Since its inception in 1970, Earth Day has been celebrated around the world on April 22 as a hallmark of the modern environmental movement. According to the Earth Day Network, “People march, sign petitions, meet with their elected officials, plant trees, clean up their towns and roads. Corporations and governments use it to make pledges and announce sustainability measures.” We’ve only been given one planet, and it’s important that we take care of it.
Sustainability is an aspect of Earth Day that resonates with us, not only on April 22, but every day of the year. eOriginal avidly supports eliminating the use of paper in financial processes, and in turn, reducing deforestation rates, improving air quality, and helping to protect species from extinction due to habitats being destroyed.
From a business perspective, shifting away from paper accelerates speed to funding, increases operational efficiency and provides regulatory certainty. These benefits enable industry leaders breathe easier thanks to the enhanced security and the confidence that comes with a digital lending transition.
Today, in honor of Earth Day, let’s celebrate how the digital revolution literally helps you breathe better—by contributing to the quality of air that flows into your lungs.
First Some Statistics
Trees are key to improving air quality, but planting new trees is not enough. By eliminating the need for paper in key industries, digital lending supports “the quickest and most cost effective way to curb global warming”: ending deforestation. Here are a few staggering statistics:
- Each year, we lose 7 million acres of forest – an area roughly the same size as New Jersey, New Hampshire and Massachusetts combined.
- Approximately 60 percent of harvested trees are used to make paper.
- The U.S. is the world’s largest consumer of pulp for paper, accounting for 25 percent of the total.
How to Save Natural Resources
eOriginal is proud that our customers reduce their carbon footprint by cutting down or eliminating their reliance on paper. The environmental impact is significant, considering that many of our customers are leaders in industries known for a heavy reliance on paper documentation: auto finance, mortgage and banking, to name a few.
Take, for example, the mortgage industry, where about 20 percent of all loan applications are over 1,000 pages long. Nearly half are at least 500 pages. Multiply that by the nearly 12.1 million mortgage applications reported in 2017 and within a decade you will have cleared a healthy forest tens of thousands of square acres in area.
Fortunately, the forward-thinking companies that work with eOriginal are leaders when it comes to sustainability and play a huge role in reducing the staggering impact of using paper on our environment.
Driving Digital—and Environmental—Advances
Across verticals, our customers are champions to the digital cause; compelling their partners to transition as well. As we mentioned in an earlier blog: Digital Contracting is the Future of Auto Finance and Here’s Why, the benefits of reducing costs, streamlining processes and increasing transparency gives your company a significant competitive edge, whatever your industry. But when you consider that digital transactions will make both your business and planet a happier, healthier place, there is no excuse to keep burying yourself under paperwork.
By enabling key industries to go digital, not only are we drastically reducing the number of forest acres cut down every year, we are also minimizing the environmental costs associated with paper-based businesses. What impact would it have to your business, and to the planet, if you went digital?
Something to think about. After all, today is Earth Day and what better way to celebrate than to reap and share the benefits of going digital?