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.
Bank Statement Outsourcing: It Makes Dollars and Sense
Community banks can benefit significantly from outsourcing 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.