Because Best-of-Breed Technology, Superior Service, and Compliance Support Matter
by Jeremiah James, HC3 Chief Product Officer
Financial institutions frequently use their core provider for statements, but there are good reasons not to follow the herd in this case. Statement vendors offer technology sophistication, levels of service, and compliance assistance that core providers simply cannot match.
Best-of-Breed Technology
Core providers offer statement outsourcing as an add-on, but their primary focus is broader banking operations, not specialized document production. Using core providers for everything necessarily involves compromising the ability to have best-of-breed technology in multiple settings. Options become limited. Financial institutions that diversify their tech stack with a dedicated statement vendor gain the ability to enhance their brand through statement versatility and they become more agile in responding to customer communication needs.
The best-of-breed technology available from HC3 allows you to shed the boring, basic statements of the past and create attractive statements designed to help define and promote your brand. Statements can be customized to generate marketing messages that announce timely changes, match the demographics of customers, or are tied to specific branch locations.
Superior Service
The contrast in service between a core provider and a statement vendor can be significant. If you have a crisis, can you reach your core provider for help immediately? Your HC3 dedicated representative is available to assist when you need help.
The elevated level of service you get from HC3 translates into better service for your customers. You can respond to customer queries faster, because you can find the answers you need internally faster. Customer communication is strengthened across the board.
Compliance Support
Compliance with governmental regulations becomes easier when you have the support of a statement vendor. For example, perhaps an audit has just been completed and regulations require that you disclose specific audit results. Statement vendors give you options for including customized information in statements, and that ability can greatly facilitate the work of getting the audit results announced as needed.
Whatever compliance concerns you have with statements, HC3 can provide the support you need to manage those challenges. Statement vendors are experts in the use of technology to address compliance issues.
Break with Tradition
Using a core provider for statements is often not a conscious choice for banks and credit unions. Instead it happens by default and for convenience, given that statements are simply part of the core ecosystem. Perhaps no one bothered to examine the pros and cons of using a statement vendor or asked if using the core provider for statements is actually the best solution. Now may be the time to break with tradition and use a statement vendor instead of your core provider. You’ll be able to enhance your brand with more versatile statements, you’ll get better service when you need it, and you’ll have more support with compliance issues. HC3 is ready to help.
