Copyright © Jan 2006, Omniform, Inc.
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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.

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