Consolidated Statements
The Missing Piece of the 'All-in-One' Puzzle
In an increasingly competitive environment and with aggressive marketing, larger independent banks and credit unions must move quickly to guard their customer base. In particular, high-net-worth individuals are at risk. To attract and retain this valuable segment, these institutions must effectively position themselves as comprehensive financial services providers.

Larger institutions and brokerage firms are offering an all-in-one account combining checking and brokerage services, along with attractive interest rates on cash balances. This 'all-in-one' account features a consolidated statement that includes deposits, investments, and various types of loans, retirement accounts, credit cards and trust accounting. For independent banks and credit unions to remain competitive, they must offer a similar account.

Today, a number of progressive community banks and credit unions offer some of these products, in partnership with brokers and others. However, a critical missing piece is the consolidated statement. By not providing a consolidated statement, the institution is not reinforcing the notion of a single, indispensable financial partner providing efficient, reliable and convenient service they would receive elsewhere. Upstanding offers this missing piece through its ClientStatement™ product.

The 'All-in-One' Account
Larger banks and brokerage firms are offering an account combining checking and brokerage services, along with attractive interest rates on cash balances. This 'all-in-one' account features a consolidated statement that includes deposits, investments, various types of loans, retirement accounts, credit cards and trust accounting. For the independent bank to remain competitive, it must offer a similar account.

Today, a number of progressive independent banks offer some of these products, in partnership with brokers and others. However, the critical missing piece is the consolidated statement: they are sending a minimum of one statement from each product provider. This does not reinforce the notion of a single indispensable financial partner providing an efficient, reliable and convenient service.
When the bank itself is perceived by the customer to be the source of the products, the relationship between the institution and the individual becomes stronger. The bank now offers greater value and the elusive forces of attraction and retention are increased.

Introducing CLIENTSTATEMENT
ClientStatement™, the consolidated statement solution from Upstanding, allows an institution to provide a single monthly statement for multiple products offered by the institution. Such a statement is not limited to just deposits and , loans, but may include investments, retirement accounts, credit cards and trust accounting.

This statement can be delivered in the traditional print form, as well as via e-mail or the Internet. This presents a seamless 'one-stop' appearance to the banking customer.

As an example, an institution may offer a full range of deposit and loan products itself, and provide investment services such as mutual funds funds and equity trades through an independent broker/dealer. Currently, the customer receives two separate statements (or more) , on different dates with differing format and branding.

With ClientStatement™, this institution can now send out a single statement, with the desired branding, that encompasses all the information previously conveyed by multiple statements. Furthermore, the consolidated statement includes a summary page combining account balances, and graphs of asset value and allocation analysis. Personalized marketing messages are also presented, based on analysis of the individual's relationship and account utilization.

Fully integrating brokerage services with the core accounts is particularly urgent, as the financial industry has lost many of their high-net-worth customers to large brokerage firms.

One-Stop Customer Service
The next challenge facing independent banks and credit unions is the effective support of the various products it offers. Customers expect knowledgeable service representatives who can answer their questions and quickly access account information. The agent is required to go from one system to another while answering questions about various disparate financial products. This requires increased product knowledge and technical ability.

Alternatively, customer service may be outsourced to the broker. Now the customer has different numbers to call for different situations, or must tolerate calls being transferred. In this situation, the institution has no control over service quality and, more importantly, no visibility into this critical part of the relationship.

ClientSuite™ integrates all the required applications into a single consistent user interface. This allows for superior customer service, while enabling the institution to answer the customer's questions quickly, accurately, and confidently. ClientSuite™ simplifies and guides the tasks, improving consistency and reducing mistakes.