Banks have operational requirements regarding customer communications. Much work goes into these workflows for bank statement printing, as the industry is document-heavy. Even with more consumers adopting e-statements, community banks still print and mail thousands every month. It’s an expensive endeavor that must follow strict compliance guidelines and ensure accuracy. Many financial organizations are now looking to outsource bank statement printing. So, is it right for you?
Outsource Bank Statement Printing Allows You to Focus on Other Areas
If you’re printing and mailing bank statements internally each month, it requires a lot of labor and time. Some involved in it have many other responsibilities they can’t devote time to during these periods. This time away can impact things like helping customers or working on strategic initiatives. The “busy” work of statement production is essential, but it’s not your core competency. When you outsource, your team can focus on the priorities that matter the most.
Outsourcing Cuts Costs
How much do you spend per statement per month? You have to calculate the total costs to find this number, inclusive of equipment, labor, materials, space costs, and postage. Those expenses will only grow even if you reduce the volume.
You’ll realize immediate savings if you outsource bank statement printing with a reliable transactional print and mail company. These companies can save because of the number of documents they print and mail. They also have ways to optimize postage costs. Further, your statement cost becomes more consistent each month, so it’s easier to budget for it.
Outsourcing Improves Accuracy
Do you know your error rate in statement delivery? Since no process is perfect, there have likely been mis-mailings. Such a situation can be very damaging. It could lead to a breach or violation of compliance. It could also hurt your brand image of being a trusted institution. Customers may also become frustrated that they don’t have their statements. You want to avoid all these things, but achieving a high level of accuracy isn’t easy.
Outsourcing with a provider that leverages the best in technology and processes is the road to improved accuracy. These organizations use sophisticated inserting machines along with mini cameras scanning barcodes of each document to ensure the right document goes in the correct envelope. Additionally, many use strategies like Lean Manufacturing to develop fine-tuned workflows that consider every task. With such rigorous controls, you can expect an accuracy rate of 99.999%. Those numbers deliver the peace of mind you need to take advantage of outsourcing.
Outsourcing Is Secure by Design
As a financial institution, you know that data security is non-negotiable. Producing your own statements gives you complete purview of this, but don’t think outsourcing puts you at risk. The companies that print and mail bank statements are about as fortified with security as they come. Every step of the process is secure by design, from how you upload the data to how they use it to who has access to it.
You’ll want to perform due diligence on any possible partner. Look for specific tactics and risk mitigation operations, including firewalls, intrusion prevention systems (IPS), data encryption, and physical security. You should also assess their stance on security and if it’s central to everything they do.
Outsourcing Elevates Compliance
You take compliance seriously, and so do transactional print and mail companies. Compliance-related communication is all they do. They understand each regulation and follow them precisely, using defined processes, technology, and protocols. They continuously audit processes to improve compliance and usually employ a Compliance Officer to lead efforts. Their dedication to meeting requirements never subsides, and that’s the kind of company you want—someone just as obsessed about compliance as you are.
Outsourcing Can Boost Engagement
The bank statements you send your customers contain essential information about their transactions. There’s also real estate on the communication to provide messaging. Those could include announcements, notices, and promotions. For example, you may need to advise of upcoming holiday branch closures or new products available for savings or loans.
You may currently do this with inserts, but they will likely hit the recycling bin without a look. If the content is on the statement, they are more likely to view it. With dynamic printing capabilities, each customer can receive a unique and customized message. As a result, you may have better-informed customers and create demand for more services.
Outsource Bank Statement Printing: It Makes Dollars and Sense
Community banks can benefit significantly when you outsource bank statement printing. You can save money, improve accuracy, ensure compliance, and heighten engagement. Remove this burden from your staff, so they can focus on what really matters—helping and delighting your customers.
Find out how easy the process is and what it’s like to work with us by requesting a free consultation today.
