Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

EY: Going paperless could save financial firms billions

Nov 30
Tags: Ernst & Young LLP
Share this story:
EY: Going paperless could save financial firms...

Financial services organisations could achieve cost savings of £1.3 billion a year, as well as "huge" environmental benefits, by going paperless, according to EY.

The firm noted that only 28 per cent of financial services customers are currently deemed paperless, despite the availability of online banking and other digital technologies.

While a large proportion of consumers use electronic tools such as apps for regular banking tasks, nearly three-quarters (72 per cent) still receive paper records such as policy documents and statements through the post.

It's estimated that approximately 5.2 billion paper documents were sent by the industry last year alone.

EY highlighted customer demand and habits as two of the key hurdles to removing paper from the financial services industry. Many people want to have a physical record or reminder of their financial situation, while some haven't opted out of paper communications because they were unaware it's possible to do so.

The report also revealed that nearly four out of ten paper documents (38 per cent) sent in 2017 related to regulation. Many firms have responded to new rules relating to transparency in fees and charges by sending out more information to their customers.

Authorities are investigating how digital communication tools can be used to ensure businesses are adhering to new rules while potentially improving the customer experience.

Anita Kimber, head of digital and UK financial services at EY, said some may be surprised to learn that many businesses in the industry are still some way off becoming fully digital.

"Becoming fully paperless, though, is not as simple as clicking a few buttons," she added.

"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."

Search for the latest management consultancy jobs and consulting recruitment opportunities, or contact us on +44(0)207 089 9017.

Image: 'Stock/comzeal

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

£50k-£55k plus 10-20% bonus,...
Central London
Our client is the world's leading platform for professional learning. Business leaders, investors, consultants, social entrepreneurs, and other top professionals rely on them to learn in short- and
£100k-£130k plus 20-40% bonu...
Central London
Our client works across sectors, leveraging a global network of consultants and experts. Over the past 4 years, their Projects business, led by former top tier consultants
£80k-£140k base plus package...
Central London or Singapore
Our client is a leading global insurance company which are world class. They are currently undergoing a major transformation programme and are looking for someone to join their team in London who is
£70k plus bonus, benefits
Central London
Our client is a leading advisory firm to professional services firms. They undertake sector wide and company specific reports and provide advice and actionable insight which helps professional
£100k-£120k plus excellent b...
London and Singapore
Our client is one of the world's leading diversified health care benefits companies, they provide people with information and resources to help them make better informed decisions about their health