In Practice of ESG Management... Also Interlinked with Digital Transformation
[Asia Economy Reporter Kwangho Lee] Major commercial banks are launching paperless campaigns. This is part of practicing ESG (Environmental, Social, and Governance) management, and it also aligns with digital transformation as it can increase mobile passbook issuance.
According to the banking sector on the 19th, Shinhan Bank is promoting the spread of a zero-paper culture both internally and externally through campaigns involving all employees. They have set a goal to reduce paper usage by 200 million sheets this year.
The bank is moving toward full digitalization of banking operations to eliminate paper documents generated in banking tasks and to enable customers to complete transactions without printing paper documents. At the same time, they plan to lead ESG through various zero-paper practice campaigns involving both customers and employees.
Currently, at the headquarters departments, 29 zero-paper tasks across 12 departments are being identified and implemented, including ▲digitalization of customer-submitted documents through electronic document wallets ▲digitalization of customer-issued documents via Shinhan SOL ▲development of a digital drawer to check and approve internal documents without paper printing.
In the field operations, they actively utilize digital processes for zero-paper to eliminate printing of customer-prepared and submitted documents and internal approval documents, and promote no-passbook transactions that allow deposit payments without passbooks.
Since 2019, Shinhan Bank has made efforts toward zero-paper by recognizing substitute volunteer hours based on the number of times employees use tumblers instead of paper cups through a leading-by-example campaign, and by conducting the 27th Environmental Photo Contest last year as a zero-paper contest with photo submissions via social networking services (SNS) and expert judging without printing physical copies.
Additionally, since March, they have been running the "Namu Passbook Campaign" to eliminate paper passbook issuance, newly opening about 800 accounts daily with Namu Passbooks, and through the Earth Day "THIN Campaign," all employees practice plastic-free initiatives and use mugs and tumblers, while the cafeteria operates a no-food-waste week and vegan menu.
KB Kookmin Bank is holding a paper passbook reduction event until the 2nd of next month. The event allows participation by not issuing paper passbooks when opening new deposit and withdrawal accounts or by registering existing paper passbooks as unused and using manual withdrawals at ATMs. Kookmin Bank gives prizes to participants on a first-come, first-served basis.
Woori Bank is also conducting a paper-saving campaign and event until the 30th of this month. Customers who receive mobile passbooks or convert existing paper passbooks to Woori Bank mobile passbooks are eligible for a prize draw. Opening deposit and withdrawal accounts or converting paper passbooks to mobile passbooks via the Woori Bank app automatically enters customers into the draw.
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