Auto finance companies send lots of communications to customers. Many of these are confidential and must adhere to compliance regulations. From statement printing and mailing to eStatements, and other disclosures, your processes can be costly, overly complex, and inefficient. After all, you’re not a print and mail house, so keeping this in-house has disadvantages. Conversely, outsourced auto finance print and mail services can reduce costs, improve accuracy, drive greater engagement, and boost compliance.
Let’s look at all the great reasons to work with a reliable print and mail provider for these tasks.
Reduce Your Customer Communication Costs
Cost-cutting is always on the table for finance companies. If you currently run an in-plant for print and mail, you’re drowning in expenses. These include equipment, software, materials, labor, space costs, postage, etc. Even if you decrease volume, you may see little reduction in costs. It’s an endless chase to find ways to lower budgets without impact on quality.
When you outsource, you save big. Your costs are operational only, so all capital costs are gone. You pay a provider for the printing itself and the postage. Such an organization has many ways to enhance savings, including:
- Using a White Paper Factory™ (WPF) framework: This production process uses reams of white paper fed into printers that produce fully variable documents. It reduces material waste and eliminates labor-intensive offline activities and the time and effort required for coordinating advance print runs. Pre-printing of templates is no longer necessary.
- Postage optimization: Transactional print and mail companies are postage experts. They use a variety of tactics to realize the best rates. Those include using address hygiene tools to decrease wasted mailings, high-volume presorting, taking advantage of USPS Intelligent Mail® barcode (IMb) to sort and stack, commingling, and more.
- Economies of scale: A print and mail company gets the best rates on materials because they purchase in bulk. Paper costs have been on the rise since 2020, with a greater impact on those at lower purchasing volumes, while printers have been able to keep these at a minimum.
Improve the Quality and Engagement of Your Communications
Your auto finance communications allow you to deliver critical information to customers beyond just the basics. Designing statements with a professional elevates the quality and the potential engagement.
First, you can use full color and include graphs, images, bolded sections, and more. Delivering all this to customers in an easy-to-read format could increase their trust in your company. Dynamic printing in the WFP, you can insert specific content into each letter for things like:
- Upselling or cross-selling other services
- Advising that their lease is ending and instructing them on where they can view options online
- Special promotions
It’s much more effective than inserts, which get tossed. Most people read their statements, so putting the information inside works great. Ditching inserts also saves money.
Hit Accuracy Levels That Are Industry-Leading
Accuracy in transactional print and mail refers to getting the correct document into the right envelope. It seems simple enough, but mis-mailings are prevalent without advanced processes. For example, we use The WPF to marry fully digitally composed files with in-line print production and intelligent insertion, using 2D barcodes to ensure high accuracy.
In addition, we’ve developed hundreds of standard works through Lean Manufacturing and Six Sigma, leading to repeatable, dependable workflows. Continuous auditing of these processes helps us be proactive in catching potential risks. As a result, we have an industry-leading 99.9999% rate. With this level, you can be confident that mis-mailings are a low risk.
Remain Compliant and Secure with Experts
Compliance in auto finance print and mail means adhering to standards about keeping personal information private and confidential. The objective is to avoid any breach of customer information and meet specific financial security obligations. In order to create this ecosystem of security and compliance, you can rely on transactional printers.
For example, we comply with and have certifications for many regulations, including FISMA, SOCI & II, PCI DSS, and state breach notification laws. Further, we take data security seriously. We have a complete chain of custody process for each record, tracked from ingestion through print and insertion. Data transfers are via SFTP file transmission protocol, with encryption of it during transit and rest. We also employ user-level security, firewalls and Intrusion Prevention Systems (IPS), physical security, two-factor authentication for network access, and limited entry to production areas.
PCI Group Is Your Outsource Partner for Auto Finance Print and Mail Services
Working with our team means you get turnkey solutions from a trusted provider. We support many financial institutions with print and mail services, including statements, privacy letters, collection letters, past-due notices, and more. You’ll enjoy cost savings, streamlined processes, and strong compliance, security, and accuracy operations.
