Tracking letters, transactional documents and other materials throughout the production process and as they move through the USPS mail stream is critical. Most obviously, health agencies, insurance companies, and government bodies that distribute sensitive or confidential information must make sure that data is used correctly and deliveries are made on time.
 
Such tracking is also becoming more important for marketers, especially in an age of multichannel communications. Direct mail, for example, is an investment that has to deliver the desired ROI. Print/mail service providers must assure them specific pieces will reach the intended recipients at the right time to coincide with digital or other types of messaging. When personalization is factored into a marketing program, tracking is even more imperative.
 
Mail service providers have enhanced tools to provide just these assurances. During document production, they control creation and assembly with their Automated Document Factory (ADF). Once service providers turn mail over to the postal service, Informed Visibility (IV), a newly enhanced program from the USPS, delivers greater visibility and transparency into the status of mailed pieces.
 
Automated Document Factory
The first step in producing effective documents is ensuring data is properly managed and deployed. An ADF is a system that verifies the print/mail operation has properly prepared and accounted for every page, document set, and envelope. Equipment-mounted cameras scan documents as they are processed and compare them to data files of expected materials. Any discrepancy, such as a missing or duplicate page, causes the ADF to stop the machines and alert the operators.
 
Besides managing complex workflows on a piece level, ADF systems also help document operations track and manage jobs. The ADF makes sure the print/mail operation processes all work according to the schedule and serves as an early warning system should a machine show signs of impending failure. The ADF can automatically reprint damaged documents, ensuring every mailpiece is processed and delivered on time to the USPS.
 
How IV worksUnder the previous tracking system, the USPS scanned individual pieces of mail as they entered a postal facility and moved to various distribution centers. The system worked well for letters, but it often omitted flats—pieces of printed matter such as magazines, newsletters, or catalogs that enter the mailstream already bundled for delivery. This created gaps in the tracking system and prevented real time updates. 
 
With today’s upgraded IV, individual mail still gets scanned as before via the Intelligent Mail barcode, but IV also scans containers or bundles of flats. When a container is scanned, the USPS tracks all pieces associated with that container based on information provided by mail service providers.
 
The IV process fixes the visibility gap with end-to-end tracking and provides precise estimates for when a piece will drop into a recipient’s mailbox. When a mail carrier arrives in an area to deliver the mail, his or her hand-held device records their location. Since the system knows what documents or products the postal service loads onto each delivery vehicle, IV can generate a near real time estimate for when an item will actually reach the recipient.
 
Benefits of IV
The benefits of real time tracking with Informed Visibility are many.

• Organizations that distribute sensitive information can rest assured it’s delivered on time, and meets mandated regulations.

• Marketers distributing printed materials can coordinate delivery with a telemarketing or email message in a time-critical fashion. Timing can make the difference between outstanding success or lackluster results.

• Planning becomes much more efficient as managers can gauge how to allocate resources for outbound mail but also for inbound returns, donations, or payments for example.

• Real time tracking also identifies busy times and bottlenecks in the system so the USPS and mail service providers can resolve any issues before they negatively impact delivery.

 
Mail service providers now have more tools to manage data and documents more efficiently than ever. For a detailed description of how Lanvera executes and distributes critical business communications securely and accurately through the entire document lifecycle, contact us today.

Data security for organizations that handle sensitive information for their clients is extremely important. Reports of privacy violations resulting from misuse of data, unauthorized employee access, and loss or theft of devices containing unencrypted data can cause big problems and public embarrassment.
 
Data protection safeguards can be separated into three categories: administrative, technical, and physical.
 
Administrative safeguards are company policies and practices such as employee background checks, data security training programs, and procedures regarding data access requests and approvals.
 
Technical safeguards are controls that prevent unauthorized data access. User authentication, encryption, and automatic lockout after unsuccessful login attempts are examples of technical safeguards.

Don’t Forget About Physical Security
People often concentrate on technical aspects of data security as they seek to prevent hacking attacks, but physical security is just as important. Businesses where employees, vendors, and suppliers travel in and out of production areas and buildings should not overlook physical security. Safeguards protect devices and work areas where companies collect, store, or process data.
 
Physical security begins with building access. Companies issue employee security cards to pass through doors and employees must admit visitors to a reception area and greet them. Visitors sign in and wait for escorts before proceeding into the facility.
 
