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Improve Security and Communication while Reducing Costs

In the routine course of business, financial institutions send mailings to their customers. These mailings comprise of notices, statements, disclosures, marketing information and IRS Forms among other items. These mailings are part of the business process of a financial institution and some are even needed to meet regulatory requirements. The problem of undeliverable mail arises because addresses as recorded on the system are not always current or accurate. Some of the reasons leading to inaccurate addresses has to do with people relocating, buying new houses or just forgetting to update their records. These inaccurate addresses result in undeliverable mail that is returned to the financial institution.

The purpose of this software is to automate the processes required to track and correct these addresses and save costs by holding back mail that is going to be returned. The software automates the identification and marking of accounts that have or will generate undeliverable mail and tracks changes to the addresses that have caused the mail to be undeliverable. When an address associated with undeliverable mail is changed, the software identifies all the accounts impacted and resets them to generate mailings again. The automation of the processes for finding and tagging accounts initially and unravelling them when the address is updated results in considerable savings in time for Operations while simultaneously saving costs by holding back undeliverable mail.

Other compelling reasons to keep track and contain further distribution of mail to invalid addresses is to reduce fraud and identity theft. Bulk mailing discounts by the post office for institutional mailing are usually contingent on the accuracy of addresses and returned mail could result in additional assessments.

According to LexisNexis, a leading provider of information to assess, predict and manage risk, “Undeliverable Mail is a huge and costly problem”. “On average, companies experience an undeliverable rate of 3 to 5 percent but in areas such as collections, the rate may go as high as 20 percent”.