Running a credit union or bank means having a to-do list that never seems to end. No matter how much overtime your staff works or how many new hires you bring on, there will always be another bell ringing. Statement printing and mailing is no exception — it’s an essential yet troublesome component of operating a financial institution.
Credit unions and banks are under increasing pressure to do more with less money and less manpower. Managers are expected to cut corners and optimize efficiency for improved bottom lines. Savvy managers will look to the biggest, most time-consuming tasks first, like customer service, overseeing loan and credit line approval, and coordinating marketing campaigns. But have you ever stopped to think about the amount of money, time, and energy your institution pours into print and mail?
Truth is, print and mail is a substantial drain on the average company’s resources. Think about all the valuable resources that go into this endeavor before you even print or mail a single statement. Someone needs to buy all the equipment, find a place for all the printers, set up hardware and software, and test it to make sure it’s running smoothly. Once everything’s up and running, someone needs to keep inventory on envelopes, paper, and stamps, storing it somewhere and keeping it organized. Of course, someone else also needs to manage printing all of the statements, not to mention utilizing a rapid folding machine to prepare the envelopes. On top of everything else, you have to repair and maintain this equipment as well as pay overhead costs.
No matter which way you slice it, that’s a tremendous amount of time, money, and energy. Is it really the most efficient way to handle your print and mail needs? By outsourcing your print and mail tasks, a company can take advantage of top-of-the-line equipment and a highly skilled staff to cut costs and prioritize. Your core competencies are likely customer service, managing customer relationships, and providing financial advice. Diverting manpower to print and mail is simply a waste of effort that could be better utilized for your proficiencies.
Outsourcing allows you to deliver a higher quality product at a lower price. By buying in bulk, print and mail companies can acquire supplies with much greater cost-efficiency. They also have extensive experience with designing clear, high-quality statements that impress readers and make it easy to digest the information within. Professional equipment designed for mass production of statements makes this process even more streamlined. Altogether, print and mail companies can achieve greater cost-savings, which then gets passed on to your organization and finally your members/customers.
If you’re interested in finding new ways to improve efficiency for your business, follow our blog or give us a call at 1-844-437-3627.