In just one year HSBC’s Internet Banking service has resulted in a dramatic reduction in the quantity of paper used by the bank. Since its launch on 21 January 2004, more than 19,000 HSBC Malta customers have decided to cease receiving posted printed statements and advices at home and are instead reviewing their statements from HSBC’s Internet Banking site.

As a result, in December 2004 alone, an estimated 41,500 sheets of A4 paper weighing some 220 kilograms were saved. In addition to the sheets of paper, a corresponding number of envelopes, weighing approximately 150 kilograms, were also saved. HSBC anticipates that in 2005, more than 500,000 sheets of paper with their corresponding envelopes, together weighing some 4,500 kilograms, will be saved.

“It is estimated that every minute up to 100 acres of rain forest are destroyed to produce paper and for other industrial uses. This works out to an area the size of England being destroyed every year. This destruction has a direct impact on our daily lives, contributing to climate change and all the problems associated with it. HSBC considers tackling climate change to be one of the most important challenges of this century and, apart from supporting a range of scientific initiatives, it is working hard to reduce its own impact on the environment. Internet banking is one way to reduce the amount of paper we use and I am delighted that the success of this service in Malta has had such a big impact locally,” said HSBC’s Head of Operations, Desmond Don Paul.

HSBC’s Internet Banking service has proved very popular in Malta due to the range of services offered and the fact that the service is very user friendly. Over the past 12 months approximately 22,000 customers have registered to HSBC’s Internet Banking service with well over one million log-ons being recorded. These log-ons have resulted in around 1.1 million account history and balance enquiries, nearly 200,000 inter-account transfers, circa 40,000 bill payments and circa 30,000 transfers to third party accounts being made. In addition HSBC’s customers have used the Internet Banking service to open demand deposit and term deposit accounts.

“Within one year, HSBC’s Internet Banking service has established itself as an important customer service delivery channel. Our customers have quickly embraced the benefits of having access to their bank 24 hours a day whether they are at home or at work. HSBC will continue to develop this service with the aim of continuing to increase the number of services available,” concluded Mr Don Paul.