UK banking customers are sent more than 1.2 billion paper communications from their bank each year, including letters and statements, according to Intelligent Environments. Its online poll of 2,000 Brits also found that, in spite of increasing adoption of digital banking, many of them are still reliant on paper statements. Two thirds of people said they have a digital bank account, yet 79.5 per cent still opt in to receive additional paper statements. Two thirds claim they still need them for identification purposes.

David Webber, managing director at Intelligent Environments, says: “The amount of paper UK banking customers receive each year is highly concerning, and it is clear there is a pressing problem to address. Banks need to raise awareness of their alternatives to paper statements and the benefits these provide to their customers, giving them credible reasons to make the switch from paper to online. Furthermore, there is no reason why online statements shouldn’t be exact replicas of the paper statements customers previously received in the post, available for customers to download, print and use for identification whenever and wherever they need them."

He adds: "Paperless banking is a win-win solution for everyone. It creates lower costs for banks, less junk mail for customers, while considerably reducing the environmental impact of personal banking. Incentives should also be considered for those that decide to make the shift to paperless. Our research shows that 37 per cent of consumers would be more likely to use digital banking or go paperless if their bank offered a financial incentive. We all need to do everything in our power to reduce the amount of paper the banking industry currently wastes. UK banks need to inspire customers to change their habits by raising awareness of going paperless, as well as the associated benefits.”

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