One common physical security measure companies implement is the concept of multiple security checkpoints. Individuals may enter a room containing network servers, for example, only by passing through areas staffed by security, administrative, or IT workers. Employees are required to stop and question anyone attempting to enter a secured area of the building without authorization.
 
Documentation systems also play a part in physical security. By comparing computing system activity logs to physical access records, companies can spot discrepancies and initiate investigations into suspicious activities.
 
Emergency exits typically have no handles from the outside. Employees can open them only from the inside, often sounding an alarm when in use.
 
Surveillance cameras in key areas dissuade employees from ignoring security procedures or attempting to view or acquire data for personal use. Cameras are especially useful in large production areas, such as Lanvera’s document production facility.

​Document Security
For Lanvera and others in the physical document production and distribution business, physical security extends to the paper documents with which we work. A privacy violation can occur if a machine inserts pages from two accounts into a single envelope. Double-stuffing mistakes are now rare occurrences thanks to modern technology. Clients expect 100% accuracy and we designed our document production workflow to deliver the highest level of integrity.
 
At Lanvera, we take all necessary precautions to ensure we handle our client’s documents accurately. We outfit our production equipment with cameras at critical points in the document workflow to capture information from pages as they pass. In the mail insertion process, for example, one of our cameras inspects pages as they enter the machine and another camera scans and records finished envelopes as they exit the inserting system. Any discrepancies cause the machine to stop and issue an operator alert.
 
Our automated systems compare data captured by these high speed scans to control files of expected materials. Should a page be missing, damaged, or out of order, our machines automatically notice the anomaly, reject the pages, and schedule the account for reprinting.
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Lanvera’s Secure Facility
We take client data and document security seriously, merging administrative, technical, and physical security safeguards into a cohesive system designed to protect client information. We encrypt the data when in transit and at rest, only keeping data as long as necessary to do the tasks we’ve agreed to perform. Once data is no longer needed we delete it from our systems.
 
No organization can be entirely immune from malicious attacks. We’ve all read the reports of large entities targeted by criminals and falling prey to their illegal acts. However, we at Lanvera take every precaution to prevent or discover intrusion attempts as we process important work for our clients. If you’d like to learn more about the security measures Lanvera uses to protect data and documents, please contact us.

Financial institutions (FI’s) may find it challenging to attract and retain millennial customers. This group views their relationships with FI’s much differently than earlier generations. The methods FI’s have traditionally relied upon may not be effective with this demographic age group, now the largest segment of the population, bypassing the baby boomers.
 
Financial institutions that resist communicating in personal and relevant ways or do not direct interactions through preferred communication channels will find it more difficult to attract and keep millennial customers. When faced with messaging FI’s typically produce, millennials won’t perceive a difference between banking institutions and loyalty will erode.

Is it Only About Technology?
Of course technology plays a big part in decisions about where millennials bank and the customer experience they expect. FI’s that don’t keep up with technological developments risk losing the attention of the customers they want to attract, regardless of messaging relevance and quality.
 
Millennials rely on their phones as integral tools for conducting business. 47% of millennials use mobile banking, so a well-designed mobile banking app is essential, but so is performance. Millennials seeking hassle-free banking are quick to make a change if processes are complicated or transactions take too long to complete. 38% say they’ve abandoned mobile banking activities that took too long. For millennials, the customer experience supersedes many factors FI’s traditionally use to retain customers.
 
When they switch, millennials may choose non-traditional companies that lack lengthy financial service pedigrees. New players are competing for millennial business and social media is a powerful influence in directing them towards alternative service providers. Millennials aren’t shy about moving their accounts to untraditional institutions they’ve heard about through friends, influencers, and contacts. Millennials are 2.5 times more likely to switch FI’s than baby boomers. It pays to listen and engage via social media.

What Else is Important?
The focus on technology and usability don’t completely erase the value of traditional FI offerings. The millennial generation carries a lot of debt, much of it from student loans. Higher saving account interest rates or fewer fees still matter to this group that needs to stretch their paychecks as far as possible. Personal service continues to play a part also, with two-thirds of millennials reporting visits to a physical branch within the last six months.
 
