On November 23rd 2008, The USPS significantly increased the compliance requirements around Move Update - effectively mandating that Financial Services companies mail with a current address for their customers based on postal data. Automated mailings that do not comply with postal requirements are subject to re-payment of these postal discounts - for example a customer that mails 50 million pieces/yr and "takes" a 7 cent discount without meetings these requirements, risks $3,500,000 of exposure in re-payment of these discounts.
Attend this webinar to:
Understand the requirements, enforcement mechanisms, and methods to be compliant
Learn how to prepare your institution to meet this regulation, while balancing other regulatory customer privacy requirements
Learn how to build the business case for an Enterprise Change of Address process (cost-savings, reduced risk and improved customer experience)
The USPS has stated a $1.8 Billion cost in returned mail, much of it due to "old" customer addresses being mailed by institutions. To mitigate these costs, the USPS is rolling out new technology to make sure all mailers are meeting their obligations, including running a Move Update process when they take postal discounts.
Financial Services companies are still accountable for detecting new addresses and updating these changes in their customer information systems (CIFs)-even if they use 3rd parties (outsource) document and/or mail productions. In addition to protecting postal discounts, SOX compliance, and company reputation-having a current address for a customer provide large organizational savings in lower service costs and customer retention in difficult times.
The financial industry represents one of the largest mailer classes, losing discounts as much as nine cents per pierce, on a million pieces of mail, could really cost you.
Over 40 million people move in the United States every year. Identifying address changes quickly is vital to staying compliant, receiving discounts and reducing risk.
The new Move Update standard will have a great impact on most financial institutions. First class mailers will experience increases in frequency of Move Update compliance; and for Standard MailÂ® mailers, who to date have not incorporated a Move Update solution into their address quality processes, this means even further impact.
What is different now? Although most institutions know they need to process every 95 days - they may not be aware there is a lot going on including: new reporting obligations, new data formatting, new matching rules, etc. These regulations apply whether you run an NCOA*Link product or outsource to a supplier who runs it for you.
New Move Update Facts:
New standard effective as of Nov. 23, 2008.
Mailers must use addresses that were updated within 95 days prior to mailing date.
Includes all Standard MailÂ®, automation-rate and presort rate First-Class MailÂ®.
Regardless of the Move Update solution used, the mailer's signature on the postage statement certifies that the mailing complies with all relevant standards, including the Move Update. (See form PS6014 Certification of Move Update Compliance available on http://ribbs.usps.gov/). If the mailing does not meet compliance, large penalties and loss of postal discounts may be the result.
Pitney Bowes Business Insight is proud to offer a solution to financial institutions which helps meet compliance requirements with VeriMove(TM). This solution enables institutions to capture move updates faster and more efficiently. High-speed connectivity makes it easy to compare your mailing lists to a database of the 160 million individuals who have recently changed their address.
VeriMove(TM) interfaces directly with NCOALink, the National Change of Address database operated by the US Postal Service. You'll meet the USPSÂ® Move Update requirements, qualify for postal discounts and find lost customers - all while keeping your customer data in-house, under your control. VeriMove is available as both in-house and hosted solution.
Attend this webinar in order to learn how to utilize solutions to meet the requirements while realizing financial opportunities.
Retain postal discounts and meet Red Flag compliance
Detect and confirm new customer addresses to protect your postal discounts before mail piece is no longer forwarded
Having a current address helps insure customer gets mail piece, know you are in business, and stay with your company
Free up call centers & staff resources while retaining customers by providing the best customer experience
Director of Communication Intelligence, Pitney Bowes Business Insight
Kevin Conti is Director of Communication Intelligence at Pitney Bowes Business Insight. He works in a consultative role with large Financial Services, Insurance, and Telecom customers to deploy software solutions that reduce mailing costs and improve customer communications. Kevin has a liaison role with the USPS, industry groups and mailing product organizations. After starting his career in telecommunications he has accumulated broad experience in a variety of roles in the area of enterprise software and deployment. He received his degree in electromagnetic wave theory from University of Illinois and lives in Chicago.