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Paper consumption is a major component of Scotiabank’s environmental footprint because of our extensive customer communications, administrative and documentation processes. In addition to reducing our environmental footprint, we recognize that careful management and reduction of our paper consumption can help reduce our operating costs.
In 2006 the Bank created a working group mandated with the task of creating an environmental paper policy. The policy will give direction on paper conservation efforts and on improving the environmental qualities of the Bank’s paper choices, such as recycled content and forestry certification. The policy will be reviewed by an external group of stakeholders and will be launched in 2008.
Online banking
A number of new features and a promotional marketing led to a 109 per cent increase in the number of paper-free, eco-friendly accounts . New features include:
- 18 months of online transaction history
- Ability to view cheque images, and
- Ability to receive and pay bills online,
Scotiabank also introduced paperless record-keeping for all Canadian staff. During 2007, our employees switched more than 18,000 banking accounts to this eco-friendly option, and we now have more than 57,500 paperless employee accounts.
Paperless investor options
ScotiaMcLeod and ScotiaMcLeod Direct Investing customers currently access information and transaction documents via Scotia Online. In 2007, clients gained online access to 30 months of transaction history – increased from 45 days. Planned for 2008 is electronic delivery of trade confirmations, together with a new Document Centre. This secure electronic filing cabinet features robust search functionality intended to increase the speed and precision with which documents can be retrieved for viewing, electronic filing or printing.
Internal processes
To improve the paper-intensive lending adjudication process, a paperless pilot project was launched in 50 Alberta branches. They are now submitting retail customer and small business borrowing applications using “fax to image,” which reduces paper consumption by almost 95 per cent.
Scotiabank continued to implement its Image Retrieval and Information System (IRIS) in Canadian branches, so that employees can access many reports and documents in electronic format. After piloting phase 1 in early 2007, which eliminated more than 80 paper reports, we are now piloting the next phase of the new system at the Toronto Central Accounting Unit. We are fine-tuning processes before rolling out the function across the country and have already saved millions of printed pages as a result of the phase 1 implementation.
International paperless initiatives
Internationally, Scotiabank is introducing new technologies that not only create administrative efficiencies but also deliver environmental benefits.. For example:
- Through collaboration with the Canadian project team implementing the IRIS image retrieval and information system described above, International Banking is preparing to convert routine branch documents to paperless digital formats. This initiative not only lowers paper consumption but also reduces copying, faxing, storing and transporting print materials. The pilots to date involve Dominican Republic’s branches and Scotiabank Jamaica Life Insurance Co. Expansion of document imaging technology is planned for Trinidad & Tobago in 2008, with future implementation anticipated across the Caribbean network.
- Across our International Banking operations, a project to provide all locations outside of Canada with online access to more than 260 key sales and operational reports has reduced the volume of printed paper reports by 50 per cent since 2003.
| Scotiabank domestic paper consumption (tonnes) |
| Paper classification |
2006 |
2007 |
FSC |
Post-Consumer Recycled Content |
| Business forms* |
3,175 |
3,056 |
2/5 highest volume items |
Variable |
| Bond Copy Paper |
1,897 |
1,979 |
0% |
Variable |
| Marketing direct mail |
214 |
270 |
100% |
Variable |
| Annual reports |
81*** |
81 |
100% |
50% |
| Letterhead |
13 |
14 |
100% |
0%** |
| Business cards |
9 |
9 |
100% |
0%** |
| Total weight |
5,389 |
5,409 |
| Consumption per employee |
0.18 |
0.17 |
*Scotiabank uses more than 4,500 different kinds of business forms, but a majority fall into five categories: regular format, high speed printer/ABM rolls, snap sets (carbonless), envelopes and companion booklets. In 2007, we moved two of these categories-envelopes and account companion booklets-to FSC. Scotiabank has initiated a pilot project with our supplier to test FSC paper in high-speed printer rolls.
**Increase planned for 2008
***Revised 2006 volume of annual reports from 61.4 to adjust for the inclusion of annual reports sent out as part of proxy packages.
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The Forest Stewardship Council (FSC)
 FSC certified paper is used in the production of many Scotiabank publications, including our Annual Report, customer wall calendars and corporate newsletters, helping reduce our consumption of trees, waste, water and energy. Our focus is on finding environmentally sensitive solutions for our highest-volume documents that meet the Bank’s production, quality and cost criteria.
For more information, visit www.fsc.org
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