Transactional mailers such as banks are increasingly looking to outsource the printing and fulfillment of these documents in response to the growing popularity of electronic delivery methods, according to executives at mailing automation software provider SynTel LLC. With over 1,400 bank users, SynTel is the largest provider of mail automation software to banks, according to the company. In the past couple of years, a growing number of SynTel’s bank customers have asked the company “to handle the printing and fulfillment of transactional documents,” reports Harry Herget, co-founder and director of marketing, at the company. SynTel also offers electronic delivery either via the Web or mobile device. Many banks are finding that as statement delivery becomes less labor intensive because of electronic delivery, it just doesn’t make sense for them to do the printing and fulfillment in-house, explains Jeremiah James, SVP and manager of operations at SynTel. “We have one bank electronically delivering statements to 65% of its customer base,” says James. “This took them from doing 10,000 printed statements a month down to 4,500 – that changes the dynamics of their internal mailroom,” he notes. While James doesn’t expect the need for printed statements to disappear, “the question is just how much money are banks willing to invest in the equipment to do the printing in-house as the volume goes down,” he says. In response to customer demands, SynTel recently invested in HP digital printers and Pitney Bowes inserters and has already contracted to handle the printing and fulfillment for one bank’s transactional documents. The company also has quotes out for outsourcing services with over a dozen other banks and is looking at bringing in a large-scale production mail system that can handle millions of mail pieces a month. SynTel previously offered print-to-mail services but exited that business in 2003 in order to focus on software development and selling in-house production solutions to banks. SynTel’s knowledge of the US Postal Service is one of the benefits the company offers as a printing and fulfillment services provider, notes Herget. The company is experienced in automated manifest mailing, which means that customers can benefit from workshare discounts and the elimination of the need to meter mail. “This could be the biggest part of our business,” says Herget of the outsourcing operation. The company is also looking at expanding into verticals other than banking with its mail automation software and outsourcing capabilities.
Discussion
Only verified members can comment.