What is paperless banking?

Most, if not all, companies have at least one bank account. With the push to go paperless because of the positive impact on staff productivity, time and the environment, workplaces are starting to consider how they can also engage with banks in a paperless manner. So, what is paperless banking?

Paperless banking for businesses is the process of completing bank transactions, opening accounts, and receiving bank statements digitally. Paperless banking increases productivity for businesses, is more environmentally friendly, and makes it easier to understand your current financial situation.

What are the benefits of paperless banking?

There are plenty of benefits to paperless banking, here are a few to consider:

1. 24/7 Access

Most banks will allow you to send money at any time of the day online or through the mobile app, which is great for convenience.

2. Faster access and processing

It’s easy to access your bank statements or complete transactions with paperless banking, you can access everything you need through your bank’s secure mobile app or website.

3. Save money

Some banks charge a fee for sending mailing statements or processing transactions at the bank, by switching to paperless banking you can possibly save money on fees, as well as money spent on any printing or storage of bank statements.

4. Low risk of theft

Paperless banking through the secure mobile app or online reduces your risk of theft, because payments go straight to and from your bank account.

How can I go paperless with my banking?

The first step to going paperless with your banking is considering what processes with your bank are paper based and considering digital alternatives provided by your bank. Some examples are:

Bank Statements

Does your bank send you statements via mail? Most banks now provide the option to receive bank statements by email, you can also set up automations with most popular mail providers such as Gmail and Outlook to automatically place bank statement emails into a folder or forward them to another email address. Alternatively, you also typically have the option to not receive bank statements at all, and instead you can securely view or export them when you need them from their mobile banking app or website.

Transactions

Do you use paper forms to send or transfer money? Most banks provide an option to either complete transactions online or using their mobile banking app. Not only does this save you time, but it can also save you money on fees, and typically can also be done at any time of the day.