Evaluating Credit Union Statement Vendors

Nov 05, 2019

Still many credit unions design, print, and send their own member statements. They’ve been doing it for a while and they’re comfortable doing it. Yet, a growing number of credit unions are moving toward outsourcing that responsibility to third-party vendors.

The credit union statement industry isn’t victim to any monopolies. In fact, there are several great vendors out there to choose from. And the thing is, all the vendors off the same basic services. So, how can your credit union evaluate them?

In this blog, we’ll look at a few ways you can differentiate different credit union member statement vendors. If your credit union is looking to outsource your statement printing, this might help you move one step closer to a decision.

The Basics

We’ll start with the basics. And don’t worry—we won’t get too bogged down in this part. You could even skim this section without missing much. The bottom line is, there aren’t many differences between the services that different vendors provide.

To start with, opting to work with a vendor instead of doing things in-house confers a few major benefits:

  • There’s often a cost-savings consideration
  • Vendors tend to be faster and more efficient
  • Statement vendors don’t deal only in statements—they can also help you with notices, tax forms, coupons, inserts, and other printed or electronic collateral
  • Higher levels of document and information security

Working with vendors instead of managing production in-house will simplify your experience no matter who you partner with. And, while all vendors may be similar, they are certainly not the same.

To differentiate them, you may consider what else each vendor brings to the table.

Credit Union-Specific Services

One way you might differentiate different statement vendors is by their focus. Does the vendor produce statements for a wide variety of businesses? Can they react quickly to industry-specific regulatory requirements? Do they understand credit union needs, and can they anticipate them?

Vendors who work only within the credit union industry are more likely to provide comprehensive support. They’ll be able to speak fluently about credit union issues and pain points, and they will bring nuanced, experienced solutions to the table.

Community Involvement

Credit unions are about community. They take care of the region they operate in, and they help the people who live there. There’s a reason why credit unions have “members” and not “customers.”

Some vendors, like XDI, do their best to continue that spirit of community. For example, XDI hosts chili cookoffs and cornhole tournaments for those who work in the credit union industry. While the events are fun and help to bring joy and togetherness to the industry, they’re also about giving. Tournament winners choose charities to whom they donate their prize money, ensuring the ongoing prosperity of the members, communities, and regions to which they’re tied.

When you look for a vendor, see if they’re the type of vendor who goes the extra mile to give a little something back to the people who support them. Would you rather buy services from a faceless corporate vendor, or would you prefer a team who continually makes an effort to improve the world around them through their business?

Transparency and Cost

One of your primary motivators is going to be money. That’s what credit unions help their members with, and it’s also what makes the world go ‘round.

Make sure that your credit union statement vendor is transparent about costs. Can they tell you what any given service will cost? Will they give you a rough estimate, or will they give you a solid number, down to the penny?

Nobody likes hidden fees, rising costs, or extra charges that seemingly appear from nowhere. Make sure that your vendor is willing to speak plainly about numbers with you.

Final Considerations

Ultimately, your credit union’s goal is to ensure expediency, cost-effectiveness, compliance, and accuracy. Just about any credit union statement vendor can help you with that.

However, there are many other differentiating factors out there. We’ve included a few to think about here. At some point, the question becomes: who do you want to do business with?

That may help you find the right vendor to partner with.

If you’d like to read more about credit union statements and vendors, follow the links below!

Why Credit Unions Should Consider Statement Printing Outsourcing

How Many Credit Unions Rely on Outsourced Statement Printing?

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