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.
After deciding this option was not effective, Port of Houston Credit Union and USI Federal Credit Union attempted to print and send the member statements in-house, but they still faced issues with these manual processes. Due to their limited production capabilities, paper was wasted by single-sided printing and employee’s time was wasted folding all each member statement and stuffing envelopes by hand. Additionally there was a high cost associated with purchasing the right paper for the statements.
The Function4 Solution:
To solve Port of Houston Credit Union’s and USI Federal Credit Union’s production challenge, Function4 supplied a customized printing solution that offered personalized document preparation and delivery. DocForm, a product offered by Prism Software, a Function4 partner, was installed to manage variable data, allowing the credit unions to select the statements that needed to print monthly or quarterly. The software also provided transaction receipts and statements on demand for customers, eliminating unnecessary printing. Furthermore, the credit unions could use the software to attach additional pages at the end of member statements instead of having to print the page
separately and manually collate them. Function4 also equipped Port of Houston Credit Union and USI Federal Credit Union with double-sided printing capabilities to save printing resources.
Port Of Houston Credit Union
Port of Houston Credit Union and USI Federal Credit Union provide banking services
for their members. From checking and savings accounts to loans and mortgages,
both credit unions offer their customers many products and services which requires
effective data management.
Saw an immediate ROI in regards to saving time, money and resources.
- Printing that used to take a few days to accomplish now is complete in a couple of hours.
- Saved 50% on printing costs compared to outsourcing.
- Provide better customer service for their members by printing statements on demand.
- Streamlined variable data management.