Paperless bank statements have become increasingly popular since first arriving on the online banking scene in the early 2000s.
While you may have received advertisements from your bank encouraging you to opt into paperless statements, are there any real benefits to making the switch?
From account security to environmental factors, there happen to be several benefits to going paperless.
Why Banks Are Going Paperless?
The modern banking system is looking to find the system that increases the productivity of the banks in the long run. Going paperless is deemed one of the right ways to attain success. Paperless banking is convenient, and most importantly, it is safe. Here, we discuss why banks are going paperless.
24*7 Access To The Account
Once you set up your online account, you can easily log on to your account and then check the balance. At the same time, it reviews your record transactions, which will help you stick to the budget.
Safety Of Personal Data
Sending the statement of your data to your home involves its own risk and uncertainty. Hence, you can say that paperless banking is safe because you can easily spot any transactions that are not authorized. Thus, you can take the necessary steps fast and then protect the compromised account. Furthermore, you can access the account all day without any issues.
Online Bill Pay
Online is perhaps the best security system that you can have. It completely transformed the way buying and selling takes place. If you have a debit or credit card, you can easily use their help to manage your bill payment.
Gone are the days that you have to go to the banks and stand in continuous queues to withdraw money from the banks.
With the help of online banking, you can get access to different customer service features. They include applying for credit lines and submitting online reports. The financial institutions are offering these complex services.
Baking is a service, and they are always looking to ease their work so that they can provide better services to the consumer.
What Are The Challenges Of Going Completely Paperless?
There are challenges for organizations to go paperless. These challenges can be mitigated with the help of technology. Of course, there are challenge to it. Let us try to understand them.
The online world, like the offline world, is not fully secure. There is fear and concern about security. The malicious elements are looking for one error to dent into the network. They may even threaten to reveal or publish important data in return for ransom.
Also, there are challenges associated with piracy and even accessibility. Apart from them, there are some other security-related issues like document version control, digital security, document management system implementation, plan management change, long-term visibility, initial cost, and risk of losing data.
What Is Paperless Bank Statement
Now, we come to our topic of discussion. What exactly is the paperless bank statement?
The paperless statement is actually an electronic version of your generic statement, which is available with the help of online banking. It contains all the information you find in the paper statement. Paperless statements are available presently for personal checking, saving money, credit card accounts, and others.
Here are five of the top reasons to start opting for these digital bank statements!
1. Keep Your Account Information Secure
First and foremost, paperless bank statements offer an extra layer of security when it comes to safeguarding your information.
The reality is that physical bank statements can be easily recovered once you dispose of them, putting your private information at risk. What’s more, these statements can easily be forged or recreated. This statement is for Canada TD Bank, for example, and allows one to customize fields.
By viewing your bank statements online and using a two-factor authentication method to access your account, it becomes difficult for someone to view or falsify your bank information.
2. Access Your Bank Statements from Anywhere and at Any Time
Perhaps the greatest benefit of choosing paperless bank statements is the ability to view your latest banking information from anywhere in the world or at any time of day.
Suppose that you are on vacation or a business trip, for example. It’s unlikely that you will have a physical statement with you. However, with a device and login credentials, you can access your bank statement in a matter of clicks.
In addition to viewing your most recent bank statement online, you can view past statements up to seven years in some cases!
3. Help Preserve the Environment
It’s no secret that manufacturing paper and printing has a negative effect on the environment. This process results in carbon dioxide, nitrogen oxide, and other gases being emitted into the atmosphere and furthering pollution.
Rather than collecting stacks of papers that you will rarely look at after a month or so, get rid of your paper statements for good. Doing so will lower your carbon footprint and help preserve the environment!
4. Avoid Unnecessary Clutter
Similarly, keeping physical bank statements can quickly create unneeded clutter around the house or office. Depending on your bank activity, these statements may consist of multiple pages. Wading through these papers to find what you’re looking for is much easier said than done.
Even if you’re able to keep your paper bank statements organized and filed away, you still need to allocate valuable space for them within your home. Make the switch to digital statements again and avoid parting with any space at all!
5. Enjoy Potential cost savings
As you can imagine, it costs banks a significant amount of money to print physical bank statements for all of their customers. To help incentivize paperless statements, your bank may offer a discount on their monthly fee or waive their usual paper statement fee.
While this might only end up amounting to a few dollars each month, it can add up over the course of a few years!
The banking system is indeed working to ensure they have all the systems in place. Hence, there are difficulties and challenges, but financial institutions’ management is leaving no stone unturned to ensure that they elevate the existing infrastructure towards hi-tech (paperless).
Debamalya is a professional content writer from Kolkata, India. Constantly improving himself in this industry for more than three years, he has amassed immense knowledge regarding his niches of writing tech and gaming articles. He loves spending time with his cats, along with playing every new PC action game as soon as possible.