Branch visits aren’t the same for millennials as they have been for older generations. Millennials value their experiences. They document ordinary events and share with friends and followers. FI’s may need to re-think the branch environment from a millennial point of view and introduce features and incentives to get their target customers into the buildings.
 
Interactive and personalized educational programs might be a worthwhile approach. 92% of millennials believe they don’t have the financial knowledge necessary to deal with upcoming life events such as buying a car or a house. Sponsored social gatherings coupled with educational opportunities can allow FI’s to connect with this audience in person.
 
Dealing with millennial customers can require FI strategy changes. They will need to partner with organizations that understand the trends and have invested in the technology to carry out a program catering to this group. Lack of loyalty is a double-edge sword. Keeping current customers can be a challenge, but wooing others away from FI’s that are not satisfying millennial needs is an opportunity for organizations willing to invest in a communications infrastructure that supports the necessary functionality.

Most companies regard transactional documents and other communications mailed to their customers as a necessary evil. They are focused on how to get this task accomplished at low cost, not on why they are doing it or how those documents support their organization’s overall goals. Most print and mail service providers are similarly oriented as they tout their technology to drive down costs.
 
Technology like modern inkjet printers and intelligent inserters help print/mail vendors produce and distribute printed documents accurately and efficiently, but most print service providers aren't looking at the broader view of solving their clients’ business challenges. Their focus is limited to the production of printed and electronic documents.

A Different Approach
Lanvera is a technology company. We use print and mail as one part of a complete solution for our clients, and we have invested in hardware and software to handle the task. But our approach differs from our competitors. Our initial discussions with new clients may not even mention printing and mailing. We’re more interested in what your financial services, insurance, healthcare, or other organization wants to accomplish. We will address the physical document production component, but only as it affects your customer experience strategy.
 
Let’s take monthly financial statements as an example. All financial institutions generate statements for their customers and members. These communications are important customer touch points. They are produced consistently, welcomed by the customers, and are opened and read by over 90% of the recipients.
 
When working with Lanvera, you can expect us to strategize with you about these transactional documents.
 

• Is statement messaging consistent with other interactions customers have with your company?
• Is the content relevant and personal to each customer’s account status or financial portfolio?
• What problems can you solve by communicating more effectively via the monthly statements?
• How can you take better advantage of this regular appointment with your customers?
• What other products or services would you like to sell to your existing customers?
• What actions do customers take after receiving their statements? How does this differ from the actions you want them to take?

 
Questions like these aren’t centered on the mechanics of sending statements to your customers. You’ll notice they didn’t cover traditional topics like page counts, cost savings, or lowering postage costs. Those are important points to cover and we always do that, but at Lanvera we think solving your business problems and helping you achieve your mission statement goals are priority issues. Concentrating on what you print is more important than how we print it.

A Big Picture Focus
Because we’re a technology company that also prints and mails, we avoid difficulties typically faced by competitors that view themselves solely as print and mail vendors. Print/mail service providers are involved at the end of a complex process of transactional interactions and data interpretation. A big challenge is fitting the data their clients provide them into an efficient document production workflow. Because Lanvera is working with our clients far “upstream”, we are well acquainted with the data used to generate the printed or electronic documents. The process flows easily, allowing us to offer the benefits of our well-established white paper workflow to all our clients. Even companies with smaller volumes that may not qualify for discounts with a typical print/mail service provider can take advantage of our highly efficient processes.
 
The Lanvera approach is unique. We’ve built a state-of-the-art document processing facility but we’re not interested in being just another print/mail service provider. Instead, we look at our clients’ overall objectives and then offer them technology solutions that impact the customer experience at many critical points in the customer journey.

Many financial institutions struggle to integrate customer-facing applications. Program administration often resides in separate business units with little synchronization between them. Coordinated customer experience (CX) is difficult to achieve when the applications are running under separate software and accessing independent databases.
 
This situation came about as financial institutions (FI’s) scurried to meet rapid implementation targets demanded by top management and FI customers. To respond, information technology groups, and sometimes business units themselves, deployed standalone solutions that met marketplace requirements but resulted in a convoluted collection of uncoordinated systems.
 
As mobile communications became must-have’s in the FI marketplace, business units within FI’s contracted with outside development firms specializing in mobile apps. Time to market was the driving motivation. Now, application disconnections contribute to inconsistent branding images and customer experiences.
 
