Cost Reduction and Stabilized Budgets
A key driver of outsourcing is to decrease your budget. The total cost to do all this in-house includes materials, equipment, technology, labor, postage, overhead, and more. These expenses can vary significantly monthly, so it’s a moving target.
When you outsource, costs stay pretty flat, and you’ll only be paying operating expenses, which will be much less than your current bill.
Consumer lending documents contain lots of personal and confidential information. You must produce and handle these in accordance with regulations. Your process must be consistent and follow the law without exception. While your financial institution is compliance savvy, this part of operations is challenging. There are so many areas that can increase the chance of error.
Working with a print and mail company that only handles transactional mail is imperative. They have specialized protocols and streamlined, seamless workflows that consider compliance at every step. When evaluating partners, ask lots of questions about compliance, including their certifications, practices, and who oversees compliance, such as the compliance officer.
Accuracy in consumer lending documents requires a system that integrates technology, processes, and people. Mitigating the risk of mis-mailings isn’t easy to achieve, and the best approaches involve technology and rigid protocols. Much of this comes down to insertion optimization to ensure the correct documents go into the proper envelope.
Advanced print and mail companies use specialized inserting machines and mini cameras to scan barcodes printed on each document. Additionally, providers often adopt methodologies like Lean Manufacturing to improve the process and accuracy further.
Elevated Security Practices Keep the Process Secure
The security of your data is a top concern for any consumer lending organization. Security is part of compliance, accuracy, and every other part of operations. Your biggest question when outsourcing is how your provider will protect your data.
To have assurance on security questions, you’ll want to know these things are in place:
- Data encryption while at rest or in transit
- SFTP file transmission
- User-level security
- Firewalls and Intrusion Prevention Systems (IPS)
- Best practices around cybersecurity
- Certifications that demonstrate security, such as SOCI & II
- Physical security regarding access to production areas
Complete Visibility of All Your Jobs
Another advantage of outsourcing consumer lending documents is the ability to have a 360-degree view of all your jobs. With a web-based, secure platform, you can review all communications throughout production. You’ll enjoy full transparency and control as well as be able to track letters all the way through the mail stream. This capability provides an audit trail should there be any questions about deliverability or compliance.
What Types of Consumer Lending Documents Do You Want to Outsource?
Finding a partner to produce your consumer lending documents offers many advantages, from cutting costs to improved accuracy. If this area of the business is putting too much strain on you, it’s time to find a better way with PCI Group. We are a trusted, compliant, and experienced print and mail company servicing the financial industry. Find out how we can help by getting in touch today.