Three Ways Outsourcing Documents Can Saves Money For Your Credit Union

Perhaps the biggest advantage of using a credit union is the money savings that members enjoy over what they would normally pay in interest and fees at a commercial bank. Naturally, part of this is due to the non-profit orientation of a credit union, but it always helps to keep expenses down. One way your credit union can save money is by outsourcing some of the routine paperwork done for your customers. The following are three areas where your credit union can save money.

Monthly statements

Although many credit unions have tried to move to a paperless system, there are many customers who want to have a monthly statement sent to them. This can be time consuming for a credit union, so by subcontracting this work, the administrative staff can be reduced, or at least kept from growing larger than in needs to be. These monthly statements can include those for checking accounts as well as credit card statements. Any loan payment coupons that are required for customers can also be taken care of by a third party service. Tax forms can also be prepared and sent out at the end of the year. Another area to save money is outsourcing check printing.

Electronic services

All of the paper services that are offered can also be accomplished electronically. In fact, there are subcontractors that offer both services, so your customers can decide which form of statement they prefer: electronic or paper. These electronic services can also extend to the method the statements are delivered, including the sending of information, in a secure manner, to mobile devices.

Marketing services

As a complementary service, certain marketing efforts can be subtracted in conjunction with paper and electronic statements. This includes newsletters and other promotional material to accompany hard copy statements. With electronic statements, various promotional messages can be sent as a cover letter to accompany the document attachments of the email.

In general, it is a good cost saving method to subcontract anything that is outside of a business’s core product offering. A credit union can be more productive by outsourcing most of the routine documentation needed for their customers. There is more than one company to choose from when shopping for outsourcing. Most of them will offer the same basic service for a credit union, but there are usually different options available. On example of this type of company can be found at Lanvera.com.