The Challenge
Banks are subject to various regulations and reporting requirements, and bank statements play a crucial role in meeting these compliance obligations. They provide the necessary documentation for reporting financial information accurately, ensuring transparency, and facilitating audits by regulatory bodies.
When Gallipolis, Ohio-based Ohio Valley Bank lost a team member who was in charge of the in-house printing and mailing of bank statements, it left the organization scrambling to fulfill those duties. Initially, other team members had to pick up that responsibility, but the result was IT team members being taken away from their obligations to spend time ensuring that their customers were receiving communications. Ohio Valley Bank’s leaders knew they had to find a better solution.
Complicating matters, the effects of the COVID-19 pandemic on the supply chain caused difficulties in securing paper products. Between the rising cost of paper products and the additional stress on the employees, the bank decided they needed to outsource the generation and fulfillment of their statements.
The Solution
In June 2022, Ohio Valley Bank selected HC3 to outsource the printing and mailing of their customer communications. HC3 was selected after reviewing three vendors. Frank Davison, Senior Vice President of Operations at the bank, had previously worked with AutoMail/DOC, which had recently been acquired by HC3. Davison noted that HC3 had a phenomenal reputation for providing strong support for both timeliness and quality.
“When it comes to selecting a new vendor, the biggest factor for me is my familiarity with them,” Davison said. “Other things I look at are positive recommendations and their reputation with current customers. HC3 checked all the boxes. Between the recommendations and my relationship with AutoMail, I knew HC3 was the way to go.”
Along with outsourcing the printing and mailing of their customer communications, Ohio Valley Bank also worked with HC3 to redesign their bank statements, updating the look to reflect a more digital-focused world. Ohio Valley Bank was able to select from a group of templates to best fit their vision for their new statements.
The Results
With the support of HC3, Ohio Valley Bank streamlined their statement process and relieved the burden on their staff. Those employees can now focus on their top priorities and ensure strong customer engagement while trusting HC3 to communicate insightful financial information through their bank statements. HC3 also solved Ohio Valley Bank’s material sourcing issue by providing the paper for the communications and saved the bank money on postage rates.
Along with the time and resources Ohio Valley Bank saved by outsourcing, the organization is also able to lean on HC3’s multiple printing and mailing facilities, which are equipped to cover outages or other delays that may arise. Working with HC3 has also eased the auditing process for Ohio Valley Bank by providing transparent reporting and working directly with regulatory bodies.
Through outsourcing, Ohio Valley Bank was able to refocus its time and skills on projects that help innovate and grow its organization. Partnering with HC3 allowed them to provide thoughtfully designed bank statements that bring value to their customers by engaging them with key financial information.
