Managing Statements During an Acquisition: 10 Best Practices for FIs
When a financial institution undergoes an acquisition, it’s not just systems and staff that must integrate seamlessly - customer trust is also on the line. Among the most critical operational elements to manage are customer statements. These documents are not only essential for maintaining transparency but are also tightly regulated and closely scrutinized by customers during periods of change.
Here are ten best practices FIs should follow to manage statement processing and delivery during an acquisition:
1. Evaluate Your Technology Stack Early
Decide where your statement data will reside - on-premise or in a hosted environment. Each choice has implications for security, scalability, and access. While consultants can provide strategic insights, be sure to rely on your trusted, existing third-party vendors for guidance.
2. Maintain Data Integrity
Accuracy is non-negotiable. Be sure to have a clear strategy for handling duplicate account numbers - whether clos...