Making matters worse, some legacy FI systems are increasingly difficult to maintain. When regulatory changes or competitive pressures mandate new features, IT must find resources with the knowledge necessary to code and test the modifications. Given the maintenance headaches, IT might prefer to re-write the old code modules in a modern language, but there’s never enough time or budget. Patches and workarounds proliferate.

A CX Overhaul
FI’s need is a comprehensive overhaul that consolidates all the functionality in a single customer communications system. In many financial services organizations, customer communication frameworks can barely handle the communications challenges of today. Original programmers did not build dynamic on-statement messaging and channel preference, for example, into legacy document applications still generating transactional documents. Future communication technology developments are likely to present an even greater management issue for these aging computer programs.
 
A new comprehensive system for customer communications can generate plenty of benefits for FI’s. Unburdened by old technology, organizations can concentrate on what they want to communicate to customers instead of worrying about how to do it. Redesigned communications composed with modern software can allow FI’s to include interactive charts, add color, or enhance documents with details that improve comprehension and reduce call center traffic. Marketing teams can target their messages, test multiple versions, track results, and respond to rapidly changing conditions without waiting weeks for their turn on the IT priority list. New customer communication systems can deliver documents via the customer’s mobile device or other channels while maintaining consistent branding and functionality. Customers can start a process in one channel and finish in another while navigating within a contiguous environment.

Customers Demand More
Consumers expect companies to know their interests and anticipate their needs. Companies like Amazon and Netflix communicate with them on a personal level and they expect similar treatment from the companies that handle personal details like their finances. Financial institutions must step up their efforts in this area to gain customer loyalty.
 
Most FI’s, particularly small to medium size organizations, realize creating a modern, omni-channel customer communications system from scratch is a huge undertaking. They don’t have the internal IT resources to build, test, and integrate all the components. Outsourcing their customer-facing communications to a partner with brandable solutions already in place is often the only path that yields positive results within a reasonable timeframe.
 
Lanvera is a world-class provider of end-to-end outsourcing solutions for transactional and business-critical communications. We couple cutting edge technology solutions with industry expertise to solve the complex business challenges facing customer-critical document delivery. Lanvera lets clients provide data in any format while delivering documents via any channel, including print, mobile, web and ePresentment.
 
Our consultative approach, ongoing technological investments, and custom solutions provides FI clients with answers that satisfy their business challenges. We have been specializing in creating customized solutions for the creation and delivery of business-critical data on any digital platform and print for over 30 years.

Postage is the greatest expense in any mailing project, whether direct mail advertising, transactional communications, or regulatory notifications. In the USA the cost to send mail is relatively cheap compared to other countries, but that doesn’t mean mailers should spend more than necessary.
 
The US Postal Service allows commercial mailers to lower their postage costs through a program called workshare discounts. Doing some of the work necessary to distribute and track the mail entitles mailers to pay reduced postage rates. Mailing professionals at your mail service provider (MSP) know how to qualify for these discounts and pass savings along to their clients.
 
The Postal Service requires mail to meet certain criteria to qualify for workshare discounts. MSP’s add value to their services by ensuring client mail qualifies for postage discounts by meeting standards for:
 

• Address quality
• Barcoding
• Sortation
• Preparation
• Induction

 
Address Quality
The USPS spends about 1.3 billion dollars every year handling mail they can’t deliver because of inaccurate addresses. By fixing addresses in advance, mailers help the Post Office lower their costs. They receive postage discounts in return. Unlike many kinds of business data, mailing professionals can standardize and correct mailing addresses without creating extra work for their clients. Mail service providers use sophisticated software and USPS databases to make sure streets and cities are spelled correctly, proper abbreviations are used, and addresses fall within a range of known house numbers.
 
Once an MSP standardizes and corrects addresses, they compare client mailing files to the National Change of Address (NCOA) database. The software updates the addresses for any individuals, families, or businesses who have filed a change of address notice with the Post Office.
 
The US Postal Service checks the mail for accuracy. If mail exceeds certain error thresholds, the USPS can fine mailers or revoke postage discounts. MSP’s must be diligent in their mail preparation efforts, continually adjust their procedures, and update software when mailing regulations change.
 
