It’s the critical question that credit unions confront when formulating a fintech strategy: What technology will deliver high ROI and a competitive edge? A text messaging-based member-engagement platform — armed with business intelligence, IT integration, and compliance — checks both boxes.
Texting is everyone’s favorite way to communicate: A stunning 95% of text messages are opened within 3 minutes and responded to within 90 seconds. With consumers constantly connected to their phones, it follows that a texting solution could turbocharge engagement.
Eltropy has built a Text Messaging + Analytics solution for credit unions that offers five major advantages over competing solutions:
1. It’s a one-stop shop for member-facing teams:
a. Business Development
f. Internal Communications
While serving multiple teams, Eltropy’s software also offers ease of use and a quick learning curve. Regardless of the use case, both the desktop and mobile interface look the same; it’s coordinated and centralized, and it’s not difficult to get multiple teams up and running.
2. Our platform integrates with multiple systems: core banking, including Symitar; CRM, including Salesforce and Microsoft Dynamics; and content management, such as Dropbox or Box. Moreover, because Eltropy works with DocuSign, it’s never been easier for loan officers to secure digital signatures and remove the delays — and pain — associated with the lending process.
3. We make texting as frictionless as possible. 9 out of 10 consumers want to be able to text businesses. Eltropy offers two-way text messaging to enable meaningful conversations that help CUs meet their members’ needs. Giving members the opportunity to respond quickly reduces their level of frustration, vastly improving their experience with your CU. The use of automated payment reminders lowers the rate of delinquencies, and two-way texting creates easy opportunities to hold meaningful conversations with members experiencing financial hardship.
4. If you would like to adopt text messaging but have questions about how to meet FCC/TCPA compliance rules, Eltropy has the expertise to help. Together, we’ll meet the different standards for 1-to-1 and 1-to-many texting. We’ve also developed a list of best practices for collecting text messaging opt-ins. In addition to remaining compliant, you’ll know you’re reaching out to members/prospects who are interested in hearing from you.
5. The secret sauce of our platform is predictive analytics, based on high-level business intelligence and machine learning (see table below). By tracking more than 20 data points on content engagement, Eltropy can predict future buying behavior. As a result, your member-facing teams know who to call first so they can increase revenue and memberships. Your teams also will spend less time following up with prospects/members who have shown low levels of engagement. No matter how you view it, the use of AI gives you a leg up.
Eltropy’s Distinguishing Features
Features that are unique or rarely found elsewhere make Eltropy the member-engagement platform focused on credit unions. Technology adoption is seamless because we integrate with existing systems and help you tackle compliance requirements. If you’re curious to learn how we can meet the specialized needs of your credit union, connect with one of our experts or request a customized demo.