Why Should Banks Outsource Statement Printing and Mailing?

One of the major benefits of bank statement outsourcing is the reduction of your overhead costs. For many businesses, labor costs are the biggest expense they have on an annual basis. The cost of in-house employees includes the wages you pay them along with various benefits such as health insurance, paid time off, and contributing to their retirement fund.

In addition, there are other costs associated with employees working in the office and providing them space in the office. If any employees are not contributing in a direct manner to generating revenue through their daily tasks, you will need to consider the benefits of employing  them including the costs associated with their position.

If you decide to outsource bank statements, how will this benefit your bank statement printing and mailing?  Find out in the article below!

Increase Statement Printing and Mailing Reliability By Outsourcing

One of the main tasks a bank must perform is sending statements on time to their customers. Clients are always quite concerned about the safety and security of their assets as well as the amount of money they have in the bank or their investments. Clients of any financial status want to receive financial statements that are clear and easy to follow. The phrase “outsource bank statement” means the bank is outsourcing their statement and mailing services to a third party mailer service that delivers statements reliably and flexibly while the bank also saves on labor costs.

A third party that takes over bank statement printing and mailing for a bank or financial institution is likely an expert in performing these tasks. They have refined and streamlined the process in order to eliminate errors, increase turnaround times, and lessen material waste. Plus, they keep the reputation of the bank in mind when sending out statements by taking care when performing their tasks so their level of expertise provides a positive reflection on the bank. 

Outsourcing Bank Statement Printing and Mailing Gives You Access to Print Experts

Outsourcing these tasks also offers you access to industry experts throughout every department. If you only hire in-house, you might not be able to offer advancement opportunities or salaries that attract top talent from industries that are not a core part of your primary operations. With outsourcing, you can utilize the experience and education of those from other fields or businesses. 

Choosing the right outsourcing partner includes asking questions such as:

• Do they have experience in my industry?
• What is the level of training and experience possessed by their team?
• How will they communicate with our staff?

Outsourcing Allows You to Only Pay For the Production You Need

Businesses that are small or medium in size do not always have full-time marketing personnel, bookkeepers, or accountants on staff. Some financial institutions do not hire these positions as they might be paying more in salary than what their company needs from those professionals.

When choosing bank statement outsourcing services, pick a company with customizable and a la carte services so you can begin by only paying for what you need and then add services as your business continues to grow.

Bank Statement Printing and Mailing Needs to be Secure

Since the beginning of COVID-19, data hackers have focused their efforts on smaller organizations with security systems that might not be as advanced as larger businesses. Unfortunately, there have been many instances where the hackers have been correct. Forbes reported that attacks on smaller businesses have been on the increase since the start of 2020. 

Many smaller banks have been busy trying to establish protocols for how they can better serve their customers with increased safety measures. However, they still need to find the best technology tools to deal with the possible security risks they might present. Banks should not compromise on the safety and integrity of the data they manage when choosing a statement processing company for their outsourcing needs. These providers need to understand the challenges smaller organizations face when it comes to maintaining data security. 
For all of your bank statement printing and mailing outsourcing needs, NextPage has you covered no matter the size of your bank.

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