Barcoding
Intelligent mail barcodes (IMb’s) contain a wealth of information that allow the US Postal Service to route the mail, track mailpieces as they proceed through the distribution network, and more. The USPS must process un-barcoded mail through multi-line optical character readers (MLOCR’s). These machines read the printed addresses, look up information, and spray the barcodes on the mail. When mailers present mail already encoded with the IMb’s they qualify for special postage rates and save the Postal Service time and money.
 
Sortation
Sorting mail into a sequence that allows for efficient routing and transportation speeds delivery and saves the USPS a tremendous amount of money. When mailers can present mail trays, pallets, or truckloads of mail already coded and sorted for delivery the Postal Service rewards them for their efforts with postage rate reductions.
 
Preparation
Mailing today is a data-driven automated process. MSP’s must abide by USPS rules for how they handle the data, create and package the mailpieces, and transmit information to the Postal Service. Large data files prepared by MSP’s provide all the information the Postal Service needs to track the mail, charge mailers for postage, verify the mail meets all regulations, and perform other necessary actions. Trays and other mail containers must include identifying tags and labels. The days of filling out paper mailing forms and manually preparing the mail have past.
 
Induction
Just because MSP’s produce mail in a certain location doesn’t mean it must enter the mailstream at the closest USPS facility. Some MSP’s include logistic services. They analyze the mail and decide if trucking some of it to locations closer to the final destination is more cost-effective than depositing the mail locally. Known as drop-shipping, this tactic earns mailers extra postage discounts. Drop-shipping is most often used for marketing mail with a target in-home date. On a national mailing, inducting the mail locally in each market provides for more predictable final delivery dates.

Postage Savings for Clients
Print/mail service providers generally pass postage savings along to their clients. Most do not describe postage discounts as line items on client invoices so clients may need to investigate to determine exactly how the service providers compute their postage bills.
 
For repetitive jobs such as bills or statements, MSP’s will often analyze a client’s mailing data to determine the sortation level at which the mail will qualify. Clients with high geographic concentrations of customers, such as utility companies, will qualify more of their mail at lower postage rates than clients who mail to customers dispersed across large areas. MSP’s will quote each client an average postage rate based on the characteristics of their mail. Mail service providers may compensate clients for any additional discounts earned through co-mingling or other extra work they do. They may factor the savings into per-piece prices for printing and mailing.
 
In other cases, such as for one-time mailings, MSP’s might track actual postage paid and pass the cost through to the client. Prices for printing and mailing services might be slightly higher since the MSP won’t be keeping a portion of the workshare postage discounts.
 
You should never pay more for postage than necessary. Overpaying doesn’t get your mail delivered any faster or provide any extra benefit. Call the document delivery specialists at Lanvera to talk about strategies for lowering your postage bill.

Baby boomers are still a force to be reckoned with. By 2021 half of the U.S. population will be over age 50 and they will control 70% of disposable income. As financial institutions (FI’s) scramble to appeal to millennials and younger groups that will fuel the future, they cannot afford to ostracize the baby boomers.
 
Consumers born between 1946 and 1964 account for about two-thirds of America’s bank deposits. The balance of wealth isn’t likely to change for another ten years. The American Bankers Association estimates new products and services aimed at baby boomers could create up to $82 billion in deposits and $443 billion in investable assets. Boomers are a demographic worth pursuing.

Avoid Stereotyping
Baby boomers don’t think of themselves as “old”. They are still active, working, and embracing technology when it fits their lifestyle. FI’s that categorize baby boomers as “senior citizens” or slow technology adopters are making a mistake. Millennials and boomers share similar views about how they want to interact with their financial institutions.
 
Online banking is a good example. Baby boomers may think of their financial institutions in terms of physical branches and tellers instead of only a name on a credit card or a mobile app. But they still appreciate the convenience of app-based features like remote check deposit, suspicious account activity alerts, low balance notifications, and credit card due date reminders. Some studies suggest the number of boomers that rely completely on mobile apps for banking services will rise by over 50% over the next three years.

