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Together We Can – Eltropy is Committed to Helping Credit Unions Best Serve Members During Covid-19

AI’s Critical Role In Text Messaging

July 20, 2020

AI’s Critical Role In Text Messaging

Text Messaging helps Credit Unions communicate one-to-one with members, providing them pertinent information that is easily actionable. However, while the representative may have spent hours crafting the perfect message, what the recipients do after receiving that content is often unclear. 

Integrating machine artificial intelligence (AI) with Text Messaging can help credit unions know more about what happens after they click “Send.” By determining how members interact with Text Messaging, credit unions can improve service, provide customized offers and improve risk management. AI-powered solutions help pave the way for exceptional member experience. 

Member Service

Incorporating machine language and artificial intelligence into Text Messaging helps credit unions determine critical metrics, including what Text Messages are most popular, the best time of day to reach members; the time spent on the content selected, and the number of times the link was clicked and content viewed. Messages can also be tailored to reflect the content that members view the most on a Credit Union’s site, or may include details of particular accounts. 

Personalization

AI can also analyze individual member data, including what interactions a specific person had after receiving a Text Message. That can include whether the link itself was visited, as well as if any other pages were visited, or whether he or she signed up for a newsletter. Armed with that information, credit unions can send members personalized updates, such as loan rate promotions, extended hours, or information on new financial offerings.

Risk Management

Credit Unions that use relationship-based pricing take individual member’s historical purchases and circumstances into account when offering financial products, rather than on a product-by-product basis. Using this type of pricing model helps to balance costs among members, and can help encourage members to take advantage of various products. AI can quickly determine which members would benefit most from various offerings in a particular credit union’s portfolio. Text Messages with offers of interest can be specifically targeted to appropriate members. 

In addition, AI can quickly and accurately analyze credit policy, to influence decisions that benefit the bottom line. For instance, AI can detect a pattern of loan waivers and pave the way for further investigation that may lead to a change in the policy.

Detect Fraud 

AI is the ultimate tool to detect patterns. Fraud tools mine data to accurately identify accounts or transactions that have unusual characteristics and spot anomalies. Using AI, accounts that may be the victim of illegal activity can be quickly found and the members notified to take immediate remediation steps in a timely fashion via Text Messaging and other communication methods.

Taking the guesswork out of engagement can help credit unions gather insights to drive business decisions.  AI-powered Text Messaging helps maximize conversion rates by providing information that helps teams reach out to the right prospects at the right time – with the right product.

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