Why Is Bank Statement Printing Important?
Depending on the bank or financial institution, the statement will show the account holder’s total balance and a detailed record of all transactions. The bank statement can also include information on the amount deposited, a list of withdrawals, and service charges. Banks send these statements regularly.
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Bank statements are a crucial part of the banking industry. They are sent every month and contain information on the account holder’s activity. Typically, the statement shows transactions in chronological order. However, the statement can also include recent transactions that were not shown in the previous statement. The statement may also not contain information about pending transactions.
A bank statement may be sent via mail, e-mail, or the internet. Some banks even email statements as attachments. The information contained on the bank statement can help consumers determine whether the bank is accountable for their money. However, the problem with these statements is that they can be cluttered and difficult to read. This can lead to frustration among prospects and consumers.
Choosing to outsource bank statement printing can be a wise business decision for financial institutions. Outsourcing can save organizations thousands of dollars in statement printing and mailing costs. Banks can save up to 30% on these costs when they outsource their statement printing and mailing to a third-party vendor.
Third-party vendors offer technology-driven solutions that help financial institutions create a better customer experience. They can also help banks with mobile banking. In addition to statement printing, these vendors offer solutions for bill payment, text messaging, and e-mail. They also help to condense banking jargon into simple prose. The use of simple statement designs can help to lower consumer financial anxiety.
Outsourcing statement printing and mailing allows financial institutions to focus on other important aspects of their business. It can also free up resources and allow companies to develop marketing strategies. Additionally, outsourcing can improve fuel efficiency by sending statements through the mail.
With PostGrid, the process of producing and mailing statements can be automated. In addition, the online portal allows banks to manage files and monitor progress. This saves time and office resources.
Outsourcing bank statement printing can also help organizations save on fuel expenses. Companies can save up to $18,000 a year on statement costs by outsourcing to a third-party vendor. This can help banks focus on marketing, customer service, and other important aspects of their business. The use of streamlined systems can also increase the efficiency of printing and mailing. The use of a secure print mail API can also help to automate the process.
Another advantage of using a third-party vendor for statement printing is that it can be HITRUST Certified. This means that the company is a qualified partner for the banking industry. It also provides bulk discounts for companies that use its services.
Statement printing and mailing are also time-consuming. The use of the Intelligent Mail Barcode system increases turnaround time and minimizes postal costs. This system also filters out old addresses.