Looking for ways to cut costs without impacting compliance-related workflows? If you’re still printing and mailing auto finance communications, it’s time to rethink this model. Since these tasks aren’t your core competency, you may be facing financial and regulatory pressure to optimize and revise.
If you are still on the fence about why transitioning to outsourcing is the best choice, check out these six reasons.
1. Reduce Costs
Outsourcing is a cost saver, and operations to print and mail are expensive. When you outsource, you can immediately remove these items from your budget:
- Equipment
- Technology
- Materials: paper, ink, toner, etc.
- Overhead: leasing and utility expenses
- Labor
What you pay for these things with a professional printer is much lower. They have special deals with suppliers of materials. Additionally, they spread the costs for equipment, technology, overhead, and labor across many clients.
Further, they have perfected the process of mailings by:
- Applying address hygiene tools to decrease waste from inaccurate or duplicate addresses
- Leveraging high-volume presorting through the USPS Intelligent Mail® barcode (IMb) to secure the best postal rates
- Standardizing mail pieces
2. Enhance Data Security
Auto finance communications contain protected and confidential information. A breach would trigger non-compliance claims and upset customers. Thus, you need to assess providers on this criterion.
Security starts at submission. A secure portal allows you to upload data. It then travels to a secure, private cloud. Data encryption is always present, whether at rest or in motion.
Other security principles to evaluate include:
- How they secure perimeters with firewalls, network segmentation, or intrusion prevention systems
- What proactive measures they conduct, such as vulnerability scanning and penetration testing
- If they have user-level permissions and identity access management (IAM)
3. Be Compliant Ready Always
Compliance requirements related to auto finance communications aren’t optional. You must follow the rules of the applicable regulations. Working with a transactional print and mail company, compliance will always be top of mind.
Compliance should be part of every workflow and not an afterthought. To do this well, providers audit every step of every task. This is to identify any errors and correct them immediately.
You’ll also have access to documents that you may need for audits by regulatory bodies. For example, a camera records the folding of pages into each envelope. This is part of the accuracy component. With this verification, you can easily prove delivery is correct for each customer.
4. Send Dynamic Messages
You’ll also no longer need to print inserts or templates. Dynamic printing enables custom messaging on each document. It’s not just the billing part of the statement that’s individualized; so are the offers.
You can use dynamic printing to upsell or cross-sell, announce programs, bring attention to changes, or anything else. This simple change can increase customer engagement.
5. Minimize Risk of Operational Disruptions
What happens when you have an issue that impacts production? Downtime can be the result of natural disasters, cyber attacks, or equipment in need of maintenance. Getting your communications out must be timely to be compliant and not affect remittance.
When you work with a professional print and mail company, they plan for this. They have redundancy built in so that downtime is extremely rare. With a detailed business continuity plan, these organizations have checks and balances to ensure no disruptions.
6. Gain Greater Transparency
How much do you know about current print and mail operations? Are metrics, costs, and compliance materials easy to find? If not, it can be a real challenge.
You should have full visibility and quick access to important information. PCI Group delivers this through trakPCI.
trakPCI is s secure business document management platform. You can monitor the status of jobs and mailed letters, from production to delivery.
You can also track, schedule, and control all of your production jobs. It also has features to view account information, get real-time status updates, request letter changes, search archives, and run hundreds of reports.
Outsource Auto Finance Communications with PCI Group
If you want to reduce costs while improving accuracy, compliance, security, and quality, you should work with us. We’re experts in the industry and solely dedicated to transactional print and mail. Request your consultation today.
