STERLING HEIGHTS, Mich.–One company here realizes that one of its product lines' days are numbered, and is OK with that.
Wendy Lokken, CEO of Lasertec, which does statement printing, e-delivery, notices, tax forms, target marketing and graphic design, told Credit Union Journal that one bottom line builder is to recognize that with increases in postage costs means it's more important than ever for CUs to "go green" by doing all-electronic marketing.
"I am a statement vendor, but for 13 years now we have evolved toward electronic," she said. "In fact, we thought by this time things would be all-electronic. We focus on helping credit unions increase use of electronic statements by members. This has made major moves in the last two years, and it helps the bottom line by saving on postage costs."
Electronic statements can be better delivered in a timely manner than paper statements, Lokken said, and are more cost-effective.
Meanwhile, Lokken also urged CUs to make better use of contract optimizers, a third party who works in conjunction with CUs to renegotiate all of their contracts with vendors. "The optimizer does a confidential review of all vendors credit unions use and then shops for them. The optimizer might renegotiate with existing vendors or they might find new vendors. They have no commitment to any vendors so they can be unbiased."
According to Lokken, the use of an optimizer is an "integrated approach" that leads to more cost savings, because vendors offer better pricing as a credit union has more services with them.
"Many vendor contracts are in automatic renewal, but with all the new regulations these days it is better to renegotiate," she assessed.
