In November of last year, the Securities and Exchange Commission proposed a rule to decrease the prospectuses of mutual fund firms to summaries of around three pages that could be accessed online, Mortgage Banking reports. According to a report produced by research firm Aite Group, if this rule takes effect, the financial services industry stands to save more than $65 million per year in printing and postage in addition to rescuing 42,000 trees annually.
"Regardless of where one falls in the climate-change debate, capital markets sit in the enviable position of establishing a win-win relationship with environmentally friendly positions," said James Kang, a research associate with Aite Group and co-author of the report. "Other than the insurance, healthcare and mortgage industries, few industries could benefit more than financial services from having less paper."
Adam Honore, Aite Group senior analyst and the report's other co-author, noted that customers undervalue the money businesses put into paper correspondences.
"Green in More Ways Than One: The Economic and Client Impact of Going Paperless" is a 37-page report that is based on a survey of 505 people conducted in October 2007. The report also incorporates information attained from technology executives and capital market firms.
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