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.
Transactional print and mail companies are accuracy innovators. All they do is transactional, and they’ve woven in many safeguards to boost accuracy, including:
- Using bar codes and mini cameras to scan each document, assuring it goes into the correct envelope.
- Implementing Lean Manufacturing and standard works to develop repeatable, reliable workflows.
- Following strict protocols and rigorous controls to improve accuracy continuously.
An organization that has these things in place is one you can trust to deliver accuracy.
Remaining Compliant Can Get Overly Complex
You’re in the financial business, which means almost everything you do has compliance attached to it. Transactional print and mail is one of the most critical areas you can’t overlook or fail to enhance. Hiring an expert in the field simplifies compliance for you. It’s in their DNA and part of every process they use. To improve these, they audit regularly and have oversight from a dedicated compliance officer.
Compliance doesn’t have to be a worry or concern when you work with a trusted provider that meets and exceeds the rules.
Transactional Print Services for Banks: The Right Partner is PCI Group
Transactional communication is all we do at PCI Group. As a result, we’ve refined every process to ensure cost containment, improved accuracy, and dedicated compliance. Many banks rely on our work to deliver the right document to the right customer every time. Find out how you can benefit from outsourcing with us as your partner.
