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Banking and Cards Research
Digging into the Customer Experience: Banking and Credit Cards
Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.
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These days, it is very easy for small business owners to access their company’s card statements online. In fact, all of our eight covered Small Business Card Monitor firms offer a statements section on the private site that contains monthly statements, and in some cases, statement inserts. Business card holders can also take advantage of other statement-related services, which vary by firm, such as requesting statement copies and changing statement delivery options. In this SBCM Featured Topic, we look into the types of online statement services offered by the eight firms. For this SBCM Featured Topic, we were glad to see that all eight covered SBCM firms provide a section on the private site dedicated to online statements. The statement archive and statement format vary by firm. ThreeSBCM firms currently offer a statement archive of 24 months or more, and the lowest statement archive is six months from one SBCM firm. As for statement format, sixSBCM firms provide the statements as PDFs, while the other two firms offer it in HTML. In addition to the online statements, there are two SBCM firms that offer statement inserts. Our report also focused on the following statement services:
All SBCM firms not only offer online statements, but they also offer clients the flexibility to switch from paper statements to online-only statements. As a way to motivate business card holders to switch to online-only statements, two SBCM firms are promoting a paperless statement sweepstakes where winners can earn big monetary prizes. The SBCM firms make it very easy for clients to switch statement delivery preference by simply asking clients to mark down their choice in one step, in most cases. Lastly, we noticed six of eight SBCM firms offer a dedicated page on the private site where clients can request a statement copy. Of these firms, three of them mail the statement copy to clients (fees may apply) and two of the firms allow clients to retrieve the statement copy online free of charge. One SBCM firm actually allows clients to decide if they wish to receive the statement copy via mail or online. With this statement service, clients can feel at ease that they can easily request a statement copy at any time. |