Design Appropriately
Baby boomers pay their bills online and use FI websites and apps to check balances, transfer funds, or do other business. FI’s should make sure these services are available on all platforms and design their application interfaces so they don’t impede the ability of older customers to use them. Include on-screen instructions or tips that clearly show customers what to do next. While a millennial may naturally swipe the screen to find more information, boomers sometimes require more explicit direction.
 
Most of the app designers are millennials themselves. They may not be thinking about adapting their interfaces and systems to be attractive to their parent’s generation. With half of baby boomer banking customers possessing over $100,000 in investable assets, FI’s would be foolish to publish apps that confuse those who are not digital natives. They don’t want to turn these wealthy customers away from the FI’s latest products and services.

Earn Loyalty
Another reason for shifting some attention back to the boomer population is their loyalty. Customers over 55 years old are inclined to continue doing business with financial institutions they have patronized for years. Ignoring this group by spending most of the marketing budget wooing millennials, however, will try their patience. People in all age groups want to believe companies appreciate their business.
 
In a Gallup poll, nearly two-thirds of baby boomers surveyed said they were indifferent or dissatisfied with their FI relationships. This statistic indicates the emphasis FI’s have placed on pursuing millennials has left the boomers feeling unconnected and unappreciated.
 
Here are a few areas where content and campaigns aimed directly at baby boomers can yield positive results:
 
Investments
Identify customers who have accumulated assets worthy of discussions about annuities or other investments and engage them with educational material, retirement calculators, etc.
 
Estate Planning
Information about tax advice and trusts can be well-received when directed at high-value individuals most interested in strategies for distributing their wealth. Promote the FI’s estate planning professional services offerings to this group.
 
Mature CD’s
Triggered communications allow FI’s to approach account holders at the right time. Push out material featuring tips and advice about what to do with the money in certificate of deposit accounts as each CD nears maturity.

Seize the Opportunity
Opportunities for improvements abound. FI’s can focus on encouraging their older customers to be comfortable with digital products, prompting boomers to conduct more of their business digitally. This will allow FI’s to track activity, manage relationships, and communicate with their best customers (in terms of assets) more effectively.
 
Financial institutions have two lucrative markets to serve. They should consider re-allocating a portion of the resources dedicated to millennial product development and marketing. A strategic shift today will allow FI’s to grow their businesses now with baby boomers as they continue to attract millennials and build revenue streams for the longer term.

By 2025 millennials will make up 75% of the workforce. This group is famously fickle when it comes to brand loyalty and they've been known to switch brands when a company makes a mistake or they aren’t treated as individuals. What does this mean for financial institutions? What must they change to earn loyalty from their millennial customers and avoid excessive customer churn?
 
Millennials are more likely to change banks or credit unions than other generational groups. If they have a problem, they aren’t shy about switching their accounts. However, studies also show the millennials are less likely to report problems to financial institutions! This suggests FI’s need to be skilled at identifying potential trouble spots and they must communicate effectively with their millennial customers to ward off negative experiences.
 
Examples might include predictive analytics that allow an FI to foresee credit score changes that might affect interest rates or warning customers about low account balances before they experience overdraft fees.
 
Making it easier to report problems is also a practical strategy for retaining millennial business. This generation uses a variety of communication channels so make sure they can voice their concerns via mobile apps, social media, text message, and email. FI’s obviously need to ensure they employ mechanisms to respond quickly to complaints or issues customers raise through these channels.

A Seamless Experience
A unified, personalized experience resonates with the millennial crowd. FI’s must continue efforts to combine isolated data repositories so they can leverage information gleaned from multiple customer relationships. Portals that offer customers access to financial products in a single environment can be a differentiating factor that encourages loyalty. Millennials are more focused on convenience than previous generations. They will welcome a unified dashboard where customers can retrieve all their financial documents on demand.

Mobile First
Mobile must be part of the strategy. Millennials use mobile apps to check on balances and transactions, transfer funds, or originate person-to-person money exchanges. These mobile activities must be quick and easy. This generational group abandons applications that take too long or require too much hoop-jumping to complete a task.

A Personalized Experience  
After convenience, personalization is probably the most important aspect of millennial business relationship nurturing. Data must be accurate and deployed at every customer touch point. Millennials want to feel their FI appreciates their business and knows them as individuals. Otherwise, banking services become a commodity easily replaced by organizations the customers perceive as being different, such as branchless neo-banks.
 
