Tax Processing
A large
bank in Connecticut chose to outsource their Recipient Tax Reporting
with Select*Print. With customer notification necessary for over 500,000
accounts, the bank's need for data security and reporting accuracy
was crucial. In prior years, the bank had processed and mailed the
forms internally.
Prior
to outsourcing, the problem the bank faced was accurately estimating
the number of forms that would be needed for January and having an
order placed for the forms by September. They were forced to overestimate
true need because any shortage or production error would necessitate
an emergency re-order. With forms being specific to a tax year, this
overbuying resulted in waste. Processing in-house also put severe
pressure on internal resources.
Select*Print
developed an electronic form which is pulled and imaged at the same
time individual customer data is imaged. The process is to receive
data from the bank and confirm record counts. At the same time, a
proof set of random records is provided as a data integrity check.
Once the bank approves counts and accuracy, Select*Print is authorized
to proceed with imaging and mailing. Presorted mail drops are staggered
over several days at the bank's request. Pulls are accommodated for
accounts that do not mail.
In addition,
each record that is processed is burned onto an indexed CD for archival
and customer service needs. The CD is searchable by customer name
or account number, and copy of the record can easily be printed. The
bank has found this tool to be a valuable time saver for processing
requests from consumers who have misplaced their tax forms.
By outsourcing
the entire production and mailing of year-end tax forms, the bank
has realized several important benefits. No inventory purchase forms
were necessary and this lead to cost savings. In addition, customers
now receive timely and accurate reporting which is graphically easier
to read. And, now the bank is able to provide a more valuable allocation
of internal resources.
Total
implementation time for the project was 4 weeks.
Click
the sample below:
