie) |
Too Many Emails |
For more information about the Investor Insights: Paperless Delivery or e-Delivery Benchmarks studies, email: [email protected].
SOURCE DALBAR, Inc.