An omni-channel experience is especially relevant for millennial customers. They want to choose how and when they communicate. Be prepared for conversations that begin in one channel but transition to others on the whims of millennial customers. Whether on phones, tablets, computers, or in the branch, millennials expect their historical interactions will be fully accessible and interconnected. Think of customer communications as a platform instead of a collection of vertically oriented pipelines of information.
 
Millennials may be un-enamored with conventional banks, but as they mature and their financial requirements grow, they will need the guidance and support established FI’s can provide. Very few millennials say they are confident about their financial acuity. By providing the frictionless environment the millennials desire today, FI’s can continue growing and nurturing their customer relationships. This will position them as the go-to resource when millennials need car loans, mortgages, investment accounts, or life insurance.

Many direct mail or graphic arts companies process transactional documents as a sideline to their core business, but they aren’t the best choice for producing critical customer communications. The skills necessary to produce direct mail, forms, publications, or packaging differ from those necessary for high-volume printed and digital transactional documents. Be careful about choosing a vendor to handle essential customer touch points like bills or statements. The company that prints your business cards may not be the one best suited to process complex personalized communications for you.
 
All customer communications are important, but highly personal documents that include sensitive data such as financial information come with added responsibility. Service providers creating these documents must make sure they send every physical page or digital image – such as email, SMS and ePresentment – to the right person and they deliver the material on time. Best practices dictate document service companies track the personalized material as it proceeds through the production and delivery steps.
 
Requirements for direct marketing communications are not nearly as rigorous. Consistently performing at the level necessary to handle transactional documents and communications require a different mindset than one normally finds in shops that concentrate on graphic arts or direct mail applications.
 
Two Definitions of Document Quality
Communications like invoices, statements, notices, or tax forms are filled with information meant for a single individual. Failing to get the information to the right person or accidentally revealing private information to the wrong person can have serious consequences. Organizations can face regulatory infractions, fines, lawsuits, and damaged reputations. Transactional document processing providers build safeguards into their workflows to prevent data and document integrity errors from happening or to catch and correct them before they leave the building.
 
Document quality has a different meaning in graphic arts and direct mail shops. They are more concerned with details associated with the images, like registration and color, than the integrity of individual documents. Organizations specializing in direct mail will discard damaged or corrupted documents. The industry accepts a certain level of spoilage. Reprinting or re-generating documents rarely happens in such environments.
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More Transactional Document Considerations
Delivery channel preference management is another area to consider. In graphic arts and commercial printing applications, customer-specific distribution decisions are not dependent on a variable stored in a customer database. Commercial printers ship finished materials to their customers or send them all out via postal mail. Also, processes for delivering important messages through secondary channels don’t exist. If a recipient doesn’t open an email communication within a certain time period, for instance, direct mail companies rarely print a physical version and send it to the customer’s postal address. Printing companies often won’t know when delivery attempts fail and lack a procedure for notifying their clients of these events.
 
Transactional documents often feature variable page counts. A financial statement for one customer may be one page, but the next customer’s statement might be five pages. To ensure every customer receives all their printed pages, transactional document service providers develop controls to count the pages as they create them. Automated systems then communicate this information to the finishing equipment. Duplicates or missing pages sensed by folding and inserting equipment causes the machinery to stop and report an error or divert the mailpiece for special handling. This level of quality control isn’t necessary in the graphic arts and direct mail world where physical characteristics of all the documents in a job are essentially the same.

Specialist of Singe Source Provider? 
By choosing an outsource customer communications supplier that specializes in transactional documents, companies can be assured their vendor understands detailed document production processes. These companies have developed reliable and consistent production workflows that account for every component of every message. They have systems for re-generating damaged items, and know how to distribute each message through the physical or digital channel each document recipient has selected.
 
Before turning your critical customer communications applications over to the company that creates your marketing materials, be sure they have invested in the behind-the-scenes software and hardware appropriate for the documents they are asking to handle. Visit their facilities and get a feel for the company’s culture. Ask them how they handle damaged documents. Review their processes for tracking all your documents through the production process. Some companies have these procedures in place, but most do not. It’s not worth the risk to turn your most important customer touch points over to an organization unprepared to ensure every message they generate on your behalf protects your organization’s image and reputation.