STATEMENT PROCESSING 101: 6 NECESSARY TECHNOLOGICAL INVESTMENTS

Communicating with customers is expensive. That’s a fact. The daily notices, statements, invoices and other transactional documents you’re required to send out represent a significant amount of cost for any organization.

The main component of document processing costs? Technological Infrastructure.

These days, customers expect personalized and easy-to-read documents, available on numerous delivery platforms and customized to specific individuals rather than a general audience. Today we’ve compiled a list of the 6 elements that comprise the most advanced technological infrastructure, and thus, the most efficient operational systems.

1. Design Software – The first step in driving down costs is how you design your customer documents. Software that is easy to use, provides the ability to maximize page real estate, and capitalizes on personalized messages is critical to offer customers optimized and clear documents.  

2. Marketing Software – Marketing software should accommodate easy design and dynamic inclusion of banners ads, marketing messages and customized clickable links in eStatements.

3. Intelligent Inserters – Insertion equipment is essential for fast production, as it eliminates the time spent individually stuffing envelopes, and allows for marketing inserts to be included based on rules and workflows.

4. Fast and advanced printers- The sheer amount of printers necessary to provide fast production of documents is intimidating for businesses with high volumes of customer communications. Additionally, consumers are beginning to expect color graphics and complex imaging in their statements, which requires even more advanced and expensive equipment, and increased capital expenditure.

5. Archival and Tracking Software – Once documents hit the mail stream they need to be tracked, and even after they’ve been delivered, they should be accessible to customer service reps and customers alike. Software that allows for mail tracking and document archival  is critical.

6. Security and Back-up- All customer document data should be backed up comprehensively and securely. A business continuity plan is an expense that, if neglected, could result in serious consequences such as lost business, lost customers, and lost profit.

These costs add up, so it’s no wonder that approximately 50-70% of total indirect spend in the financial service industry is allocated to IT and technology alone, both in the form of software and equipment, and it’s estimated that this spending could surpass $500 billion by 2020.

The good news? Document outsourcing companies, like Lanvera, are here to take these expenses off your hands, decreasing your capital expenditure funds, and providing document processing costs that are predictable, manageable, and in line with transactional volumes. Contact us today to find out how Lanvera can help your business reduce IT spending and improve statement processing operations.