Managing account statements is a critical but often costly and time-consuming task for credit unions. IMS Integration’s Make A Statement solution offers a way to reduce costs and streamline the statement delivery process, making it easier for both credit unions and their members.
Why Statement Management Matters
Account statements are essential for helping members monitor their account activity, budget effectively, and stay informed about their financial status. However, traditional methods of statement management, which often involve third-party vendors for formatting, printing, and mailing, can be expensive and inefficient.
The Challenges of Traditional Statement Management
- High Costs: Paying third-party vendors to format, print, and mail statements adds up quickly. Last year, the retail banking industry mailed paper checking account statements to 69 million households, costing an average of $9 per customer. Even for eStatements, formatting costs can be significant.
- Time-Consuming Processes: The manual processes involved in managing statements can slow down operations and increase the risk of errors.
- Limited Control: Relying on external vendors means less control over the statement delivery process and potential delays in getting information to members.
How Make A Statement Transforms Statement Management
IMSI’s Make A Statement solution addresses these challenges by providing a more efficient and cost-effective way to manage account statements. Here are some key features and benefits:
- Automated Formatting: Make A Statement generates statements in the format required by your institution and print vendor, saving time and reducing costs.
- Integration with Keystone Core: The solution fully integrates with the Keystone core, ensuring all transactions are accurate and that print and eStatements are submitted separately but accurately.
- Hosting and Delivery: Make A Statement hosts member statements, notices, and tax documents, and integrates with your internet banking vendor. Members receive notifications when new eStatements are available.
- Access for Staff: Your team has easy access to statements, making it simpler to address member inquiries and manage account information.
Practical Benefits for Your Credit Union
By implementing Make A Statement, credit unions can achieve several practical benefits:
- Cost Savings: Automated processes reduce the need for third-party vendors, leading to significant cost savings.
- Operational Efficiency: Streamlining the statement delivery process frees up staff to focus on more critical tasks.
- Improved Member Experience: Members receive timely and accurate statements, enhancing their overall experience.
- Enhanced Control: Credit unions have greater control over the statement delivery process, reducing the risk of delays and errors.
With Make A Statement, your credit union no longer has to worry about the complexities and costs associated with managing account statements.The process becomes simple, efficient, and cost-effective, allowing your credit union to allocate resources to more strategic initiatives.
Simplify Your Statement Management Today
Efficient statement management is crucial for maintaining member satisfaction and operational efficiency. IMS Integration’s Make A Statement solution offers a powerful way to reduce costs and streamline processes, ensuring that both credit unions and their members benefit.
Ready to cut costs and improve efficiency in your statement management process? Contact IMS Integration to schedule a demo of Make A Statement and see how our solution can transform your credit union’s operations.
