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Could banks be reducing the paper they send?

Banking Customers Off the Hook in the Fight to Reduce Paper

Banks and financial service organisations have been telling us for years that we need to go paperless to save the planet.

Two questions... What if we don’t want to? And what are banks doing themselves to cut paper?

We’ll deal with the first question in a moment. But first, some stats from the mailroom of a typical large retail bank[i]:

  • Only 25% of paper originated directly from existing or potential bank customers
  • 35% of paper originated from third-parties (such as PPI claim companies, other providers and regulators)
  • 40% of paper originated from internal channels

In other words, we (the customers) are not the biggest problem... especially if paper communications enhance our overall experience by forming part of an integrated and seamless blend of channels that suit our lifestyle.

Reducing paper ― where to target?

Prioritising the removal of paper from the bottom up, and developing digital alternatives for internal and third-party communications is going to deliver the most value...

Getting rid of the myriad of behind-the-scenes, manual, paper-based processes ― or collaborating with other organisations, who are incentivised because it reduces their operating costs too.

Ironically, these complex processes could also be a significant assets ― diagnostic tools to help organisations better understand who is creating the paper, and why.

Next steps

To find out more about using diagnostics, analysis and insight to reduce paper and deliver cost and CX benefits, read our paper, Using paper to reduce paper: Steps towards a paperless vision.

 

Download our paper

 

[i] Protected source(s), RRD, 2016

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