Banks, credit unions, and other financial institutions must provide a host of documents to customers. These print and mail activities go beyond standard communications. They contain personal information, which you are under an obligation to protect. As a result, transactional print services for banks can be expensive, time-consuming, labor-intensive, and operationally complex.
Since you’re not in the print and mail business, you’ll find many reasons to outsource these activities. When you have the right partner, you can reduce costs, boost accuracy, and stay compliant. Keep reading to find out how.
Costs of Transactional Print and Mail for Banks Is Rising
If you currently handle all your print and mail in-house, you don’t need a reminder of how much it costs. Although you may not understand the total cost of ownership. It’s more than the machines, technology, materials, labor, and postage. There are also the expenses of the space—energy, rent, etc.
You have both capital and operating expenses. Your equipment and technology will forever need updates and upgrades. Even if you print less than you did last year, your costs are still rising, and you don’t have the volume to reach efficiencies of scale.
The best way to manage this budget is to eliminate it by outsourcing. Transactional print and mail companies install the most advanced printers and inserters. Their technology is top-tier, and they produce so many documents that they can achieve better pricing for materials. They use optimization strategies to reduce postage costs and help customers transition to standardized envelopes to reap more savings. Outsourcing print and mail is a smart choice if you want to cut costs for your bank.
Accuracy Is a Pain Point for Banking Print and Mail
Ensuring accuracy in all your mailings is non-negotiable. Even a few mis-mailings could derail your bank’s reputation and ability to meet compliance mandates. Imagine what it would be like for a customer to open a statement and find someone else’s information. This nightmare situation has a much higher probability without the most advanced accuracy frameworks.