Last year, the retail banking industry sent paper checking account statements to 69 million households at an average cost of $9 per customer. Many financial institutions find that when they combine those expenditures with a sea of high compliance costs and low interest rates, margins tend to dwindle.
While mailing business-critical information can be expensive, there are a few ways to drill down those costs while ensuring your customers receive all their necessary documents.
Today, we are sharing our top five cost-cutting strategies that will help you drive down costs and save your business valuable resources:
1. Householding- Householding is the practice of including multiple documents for the same address in a single envelope. For example, if two pieces of mail are going to a husband and wife, these letters could be combined into a single document, saving on postage of one piece of mail instead of two.
2. Document Redesign- The customer experience, or CX, is critical to the ongoing success of any organization. The redesign process helps banks and credit unions strategically identify ways improve CX through enhanced document readability while maximizing white space, thus reducing the number of pages going into an envelope and minimizing postage.
3. Integration with Home and Online Banking- By providing a seamless experience between the online banking app and ePresentment platform, more customers will convert to electronic only due to a positive user experience, thus reducing printing and postage costs.
4. Paperless Adoption- Paperless adoption is the best way to counter the postage rate increase by eliminating print and mail costs entirely. Encourage customers to convert to eStatements through in-document cross-selling and upselling.
For more great ways to help boost your paperless adoption rates, download our eAdoption white paper.
5. Document Outsourcing- Outsourcing document production and delivery to an expert is the best way to really cut costs. By eliminating capital investments in software and equipment, and outsourcing operations to a vendor, you are able to save money where it counts AND devote your full attention and efforts on your core competency.
Outsourcing allows you to not only take advantage of your vendor’s expertise, but also any postage discounts they offer, so you can ensure your documents are expertly delivered, at the lowest possible cost to you.
Interested in learning more about how Lanvera can help you save money? Click here to contact us.