How Many Credit Unions Rely on Outsourced Statement Printing?

Oct 22, 2019

People who don’t work in credit unions or the credit union industry might not get it. But we do. Credit unions have countless responsibilities: to their members, to regulatory bodies, and their staff.

Statement printing is necessary work, but it’s low reward. Your credit union members expect it. The NCUA definitely expects it. But are you ready for it?

In this article, we’ll look at how many credit unions rely on outsourced statement printing. Then, we’ll look at a few things that may have factored into their decision to outsourcing that responsibility.

Bring in Expertise

Credit unions have many things going on internally at any given time. They’ve got IT departments, marketing departments, loan officers, tellers, and more. All play their role, and they play their roles well.

However, playing a role well generally means not spreading oneself too thin. It means playing to one’s strengths.

But here’s the catch:

Very few credit union employees have made statement design and printing their strength. And we get it: it’s not glamorous work. But it’s necessary.

On the other hand, third-party statement vendors have made it their strength. They’ve learned all the particulars:

  • All the core data output formats
  • Credit union industry particulars
  • The ever-changing compliance requirements
  • How to convert more members to e-statements
  • How to make effective statement designs
  • How to save money

Credit unions who outsource their statement printing needs rely on these skills from their vendors. They rely on other vendor skills as well, but these seemed the most prudent to include in a short blog.

What’s more, vendors can support your credit union through its services. If you need edits, new marketing avenues, or help with new statement compliance issues, they’re your best allies.

How Many Credit Unions Rely on Statement Printing Vendors?

We’d love to answer this directly, but unfortunately, we can’t. We’ll put it this way, though: many credit unions have made the switch, choosing outsourced statement printing over in-house production.

XDI alone is closing in on providing outsourced statement printing or related services for nearly 200 credit unions. And, when you consider that there are multiple vendors in the statement printing industry, the picture becomes clearer:

A rather large percentage of the credit union field has opted for outsourcing statement printing.

Outsourcing for Efficiency

Design is one area that many people have opinions on, but few people have a knack for. The key with credit union member statements is that the design must be—above all else—functional.

Outsourced statement printing features optimized design layouts that maximize utility while minimizing wasted space. For example, many credit unions fit about 15–20 transactions listed per page. XDI is able to double that (to 30–40 transactions per page) with simple layout adjustments.

That’s the sort of design that vendors bring to the table. Sure, it looks good, but it also works.

Further Reading

There are numerous benefits to outsourced statement printing, but experience is a big one. Plus, outsourcing that design saves money on printing and postage.

If you’d like to read more about outsourcing statement printing, follow the link below!

Why Credit Unions Should Consider Statement Printing Outsourcing

Subscribe to our blog!