HC3, a statement partner for banks and credit unions, announced from the Governmental Affairs Conference (GAC) 2025 that $2 billion MAX Credit Union reduced costs related to its statement printing and delivery processes while maintaining the high level of member service it is known for.
“As part of our core values, it is critical that we engage with financial institutions with complete transparency and act as a trusted partner that prioritizes their best interests. We look forward to our continued work with their team and helping to maximize their investment with us.”
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When Montgomery, AL-based MAX Credit Union welcomed Dale Watkins as Chief Information Officer to its team, he was tasked with evaluating the credit union’s existing vendors. One necessary but often costly function was the credit union’s statement process. HC3 provided both printing and mailing services for physical statements as well as digital presentment of statements and member communications. Watkins wanted to more thoroughly review this process and identify areas for potential cost savings but without sacrificing member service.
“Coming to MAX without previous knowledge of HC3, I wanted to make sure I understood what we were sending and why,” said Watkins. “I didn’t have any historical context for why we were doing what we were doing, and as I began to evaluate our vendors, I wanted to have the full picture of our relationship.”
After several initial meetings, MAX Credit Union and HC3 held an in-depth, in-person meeting at the HC3 headquarters in Birmingham, Ala., where the HC3 team discussed the potential pain points and changes to make processes easier. HC3 was also able to work with MAX Credit Union to identify cost-saving opportunities that would not affect their level of service or the member experience.
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Three main opportunities were identified including: reducing the credit union’s digital storage length for statements and notices; moving documents from printing simplex to duplex; and switching from legal print paper to letter print paper. MAX Credit Union then took the insights they gathered and formed a game plan to implement the changes. HC3 sent over several different options for archived statements, giving the credit union’s leadership team a clear cost breakdown based on the amount of months archived. Once MAX Credit Union decided on the number of months to archive digital statements and notified their members of the change, the HC3 team was able to quickly make that update, resulting in significant cost savings.
“Having a vendor that works with us on all aspects including cutting costs that directly affect them in order to build trust is amazing,” said Watkins. “It is that part of relationship building that I prefer and speaks the most regarding our partner’s core values.”
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“We are honored to partner with industry-leading credit unions like MAX Credit Union and proud of how our team was able to help them reduce costs without affecting its members,” said Griffin McGahey, President at HC3. “As part of our core values, it is critical that we engage with financial institutions with complete transparency and act as a trusted partner that prioritizes their best interests. We look forward to our continued work with their team and helping to maximize their investment with us.”
HC3 serves more than 700 financial institutions, providing solutions proven to enhance operational efficiency and increase member engagement and satisfaction. HC3 will be at the Governmental Affairs Conference (GAC) 2025 from March 2-6, 2025, at the Washington Convention Center.
Source – PR Newswire
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