Technology is an indispensable part of our daily lives. It revolutionized the way we shop, run business, and manage our bank statements. Tech solutions also considerably changed the way banks and merchant banks conduct operations. Think of all the transactions you complete online. Digitalization can simplify your daily routine, even in the seemingly old-fashioned banking industry. Whether you are an end customer or a bank stakeholder, automated tax statement printing and mailing can help you save money and make statement processing more efficient.
Bank notice outsourcing and automation is a new trend still gaining in popularity among financial institutions. More and more banks and credit unions choose to focus on their core activity transferring tax statement printing and mailing to professionals. This approach has proven to be highly effective. According to recent statistics, 35% of financial institutions recorded a 2-5% revenue increase thanks to automation. In addition, automated solutions ensured 60% higher customer satisfaction for 64% of respondents. This way, investment in automated statement printing and mailing services quickly pays off.
Print Mail vs Electronic Bank Statements. Do We Still Need Bank Statement Printing and Mailing Services?
Although many banks and merchant banks support online customer statements, statement printing and mailing isn’t likely to disappear soon. People readily share their customer information and perform transactions online but still want to receive paper-based copies. Around 70% of consumers prefer paper bank statements for managing their finances. Two-thirds combine print mail with online banking. Many respondents claim that they always print out emails received from banks for record keeping purposes. Moreover, many consumers print bank statements, tax form papers, and various financial documents for a variety of reasons:
- To review bank account activity. This allows them to prevent identity theft or fraud and take immediate action to save money and protect customer information.
- To recover damages. If you haven’t managed to safeguard your account from fraud, hard copy bank statements will prove that you were a victim of the illicit activity.
- To supplement a tax form with the required additional documents. If you made charitable contributions and had a certain type of business expenses, you can claim a tax return. In this case, you will need to print bank statements to prove the transactions.
It’s not surprising that bank statement printing and mailing services remain highly in demand. Some financial institutions even charge a fee for statement printing and mailing claiming that print mail is a huge area of expenditure. But it is also a chance to gain a competitive edge for businesses. Print and mail services don’t need to be overly costly. It’s a great way to promote your financial services and increase customer satisfaction. And if you decide to use an automation vendor, such bank notice outsourcing can solve most printing issues and considerably save your time.
Bank Notice Outsourcing and Automation: What’s In It for Your Company?
Make tax statement printing and mailing more cost-effective
In most cases, banks and credit unions process a high volume of various financial documents. They are forced to spend a lot of time and money on statement design and printing equipment. Bank notice outsourcing can help solve this problem. For example, an automated direct mail solution like Inkit provides a custom postcard builder and printing & shipping services. It will take over all the mailing chores you had to do in the past, allowing you to fully focus on your business goals.
Ensure regulatory compliance
Financial institutions are strictly regulated by governmental bodies, state, and federal laws. This also relates to customer information and statement processing subject to tough material outsourcing arrangements. Automated data formatting, printing, and delivery significantly reduce the number of employees who need to access confidential data and improve security. As a result, you can easily maintain the security level required for regulatory compliance.
Get a competitive advantage
Bank statement printing and mailing services offer a great opportunity to outpace your competitors. The expertise and software offered by third-party providers will significantly contribute to your business success. The truth is that smart tech solutions are the only way to remain the leader in the current market conditions. The sooner you start implementing them, the better. Automated print and mail services save money, improve performance, and increase ROI. The combination of these factors will make you almost invincible.
Reduce the risk of human error
According to estimations, bad data can swallow up to 15-25% of revenue. This includes the time and effort spent on correcting mistakes, clarifying the problem, and looking for ways to fix mistakes. When it comes to finances, the cost of human error is more than that. Serious errors can ruin your reputation and customer relationships. To avoid this, Inkit offers CRM integration to help you streamline all processes and ensure data accuracy. Once you start using this tool, all required user data will be automatically transferred without the slightest possibility of error. As automated statement printing and mailing eliminates the need for manual data processing, the risk of human error is minimized.
Boost your marketing efforts
Professional statement design will make your direct mail more appealing and memorable, increasing your brand value. Although financial documents need to meet stringent requirements, there is still some space for creativity and marketing maneuvers. Use templates available in automated mail services to create both a black-white tax form and full-color customer statements. These templates are based on the best industry practices. You won’t have to worry about color use, document layout, information placement, and a number of other factors important for successful mail. Direct mail experts will do everything for you.
Provide continuous professional assistance
Tax statement printing and mailing is a continuous process with many pitfalls. If you have never used direct mail for statement processing before, you may not know where to start from. Bank notice outsourcing will allow you to transfer statement printing and mailing to a third-party. Print mail professionals will advice how to automate the majority of processes and recommend the optimum mail solution. In fact, many direct mail services like Inkit offer 24/7 support ready to assist you with any request.