E-receipts are fashionable at the mall but will banks follow the trend?

Wells Fargo was the first bank to offer emailed receipts at its ATMs back in June 2010.  In fact, yesterday, Wells Fargo announced that in addition to its email receipt option, it would now also offer a text message receipt choice for customers using its 12,000+ ATMs across the country. Wells Fargo is the first financial services company to offer this feature, continuing the e-receipt trend of other leading industries such as retail.

Retail shoppers should be familiar with e-receipts as Nordstrom, Gap Inc., Apple, and Crate and Barrel all offer this option. Apple has been emailing receipts for over seven years at its Apple Store locations. But what about other banks? Citibank began offering emailed receipts at its ATMs in September 2012, but will others jump on this trend?

If more banks were to adopt e-receipts at their ATMs, they would be able to take advantage of the same benefits as their retail counterparts. From a customer experience perspective, there is a large demand from today’s tech-inclined customers to have digital records of their purchases. Many customers also view this as a greener choice, allowing them to be environmentally-friendly while taking small steps to reduce waste. At the same time, the bank would save on printing and paper costs. Citibank estimated that if half of its ATM customers took advantage of the option, it would save 31,000 pounds of paper annually.

Additionally, many consumers see paper receipts as annoyances that are difficult to maintain and locate. I know I personally prefer an electronic receipt that is more easily searchable in my email or text message inbox. What about you – do you prefer paper or electronic?

Phone: 312-602-4000
Email: marketing@westmonroepartners.com
222 W. Adams
Chicago, IL 60606
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