As a community bank or credit union, bank statement printing is a key operational activity. Your customers rely on receiving this for reconciliation, and expect them to be accurate and on time. These documents must also adhere to compliance requirements, with no room for error. While bank statements have been part of your process for decades, the ability to manage these has become challenging as inefficiencies and costs grow.
Thus, it’s a good time to consider your options regarding working with a transactional print and mail company that delivers a service that’s efficient, compliant, cost-effective, and accurate. Here’s why!
Bank Statement Printing: The Transactional Workflow
Every process includes many steps and tasks. In the case of printing bank statements, the workflow can be long and tedious. Doing this in-house requires a lot of manual work, which impacts efficiency and accuracy. The transactional print and mail process eliminates much of this and streamlines everything, including:
- Receiving data files in a secure, compliant, and fast environment.
- Printing dynamically for each statement without needing pre-printing templates, with documents and envelopes created in one run.
- Using high-tech equipment to ensure every statement inserts into the correct envelope.
- Applying postage optimization techniques, including address hygiene, presorting, and using Intelligent Mail® barcode (IMb), to reduce costs and improve deliverability.
- Providing a compliant physical space so that only authorized personnel have access to where jobs are running.
- Practicing quality frameworks, such as Lean Manufacturing and Six Sigma.
- Transparent views into all jobs in real-time through an online portal, with tracking of statements as an option.
These areas are the central tenets of the workflow, with hundreds of steps throughout the cycle. In such an organized and focused environment, you’ll immediately see returns. The process is seamless and removes compliance burdens from your plate, but don’t think outsourcing creates more risk. It actually minimizes it.
Transactional Print and Mail Companies Are Compliance Leaders
All the information in bank statements is confidential and protected. Much of how banks handle it relates to the FISMA (Federal Information Security Management Act). Other regulations apply as well to ensure the greatest security of this data. As a highly-regulated business, you live and breathe compliance. Your commitment to this doesn’t change when you outsource. In fact, you’ll probably be even more sensitive. As a result, you’re looking for a partner with the same focus.
First and foremost, they need to follow FISMA and any other laws. Second, you need to understand their security posture on how they receive and process data, which would require encryption at all times. Third, you need to evaluate their physical security. Fourth, you should ask if they have a compliance officer. These are the minimum requirements for compliance. Asking questions about how they maintain compliance and the rigorous procedures they adhere to will give you the full story.
Ultimately, you want to find a partner that exudes compliance in every part of the workflow. They should prioritize compliance in every action, which demonstrates their leadership in the realm. It’s just as crucial as the efficiencies you’ll gain from outsourcing bank statement printing.
A Commitment to Compliance and Efficiency Yields Greater Accuracy
Those transactional print and mail companies that hit the mark on compliance and efficiency also deliver greater accuracy. Accuracy, in this scenario, means the reduction of mis-mailings. The less accurate the process is the greater risk of this kind of breach.
Accuracy optimization is a natural result of compliance and efficiency. If the system runs in a repeatable, reliable manner, with processes, people, and technology in alignment, you can experience an accuracy rating of 99.9999%. At this level, you have demonstrable proof that the workflow is efficient and compliant.
Improve Efficiency, Compliance, and More with Bank Statement Printing Services from PCI Group
If you’re ready to outsource bank statement printing or need a new partner, you’ll find that PCI Group has everything you need. Our focus is on delivering efficiency, compliance, accuracy, and quality. Our years of expertise and well-designed workflows provide banks with assurance that their statement printing is in good hands.
Learn more about how we support the banking industry with print and mail services.