One in twelve—not bad for Canada’s Scotiabank, which last week converted its one-millionth customer away from paper statements to the C$506 billion institution’s Scotia OnLine paperless option launched two years ago. Quite a milestone considering the bank’s nearly 12-million accountholders.
Customers who switch from paper get up to 18 months of historic transactions as well as free check images for 90 days. In addition to the paper-statement converts, Scotiabank also has convinced 350,000 customers to receive e-bills through Canada Post’s epost service, which sends credit-card, utility and other regular billing notices directly to online banking accounts.
The initiative is part of the environmental paper policy that Canada’s second-largest asset bank adopted earlier this year, which included corporate paper-reduction, recycling and energy-efficiency policies.
“In addition to reducing our environmental footprint, we recognize that careful management and reduction of our paper consumption can help reduce our operating costs,” says Kaz Flinn,
Scotiabank’s vp of corporate social responsibility.