UK Bank Customers Net Almost 40,000 Tons of Paper per Year

Banking customers in UK receive more than 1.2 billion (almost 40,000 tons) paper communications from their bank every year, including letters and statements, according to an intelligentenvironments.com report.  

As reported, an online poll of 2,000 British revealed that although two thirds of people (65%) have a digital bank account, more than three quarters (79.5%) still opt to receive additional paper statements and two thirds (66%) explain they still need the paper for identification purposes. 

The report believes for customers to use online paperless banking is not only environmentally friendly but also could save UK banks £243 million (US$371 million) on stationery expenses. It is calling on banks to step up their communications efforts to improve customer awareness of going paperless. 

David Webber, Managing Director of Intelligent Environments, supported the calling and noted, “Incentives should also be considered for those that decide to make the shift to paperless. Our research shows that 37% of consumers would be more likely to use digital banking or go paperless if their bank offered a financial incentive.”

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