New Approach to NSF Notices Streamlines Retail Communications for Leading Financial Firm

Insufficient funds (NSF) and the associated customer account communications can lead to costly, and often sensitive, situations for both banks and their customers.  Customers are faced with the uncertainty of meeting financial obligations while banks must do their part to alert customers in a timely and cost-effective manner of account shortcomings. 

Bank customers are bombarded with a variety of financial-related communications on a daily basis, but as this $34.2 billion Southwestern financial holding company came to realize, retail communications are critical to maintaining successful customer relationships.  Expedited delivery and daily receipt of overdraft notices are vital to the retail side of banking, so customers can quickly resolve any problems.

The Nuisance that was Notifications
With 416 full-service banking centers in six states, and approximately 9,000 employees, this leading financial services provider actively sought ways to control costs and improve the printing and sending of daily overdraft notifications, totaling nearly seven million each year. 

Under their previous processes, an internal mail facility was responsible for the printing and distribution of daily NSF notices.  Using 8.5” x 11” paper, stuffed into a #10 envelope, the customer was receiving a mail presort rate of $0.308, driving them to identify areas for cost savings—a goal all too common among bank operations. 

As time went on, however, the internal mail facility considered the mailing of customer notifications a nuisance, since it required a mid-cycle shutdown of other operations to setup the in-house production of these notifications.  Looking to get out of the print business, the mailroom discovered they were good at managing the flow of information, not producing it. 

The firm feared outsourcing the process might create additional printing, setup or delivery costs.  They had no alternative solution outside of major capital expenditures.  A comprehensive fulfillment capability for managing business communications was needed to combat this financial institution’s operational challenges. 

Outsourcing the Headache
Eliminating the need for dedicated resources or equipment investment, this firm now leverages Standard Register’s people and expertise in data processing, digital printing and distribution to manage and deliver all types of retail customer communications. 

Due to the minimal amount of copy to appear on the communication, the firm was able to make the transition to a new double postcard design for mailing.  By re-designing the document, the overdraft communication replaces the notice that was formerly inserted into an envelope, allowing for immediate postage savings.  The sealed double postcard ensures customer account information is not compromised. 

Replicating the Success
By drawing both their marketing department and an internal project management group into the equation, opportunity to further utilize the new postcard design was recognized.  Based on an analysis of all other notices for effectiveness and efficiencies, this leading financial services provider’s mailing solution was replicated for over 25 different customer notifications, saving nearly $459,000 in postage each year. 

In today's highly regulated environment where privacy is a must and postal rates continue to rise, the ability to send confidential information, cost-effectively, was warmly welcomed by this financial services provider.  Many financial services organizations are exploring ways to offset additional expenses by bolstering print/mail efficiency.  If you’d like immediate information on how you can improve your retail communication processes, contact Standard Register now.