Should Credit Unions Outsource Statements and Notices During COVID-19?

COVID-19 took North America by storm, and the U.S. is the heaviest hit in the world. To combat the spread of the coronavirus, many credit unions are encouraging remote work. Some have closed branches entirely.

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Responsible Lending Options and Member Financial Health

If you make a good salary and feel comfortable with your job security, then you’re very much in the minority in America. For most, the American dream is just that: a dream. The fact is that nearly 4 in 5 people are living paycheck to paycheck right now.

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Should You Outsource Your Credit Union’s Statement Processing?

Statements. Notices. Tax forms. You name it. Handling paper notices—and converting people to eStatements—can be both tedious and costly. To counter that, your credit union may consider outsourcing its statement processing.

Aside from time and cost savings, outsourced statement processing offers other benefits:

  • Closer attention to detail
  • High accuracy and quality
  • Opportunities for marketing and member engagement
  • Easier path to scale and expansion
  • Years of statement processing experience

So, where can your credit union get started? And which types of member communications can you outsource?

According to Xpress Data Inc., there’s a world of possibilities.

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