Professional time wasters
A fifth (21%) of European bank employees, and 15% of the European insurance industry spend more than an hour every day simply processing paper – from credit and loan applications to new account forms, processing claims to new customer forms – totalling at least 260 hours per employee per year, according to new research by Lexmark, the printing solutions provider.
The survey of 755 employees in bank branches across Europe reveals 16% have to process more than 100 forms per day, while the survey conducted with 638 European insurance employees shows that 25% have to process up to 10 forms a day, while 14% process more than 100.
The Lexmark research reveals the banking loan and insurance claims approval process can take a staggering four days minimum and that the key cause of these wasted hours is the different stages each employee has to go through to process the application.
The research reveals almost half (43%) of European bank employees and 32% of insurance employees print more than 100 pages per day, compared to a European average of 34 pages per office worker per day.
Despite this heavy paper usage, banking is one of the least wasteful industries in Europe, with only an 18% paper wastage rate, compared to 25% in the retail industry.
Says Hans Horn, MD of Lexmark International SA: “This research shows a significant level of inefficiency in how paper is processed in the banking and insurance industries, and we find the same trends here in SA.”
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