USPS Announces Increase in First Class Mail Delivery Time

Griffin McGahey leads Birmingham, Alabama-based HC3 and data management solutions. Responsible for ensuring the prompt distribution of client mailpieces, Griffin McGahey maintains a close watch on US Postal Service rates and delivery times.

In late 2021, a major shift occurred, as the United States Postal Service (USPS) announced that expected delivery times had increased from the traditional one to three days, one to one-to-five days for First-Class Mail (FCM). This change was part of a broader Delivering for America initiative introduced by the incoming Postmaster General to return the organization to fiscal health and generate $160 billion in savings over 10 years.

The impact of this was not across-the-board, with more than 60 percent of FCM expected to adhere to existing service standards. In addition, just as before, the new expected delivery time was not guaranteed but instead described as “aspirational.”

One major reason for the change involves the high cost of jet fuel and airplane transportation. As the USPS does not own any of its aircraft, a premium must be paid for letters to be delivered via air. First-Class Mail is now exclusively handled through the USPS’ extensive truck fleet, while Priority Mail is still distributed by airplane through partners.

How Banks Can Improve Customized Customer Service

A finance executive with 20 years of experience, Griffin McGahey is the CEO of the Birmingham, AL companies, Pay.claims, and High Cotton. As the leader of companies operating digital payments platforms, Griffin McGahey is interested in how financial institutions can form genuine relationships with customers by creating tailoring experiences for each individual.

Community banks, serving specific cities or regions within a state, possess unique challenges when communicating with customers. To send federally-mandated communications and market new products, they must choose appropriate channels and a consistent brand voice. At the same time, they cannot inundate customers with emails or paper mail because customers will ignore the information.

Banks can utilize customer data to balance these competing priorities and train their branch employees to possess more in-depth information on salient product offers. Banks can tailor the financial literacy information it sends to a customer based on age, income, and more to increase customers’ likelihood of acting on what they learn.

To retain consistency, train branch employees to respond to customer questions deriving from their specific communications rather than general questions alone. This way, customers receive assistance tailored to their specific needs and demographic niche.

The Perks of Electronic Payments

The most popular electronic payment systems globally are credit and debit cards. Bank to bank transfer is another widely used electronic payment method. Electronic payments (e-payments) allow customers to easily purchase products from your online store thus, bringing many conveniences for both the merchant and buyer.

Suppose you plan to open an online store or any other e-commerce business. In that case, you need to have an electronic payment system to open your business and substantially expand your target market. Since you will no longer be restricted by time or geographic limits, customers can access and buy from your website at any time and from anywhere.

Electronic payments provide convenient payment to your customers for a better user experience. The convenience extends to allowing your customer to buy items on credit through the pay later facility. Because the system automatically collects the money for you after a specified period, you do not need to send constant payment reminders.

Also, they offer certainty because when an electronic transaction is processed and approved by your terminal, it shows in your account promptly. With e-payments, there are no time-consuming steps required, such as transporting money to the bank and depositing. When your customer is paying for a product at your store, the smart device or card does not leave their hand, effectively minimizing the risk of user error or fraud.

Contactless technology is also more secure than other payment methods. There are many security protocols and measures designed to ensure the security of online transactions, such as encryption and tokenization. You can also enable customers to make payments using One Time Passwords (OTPs) or QR (Quick Response) codes. Besides, with less cash around your business, you minimize the risk of fraud, robbery, and costly human error.

Adopting a modern electronic payment system reduces contact with physical mail and eliminates many other time-consuming manual processes associated with buying and selling. An electronic payment system gives you time to build your business while the accounts department can focus on other value-add areas of accounting operations. At your store, payment processing is faster, keeping queues shorter even during peak times. The shorter queues mean you need less staff which comes with savings. You can also redeploy the freed staff into other roles that enhance the customer experience.

In the face of the COVID-19 pandemic, businesses are seeking ways of avoiding or reducing human touch to reduce the transmission of the virus. The contactless electronic payment systems offer a safe and convenient way of doing business. In this system, the payee holds their smartphone near the payment terminal for payments at the store, and the payment gets automatically processed. You can also enable payments using OTPs or QR codes.

Electronic payment methods help businesses to reduce their carbon footprint. Because they use modern payment apps, paper receipts become redundant. Instead of issuing customers traditional paper receipts, they get a digital equivalent. That saves money you would ordinarily spend on stationery paper and printers, and in turn, the process boosts your green credentials.

Building Authentic Relationships between Community Banks and Clients

From a customer perspective, one of the key appeals of community banking is the personalized service and long-term relationship between customer and bank. In order to effectively communicate information about products and services to their customers, regional banks must take full advantage of the tools available to them, tailoring their message to the specific age, financial situation, and banking needs of each customer.

Effective communication requires a balance. Community financial institutions must find a way to maintain contact with customers without overwhelming them with marketing materials and junk mail. Above all, banking executives should prioritize authentic, transparent relationships built on genuine connection.

To accomplish this, they can focus on treating customers as individuals rather than transactions. This entails asking open-ended questions and listening carefully to better understand clients’ financial goals. Once banking professionals understand what the client is looking for, they can create targeted strategies and increase the client’s trust in the institution.

Additionally, a community bank should look for the sweet spot between too much and not enough information. After communicating with the client, bankers must provide space for customers to make decisions. Digital banking makes this easier, as banks can provide important information about accounts and offers via email, without relying exclusively on expensive and intrusive mail promotions. Along with sending targeted marketing on customers’ personal statements, banks can utilize print campaigns sparingly in order to reach clients who respond better to paper communications.

Cultivating authentic relationships requires effort not just during specific transactions, but through a client’s entire banking journey. Checking in to create a positive post-interaction experience makes customers feel valued. Not only will they be more likely to utilize the bank’s services themselves, they will recommend the bank to family members and friends.

Just as in personal relationships, authentic business relationships depend on honesty and integrity. Rather than approaching “being genuine” as a marketing strategy, banking institutions can create a culture of transparency and honesty, where employees are encouraged to converse with customers as they would with friends. This friendly approach should be backed up by clear, accurate information about the bank’s products and services. Rather than focusing on “selling,” community bank employees should prioritize educating clients on how products and services can meet their unique needs.

Regional banks must implement specific measures to optimize their communication and create personal relationships. Local branches are expensive to maintain, which contributes to many large institutions closing branches and operating fully digitally. To maintain a presence in local communities, financial institutions should look for ways to leverage their digital presence to drive customers back to physical locations.

Instead of emphasizing one-time services such as depositing a check, community banks should highlight the ways personal banking can serve their long-term needs. For example, banks can educate customers on high-level services such as wealth management, which require ongoing communication between banker and client.

Community banks should prioritize the convenience of their services through digital and online banking tools, while maintaining the personal level of service that distinguishes them from larger institutions. Face-to-face interactions create a lasting impression in clients, and contribute to long-term trust in a way that emails and text messages do not. Additionally, community banks can emphasize how they serve the community beyond the branch walls by participating in local events.