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 closing redundant accounts or adding a prefix to the acquired bank's duplicates. Just as importantly, communicate this strategy to third-party vendors. Ensure all statement data is verified before and after system conversion. Retain historical formats for ease of access and customer comparison, and audit each data migration step to confirm no corruption or loss has occurred.
3. Provide Ongoing Access to Historical Statements
It is a good practice to give customers access to prior statements, typically for 18-24 months. Make sure they can readily retrieve these historical records, even if their account number changed or was merged. Whether through legacy platforms, new digital portals, or mailed copies, communicate clearly how and where these records can be retrieved.
4. Proactively Communicate Changes
Notify customers well in advance of any updates to:
● Statement frequency or format
● Access methods (such as new login portals)
● Branding or contact details
Use multiple channels—email, physical mail, and in-app messages—to ensure the message is received and understood.
5. Transition Branding Thoughtfully
A seamless branding transition reassures customers that their accounts remain secure. Some FIs shift from the old brand to the new brand on day one. Some keep legacy elements (i.e: color scheme, logo) for a limited time to ease customers into the change while gradually introducing the acquiring bank's brand identity.
6. Train Customer Support Teams Thoroughly
Empower your frontline teams with the knowledge and tools they need. This includes knowing where statements are stored, how to retrieve historical data, and being prepared to answer customer questions. Provide FAQs and quick-reference materials for efficient support.
7. Address Specialized Statement Needs
Certain documents—such as mortgage, credit card, and loan statements—require special attention. Similarly, tax forms and complex business customer records must be handled with precision to avoid compliance or service issues.
8. Manage the Statement Cutover Period Carefully