We've all heard that recycling is good for our planet, and we understand the importance in conserving resources, which is one driving factor for credit unions to go paperless. Regardless of where you stand on "going green", the bigger driver behind the paperless movement is money. Green is the new gold. eStatements is a way to save time and money for both you and your members. Offering digital alternatives to paper bills makes your credit union more efficient, and when it comes to electronic statements, being paperless saves on the cost of paper, printing, and mailing.
Don't get us wrong. Putting efforts into conservation is a worthy goal in a paperless movement. If you need more convincing on the benefits of eStatements on the environment, consider this:
- Recycling 1 ton of paper saves 17 mature trees, 7,000 gallons of water, 3 cubic yards of landfill space, and 2 barrels of oil.
- Every ton of paper recycled can save the energy equivalent of 165 gallons of gasoline.
- 17 trees can absorb a total of 250 pounds of carbon dioxide from the air each year. Burning that same ton of paper would create 15,000 pounds of carbon dioxide.
- The process of recycling paper instead of making it from new materials generates 74% less air pollution and uses 50%less water.
But for the bigger sell, many credit unions give a variety of reasons why going paperless is the smarter choice:
- Faster Availability- In many cases you can access statements days earlier.
- More Secure - Reduced risk of identity theft and mail fraud.
- Communication - Email notifications when a statement closes and becomes available.
- Up to Date Info - Real-time access to account activity and information; easy access to archived on-line statements.
- Environmentally Friendly - Reduce carbon footprint; no need to store or shred.
In order to help members better manage their finances, credit unions are not just simply offering eStatements to their members. They are taking it a step further and thinking outside of the box by using rewards to encourage members to buy in to this paperless option. They have started providing incentives such as higher account yields, fee waivers, and access to deposits a day earlier; all with the added bonus of “saving the planet.” Whether it’s these rewards and discounts, convenience, or their love for the planet that motivates your members, getting them to go paperless can have a huge impact on your bottom line.
In this digital age of banking, most credit unions offer digital alternatives through a robust fintech program. They have partnered with vendors who utilize core processors that offer apps with capabilities such Remote Deposit Check, real-time balance updates, card controls and more. Through core technology, members can view their statements through their mobile app, or on the credit union’s desktop site. Offering these modern conveniences is imperative to staying competitive, and operating efficiently. Encourage your members to consider going paperless. You might even save the planet at the same time!