Banks have always associated green with money, but there's another way to think of green. Using technology to "go green" and reduce or eliminate paperwork can be in a bank's best interest.

First, it's a great public-relations tool. Today's savvy customers expect the companies they do business with to be forward-thinking and responsible with their resources. Banks that advertise their desire to work toward sustainability will be seen in a favorable light. Second, it's a cost reduction for banks. Replacing paper with technology can increase efficiency and decrease expenses. Third, moving from paper documents to digital services can increase efficiency by making information available in real time to customers and employees. Here are a few ways banks can develop a paperless or paper-reduced workplace.

Electronic Signatures

Typically, consumer banking institutions print multiple copies of documents such as loan papers and account signature cards for customers to sign. An alternative to printing these documents is to use electronic signature pads. The customer signs the pad at the counter and the signature is inserted into the document and stored in the bank's electronic document-imaging system. Signature verification technology can also be implemented for fraud protection. Storing signed documents electronically eliminates the chance of losing or misplacing paper copies, of which there may be only one set.

Digital Annual Reports

Glossy, full-color annual reports are often costly to print and mail. Banks can send annual reports to customers via email, eliminating paper copies. An engaging and colorful PDF document can be produced, allowing the viewer to read the report on a laptop, desktop or mobile device. An annual report set up as an interactive PDF document provides the advantage of links the viewer can click on for additional or more in-depth information. Money saved on printing and mailing may allow banks to send annual reports to a larger pool of customers and investors.

Paperless Customer Statements

Giving customers the opportunity to opt in to electronic documents can significantly reduce a bank's printing and mailing costs. Monthly statements can be emailed or made available on a bank's website on the customer's account page. Customers can view their statements as a PDF and print them if they prefer a paper copy.

Banks can consider offering incentives to customers who choose to receive statements electronically and opt out of mailed paper copies. Many customers will be glad to opt in to electronic statements for added convenience. They can access their statement at any time and avoid losing a paper copy, waiting for a mailed document or taking a chance that the statement will get lost in the shuffle of unsolicited mail pieces in their mailbox.

Receipt-Free ATM Transactions

Consumer banks can give ATM customers the choice to opt out of a paper receipt. Customers may choose at different times to print a transaction receipt or simply to view their bank balance before or after the transaction for funding your business. This seemingly minor option can make a big impact by reducing the amount of paper generated at the ATM and possibly reducing the number of receipts discarded as litter outside the bank building. 

Digital Internal Reports

Correspondence produced and used internally can be shared electronically among employees. For example, reports to the board of directors can be sent to board members and viewed on tablets or mobile devices during the meeting. Documents can also be made interactive to add more depth of information. Meeting organizers do not have to worry about the number of paper copies needed prior to the meeting, and those unable to attend can receive reports in real time along with attendees.

Any business in the consumer banking industry can benefit from a move to technology-based services. Banks can quickly see the reduced costs and heightened efficiency that paperless banking provides. Their customers will appreciate the smoother, more secure user experience that digital services offer. By reducing the amount of paper used, banks can offer "green" to their customers in every way.