Banks must balance the need to control parcel shipping costs with
security, visibility and customer satisfaction. In this QAD
Precision Report, we look at the benefits of desktop shipping
software for banks.
Banks and financial institutions need a strategy to control parcel
shipping spend. Perhaps surprisingly, banks are some of the biggest
parcel shippers in the world. Many financial documents must be
physically signed, and paper copies are necessary.
As a result, logistics is a significant portion of a bank’s overhead costs.
Furthermore, banks and financial institutions are subject to complex
shipping requirements. Unlike many parcel shippers, banks deal with
sensitive information. This makes security an important issue.
Banks that ship credit cards, loan applications and other sensitive
documents need to know when their shipment reaches its final
destination. However, they also need visibility as shipments move from
point of origin, to each handler or carrier, all the way to the
Therefore, they have an enhanced need to monitor the chain of custody
for items they process.
Taken together, all these considerations mean that banks need to
balance the requirements of security, visibility, customer service and
cost. The good news is desktop
shipping software gives banks the opportunity to control costs
and ensure shipments are handled with the necessary safeguards.
Eight Benefits of Desktop Shipping Software for Banks
Desktop shipping software offers the key capabilities needed for
transportation execution, multi carrier parcel shipping, global trade
management, trade compliance and global documentation. This allows
banks to reduce costs, while enhancing the visibility, routing, and
delivery of sensitive materials. We discuss this in more detail below.
GET THE BEST RATES AND SERVICE LEVELS
Without clear parcel shipping processes in place, costs can quickly
spiral. This is especially true if bank personnel make shipping
decisions on an ad hoc basis.
With desktop shipping, banks can add global, domestic and regional
carriers into their delivery network. Therefore, desktop shipping
eliminates guesswork or the need to search different carrier websites
to look for the best price. When staff need to ship a package, the
solution automatically searches for the lowest cost for a given
Banking personnel can easily compare prices and service levels. As a
result, they can choose the carrier price and service that best meet
their needs. This reduces costs and saves time.
ENSURE ALL LOCATIONS FOLLOW THE CORRECT SHIPPING GUIDELINES
When parcel shipping is a manual process, it can be a challenge to
ensure that all staff follow the same shipping rules.
Even if a bank has shipping procedures in place, monitoring staff
compliance across hundreds of locations is time-consuming.
Desktop shipping software provides an intuitive walk-up user
interface. Personnel must follow a series of user friendly steps to
ship a package. Consequently, all staff, in all locations, follow the
company’s business rules for shipping.
DATA-DRIVEN DECISION MAKING
Desktop shipping solutions give you critical data about a carrier’s
reliability. You know before a shipment leaves your possession what
the on-time delivery performance is for your carriers.
Therefore, desktop shipping software gives bank managers the tools
for better decision making around reliability, carrier selection and
routing. Managers can see which carriers have the best history of
They can also easily identify routes that are most prone to problems
like loss, late delivery or even theft. This allows bank managers to
make data-driven decisions regarding carrier selection, service levels
INCREASED SHIPMENT VISIBILITY
A challenge many financial firms face is maintaining a complete chain
of custody and visibility throughout the shipment process. Banks and
financial firms need a desktop shipping solution that provides
air-tight security for greater peace of mind.
Desktop shipping gives banks and financial firms insight into the
status of their shipments. Chain of custody controls can track
shipments in real time. Banks can track packages from a desk, through
to the mailroom, and all the way to the final destination.
This visibility also supports internal reporting requirements,
particularly for sensitive documents.
IMPROVE SECURITY WITH ADDRESS VERIFICATION
When you ship sensitive information, it is necessary to make sure you
are using the correct address. This is a crucial first step in
ensuring shipments arrive safely.
Your parcel shipping solution should include address verification.
This allows you to ensure the recipient is actually at the address and
validate the location before sending out any shipment.
In addition, carriers penalized shippers for incorrectly sending a
parcel to the wrong address. However, customers are not always quick
to update their details when they change addresses. If a bank or
financial institution has many national or global branches, these
costs can spiral.
Imagine a customer who is out of the country, and has had their
credit card stolen. For such a customer, a late delivery of a
replacement card is incredibly stressful.
Desktop shipping software allows banks and customers to easily access
data about the status and whereabouts of each shipment. It also
provides better control over on-time delivery.
As a result, banks can provide better customer service, especially
when expedited shipping is a necessity.
IMPROVED REGULATORY COMPLIANCE
Parcel shipping is a challenge for banks because it involves moving
highly sensitive materials. In addition, financial organizations deal
with regulatory and security requirements along with high customer expectations.
Desktop shipping solution allows banks to perform compliance checks.
Staff can verify that recipients have passed restricted
party screening and validate the country of destination. As a
result, banks mitigate compliance risks and perform due diligence.
Desktop shipping software is a safe, cost-effective solution that
helps financial institutions streamline this important part of their
business and control parcel shipping spend.
ALWAYS HAVE THE RIGHT DOCUMENTATION
With desktop shipping software, bank staff can ensure that all the
shipping labels and documents needed to complete a shipment are
included. These could include:
International or cross-border shipments often require more
documentation than domestic shipments. However, documentation
requirements vary depending on the country, package contents and other factors.
With desktop shipping software, banks can create complete and
accurate complete documentation for each parcel. This helps to ensure
that shipments are not held at border crossings.
Why QAD Precision?
QAD Precision Desktop Shipping is used by high volume, high value and
time-sensitive global shippers. Our customers include some of the
world’s largest banks, including Fortune 500 companies and two of the
Top 5 banks in the USA.
To find out how QAD Precision can streamline parcel shipping
processes across your organization, schedule a
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About QAD Precision – Trusted Global Trade and Transportation Execution
QAD Precision, a division of QAD Inc., provides industry-leading global
trade compliance, and multi carrier transportation
execution solutions from a single, integrated platform. An
ISO-certified company, QAD Precision assists companies to streamline
and transportation operations, optimize deliveries, and increase
logistics ROI. QAD Precision’s scalable and extensible solution easily
integrates with existing ERP and WMS solutions. Industry leaders in
every region of the world rely on QAD Precision’s global support
centers to leverage thousands of carrier services and manage millions
of global trade and shipping transactions every day. For more
information about QAD Precision, visit www.qadprecision.com.