Substantial cost savings, estimated at £1.3bn annually, could be available if UK financial services firms and 80% of their customers, go paperless¹, according to a new survey from EY. This is in addition to the huge environmental benefits of reducing the paper flow between banks, insurers and asset managers and their customers.
Some 5.2bn paper documents were estimated to have been sent by the industry last year alone. The study, based on responses by leading UK financial services businesses², reveals only just over a quarter (28%) of customers are deemed paperless, despite the rise of apps and online platforms to manage people’s finances. Although many people click onto apps to check balances and make transactions, a large number of customers still receive paper records such as policy documents and statements.
Anita Kimber, Head of Digital, UK Financial Services at EY, comments: “It may come as a surprise to many that financial firms are still some way off from being fully digital, despite the widespread use of apps and online banking. Becoming fully paperless though, is not as simple as clicking a few buttons. There’s still a number of hurdles that need to be overcome both from a firm and customer perspective. Considering the cost savings available, the positive impact it would have on the environment and the potential to improve customer interaction, it should be a key focus.”