June 2015: Account Activity Presentation

The average archive length for firms in this report is around 20 months. We recommend firms offer at least 18 months of transaction history to stay competitive, though some firms offer up to 60 months of transaction or even cover the history over the life of the account.

Eighty-eight percent of firms include additional transaction details that clients can access by clicking on transactions; 35% provide this for every listed transaction, while others offer it for just checks or checks and service charges. Some firms link service charges to an explanation of the fee, helping increase transparency and aiding clients in avoiding fees. Leading firms nest transaction details, including check images, within the transaction table.

Every firm lists account balances within their transaction tables. Seventy-one percent offer a running balance, while five include the “end of day” balance. Other firms offer even more specific features like listing account balances for the previous three month or highlighting table rows listing the account balance, making it easy for clients to discern their account balance on any given day.

Table design is an important element of transaction history, one where many firms could do more. Only 47% use alternate row shading to increase readability, while 76% of firms include borders between transactions, and five firms use borders between columns. Seventy-six percent of firms allow clients to sort the table by column headers, ranging from one column to six.

Generally, firms should extend transaction archives and update the design of their tables. Best practices for design include effective use of logos and color, as well as highly interactive tables that do not rely on pop-ups or multiple pages to provide a lot of information.