Traditionally, bank statements have provided customers with minimal information, often presenting transactional history in a generic format that offers little insight into their overall financial health. Rather than merely generating routine financial reports, can financial institutions create more dynamic documents that better serve their consumers? 

One of the most significant advancements in bank statements has been the introduction of electronic or e-statements. Over the years, digital statements have evolved to include various features, depending on the institution’s data access and preferences. Here are three tips to redefine bank statements for the digital era. 

Encourage Digital Adoption

In a digital-first world, providing digital statements with a seamless user experience is essential. Bank leaders should evaluate digital innovation as a key criterion in their statement processes. Dynamic digital statements encourage customers to opt-in to receive their bank statements through digital channels. This shift can lead to innovative changes that add value for the end user. 

Additionally, digital statements can be accessed via email links, bank websites, or mobile apps, offering more secure and expedited access to account information compared to printed versions which are susceptible to interception or loss during mailing. 

Offer a Custom Experience 

Banks and credit unions cannot be everything to everyone but can innovate bank statements to better serve consumers. Instead of checking a box to create a run-of-the-mill financial report, institutions should use available transactional data to create multi-dimensional documents with more profound purposes. 

Some institutions are improving bank statements by creating a more customized experience using targeted marketing messages. When inserting marketing messages, it is crucial to use all available customer information to engage in personalized marketing that reflects an understanding of the customer’s unique needs. 

Implement a Digital Design

Implementing a digital-first design to your bank statements can help with readability and engagement by delivering clear and digestible financial information. Redesigning statements can reinforce your bank’s brand identity while communicating vital financial data. Utilizing design features typically associated with a digital experience can create a consistent overall customer experience across all communication channels. 

To achieve that consistency you can implement key design features like: 

• Vibrant colors to enhance visual identification
• Clear focal points with the use of icons and images 
• Single-line transactional detail to communicate clearly in less space 
• Highlighted account summary to display critical data and improve readability.

Bank statements are an invaluable financial management tool for consumers. Financial institutions that are willing to reimagine and redesign statements could give their customers the advantage of a more comprehensive digital banking experience. 

For a deeper dive into the history of bank statements, where they are today and where they can evolve, read “What is the Future of Bank Statements.” 

At HC3, we understand the critical role that accurate statement processing plays in building trust. With our state-of-the-art solutions and unwavering commitment to excellence, we help financial institutions deliver accurate, timely statements that inspire confidence and foster lasting relationships with their customers.