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9 Things to Look for in a Statement Processing Supplier
 

9 Things to Look for in a Statement Processing Supplier

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    9 Things to Look for in a Statement Processing Supplier 9 Things to Look for in a Statement Processing Supplier Document Transcript

    • Nine Things To Look For In a StatementProcessing SupplierThe regular distribution of bank statements or investment updates to clients,represents a significant cost center for a financial services organization. Yet they haveto be sent out, in order to demonstrate compliance with the regulatory mandatesthat govern the financial services sector.In the circumstances, it makes sense to get the maximum benefit from thesedocuments, which are typically opened and read by recipients 95% of the time.This being said, if you’re looking for a new supplier to meet your statement processingneeds, there are a number of critical capabilities you need to consider that will helpyou take better advantage of the statements you send out.Here’s our list of the top nine factors you need to be on the lookout for:1. Ability to Accept Data From Multiple Back End 4. Statement Based MarketingSystems Sending out monthly statements is a costly business, soThe last thing you want when selecting a new anything you can do to amortize these costs makes goodstatement processing supplier are excessive upfront economic sense. One way is to leverage the statementimplementation fees. So make sure you choose a to help cross sell and up-sell existing clients with newsupplier that has experience working with multiple products and services. Make sure your statementback-end data sources. This way you can ensure that processor is able to easily add targeted marketingyour set-up costs are minimized from the outset. messages to your statements, in multiple message zones throughout the statement.2. Data Parsing and Transformation CapabilitiesGone are the days when you can get away with sending 5. Self Serve Proofing and QC‘Plain Jane’ paper statements to your customers. Having the ability to add marketing messages toToday they expect to receive an attractive, easy to read statements is great, but if the process is not streamlinedstatement, so make sure your supplier is able to take it will become time consuming and costly. Look for ayour system data and easily recompose it into a better vendor that offers self serve solutions for statementlooking statement. preparation. Such WYSIWYG tools should allow you to add marketing messages to statements yourself and3. Advanced Statement Processing also QC the statement layout from the comfort of yourBecause your back end system data may not contain all own desk.the information you need to display on a statement it’suseful if you can add data from other sources to existingstatements (e.g. a loyalty card point balance) or to addother documents, to your statement print run (e.g. anewsletter). Look out for a statement processor withthese capabilities, as they can represent significant costsavings in print, lettershop and postage.content.community.connected www.doxim.com 905.475.9876
    • Statement Processing Supplier5. Integrated Delivery 8. National PresenceToday all financial service providers need to offer an Each month you need to deliver statements within theeStatement alternative – because more and more clients confines of customer committed SLAs. Yet the mailingare demanding it and because it makes solid economical process usually consumes the majority of the timesense too. So it’s important to select a statement between receipt of data and statement delivery. Toprocessing supplier that not only understands this but minimize this issue, look for a statement processingencourages the transition from paper to electronic provider with a national presence, allowing for statementsand provides a quality online document management to be processed and mailed in the local market in whichcapability to facilitate this. they are to be delivered.7. Flexible Colour Printing 9. Customer SatisfactionWhile colour printing costs somewhat more than black As with any business decision, the product or solutionand white, no one can deny the increased impact of you select is only half the story. The vendor you choosedelivering print statements in colour, especially when it’s must be honest, trustworthy and respectful of thenicely designed and has integrated marketing messages. commitments they make to you. A great way to assessAnd the cost savings you can make with a successful these abilities in advance of experiencing them yourselfeDelivery offering can be used to offset the expense of is to review their customer satisfaction ratings - to beprinting the remainder of your paper statements in full sure they track this regularly and to verify that they havecolour. So make sure to choose a statement processing attained appropriate levels of customer satisfaction on apartner that can provide flexible colour printing services consistent basis.– all colour, first page only, integrated colour newsletteronly, etc. To find how Doxim can help you with Statement Printing solutions, visit us at www.doxim.com, email us at info@doxim.com, or call us at 1-866 475 9876.content.community.connected www.doxim.com 905.475.9876