Literature Review

The work environment in which the use of paper is removed or greatly decreased is digital. This
is achieved through the digital transformation process called the digitalization of records and
other records. A paperless office is a business environment that uses a minimum of paper version
but mostly uses electronic files. A paperless workplace is an employee whose office paper use
has eliminated or greatly decreased. Digitalization is the mechanism by which paper files are
converted into digital form.

There are several firms that increasingly moved to the paperless office concept and grabbed the
benefits of the paperless office. Bank of America is one best example of adoption with the
concept of the paperless office. The United States Environmental Protection Agency identified
that an average of 10 000 sheets of printer paper are employed by US office workers per year
(Crewett, 2015). Most financial institutions give their customers e-statements, free paper
transactions, and an opportunity of communicating online with experts rather than in the bank or
on paper, but the Bank of America takes account of its policy concerning the environment. They
started to identify distributors that had good climate regulations back in the 1990's after realizing
the high cost and the effects of their use of material. They have been reducing down on paper
every day for the past five years, reducing their intake in-house by 32 per cent.

In order to discourage paper usage, Bank of America increasingly changes money over paper
statements. With dealers and card issuers forcing consumers to drop paper accounts, Bank of
America often use digital billing to protect people from dropping out of their pages (WANG et
al., 2013). With dealers and card issuers forcing consumers to drop paper accounts, Bank of
America often use digital billing to prevent customers from dropping out of their pages.

Bank of America Corp. charges certain clients to access their renewal notice via e-mail, the most
radical move the company has taken yet to promote contactless lending. The banks will save
significantly on paper and ink and postal and delivery costs in replacing paper documents with
electronic forms. Adjustments to electronic records are often simpler, and both bankers and
consumers have quicker access to critical details (Wolfe, 2020). Also, Bank of America has
developed unique movement frameworks. Also, both bank directors are gradually called upon to
display all their meeting notes on iPads. Furthermore, the bank's credit committee representatives
can now examine reports before a loan meeting on a safe website.

Loan processing is another form of the bank's paperless effort (WANG et al., 2013). The
electronic start of a loan application can also speed up the process and reduce the likelihood of
losing a potential lender. In addition to being more efficient, customer responsive and as safe and
legal as traditional techniques, digital communication should be more productive. Banks,
therefore, need to guarantee that signed digital documents have their credibility and authorship.
The digital signing solution should also provide robust conflict resolution capabilities to prevent
legal risks that can occur when customers are disputed. The architecture of the Bank of America
is used to determine the above system requirement.

The mobile payment gateway is developed to authenticate the digital signature platform (Rosalee
Carr, 2005). Moreover, Customers are continually searching for better ways of conducting
payments and anything “less in banking services." Customers want to see fewer payments and
more options to manage all transactions at a single location. This is also the case with services
like the billed payment app Doxo, which enables people to keep all their key documents on their
service in a collegiate environment and provide a billing strategy that allows customers to pay all
their bills by pushing a button. It is identified that the development of Bank of America Corp is
considered all these pre-requisites.

Bank of America borrowers must now deal with competing borrowers who not only carry larger
borrowers to their obligations but take away most of the hassle. By pressing a mouse and with
little or no paperwork, clients of Bank of America can now access various lenders' full body.
Moreover, politically flawed lending officers often do not have to be tested. Bank of America
loans require judgment out from formula, and the average bank takes up the pre-approval,
authorization and release of funds.
Reference

Crewett, W. (2015). Introducing decentralized pasture governance in Kyrgyzstan: Designing

implementation rules. Environmental Science & Policy, 53, pp.215–224.

Rosalee Carr, M. (2005). An analysis of the feasibility of a paperless environment – the case of
the Mona School of Business. Management of Environmental Quality: An International Journal,
16(4), pp.286–290.

WANG, X., TAN, J., LIU, Y. and LIU, J. (2013). Extraction of text content from PDF
documents based on automaton theory. Journal of Computer Applications, 32(9), pp.2491–2495.

Wolfe, D. (2020). Bank of America Adds Fee for Paper Statements. [online] American Banker.
Available at: https://www.americanbanker.com/news/bank-of-america-adds-fee-for-paper-
statements.