Paper Free Guarantor Loan Contracts | Corporate Social Responsibility
In this post we look at why George Banco started using paper free guarantor loan contracts as part of our corporate social responsibility. Although the total elimination of paper may not be feasible for every business, even a small reduction may yield cost savings and increased efficiency. It doesn’t matter if your company is in the start-up phase or has developed well-established policies and procedures, there are always advantages to reducing paper usage.
Research undertaken by Intelligent Environments released back in June of 2015 found that UK banking customers receive almost 40,000 (39,899) tons of paper communications from their banks every year. Customers are sent more than 1.2 billion (1,276,776,000) paper communications from their bank each year, including letters and statements. If all letters were stacked up the pile would reach the equivalent of 6,200 times the height of The Shard in London or the height of 437,500 double-decker buses stacked on top of one another. The weight of this amount of paper is also equivalent to that of 200 blue whales.
In an online poll of 2,000 Brits they found that 65% of us have electronic bank accounts although 79.5% of us still opt in for additional paper statements.*
George Banco Ltd became paperless in January 2015 and continually explores ways of reducing our carbon footprint. Here are a few reasons why George Banco moved to paperless contracts for our guarantor loan and unsecured personal loan customers.
The ability to quickly locate and disseminate information enhances the company’s efficiency and professional image. Spending time hunting through piles of paper slows down response time in an age when most answers are only a few keystrokes away. By scanning electronic copies of receipts and invoices, documents can be sorted, filed and organized for quick retrieval when it matters most, making sure our teams can help our unsecured personal loan customers and applicants in the shortest times possible.
Customer Communication is Faster and More Efficient
With the advanced technology of smart devices most people have immediate access to emails, which increases efficiency and allows our customer base to get answers to their queries and account issues faster.
When you accidentally throw out an important paper it’s usually gone forever. However, maintaining electronic files allows for multiple backup points. Provided the relevant security protocols are observed, vitally important financial data can be saved on flash drives, in the cloud or to an external storage facility if required. George Banco security protocols ensures that only a few selected high ranking personnel can use or access those data storage points.
Customers will always be concerned about privacy and data protection, which requires companies to respond by implementing proper data security procedures beyond locked filing cabinets and paper shredders. George Banco implements a huge number of data security protocols in order to protect both the customer and company’s information. From the specialist security firewall and anti-virus software we use on all internet based terminals, to the daily scheduled compliance checks we perform to ensure all systems and processes are being strictly adhered to.
Being green is more than just reducing paper production. A paperless or reduced paper environment may also mean less energy consumption. Small businesses use less energy when printers, faxes and copiers are inactive.