All financial institutions are required to supply monthly and quarterly statements to customers who elect to receive them. This regulation can be a burden to some credit unions who do not have appropriate systems in place to provide personalized documents to their members. Without variable data management in place, printing and providing specific member statements can be an issue that is time-consuming and costly.
Port of Houston Credit Union and USI Federal Credit Union previously worked with a supplier who provided data management services and printed and mailed all of the statements to their members; however, after transitioning to a new software provider both credit unions were referred to an outsourced printing company as a way to produce statements for their members. There was a high cost associated with the company’s production services in addition to limited printing options. Both credit unions were restricted from selecting specific member’s statements to print. Instead, they had to produce each member’s statement, even if some members chose to go paperless and bank online.