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

With Every Crisis Comes Opportunity

May 27, 2020

Crisis and Opportunity

Covid-19 has underscored the necessity for people to have multiple alternatives to face-to-face communication for both social and business purposes. Crises can often uncover areas of business that can be used to help people. Text Messaging is arguably the quickest and most effective way to get in touch with just about anyone, without physical contact. During the recent social lockdown, texting allowed people to check-in, order groceries and maintain a small sense of normalcy. And, it’s easy.

Turns out, people want to text all of their business partners, including Credit Unions. Credit Union Journal reports that between 50% to 90% of credit union members would rather be texted https://www.cujournal.com/news/credit-unions-call-center-chatter-turns-to-texting than called, emailed or “snail mailed.” 

Eltropy is a trusted partner for sending compliant, secure messages that are tailored specifically for members with personalized information. By using Eltropy’s analytics dashboard, you’ll gain customer insights that can be used for crafting personalized messages that customers will want to read.

Gartner research found that 98% of texts are read. In addition, Text Messaging has a 48% response rate. Compare that with the typical person’s inbox full of unread emails and missed phone calls. For instance, email has a 20% open rate and a dismal 6% response rate, according to Gartner. Need proof? Look at your own phone — you likely have close to zero unread text messages. As the public continues to social distance and be selective in doing their in-person errands, texting is emerging as a way Credit Unions can continue to engage meaningfully with members. 

Here are three reasons Text Messaging with members is here to stay:

It’s Quick

Text Messaging is a quick, personalized way for a Credit Union to reach out to members. The relationship between a Credit Union and members is more relationship-oriented than at a typical bank. A Credit Union might therefore offer to proactively remind members about loan payments, for example: “Your car loan payment of $203.44 is due June 1.” A link can be provided directly to the account portal so making the payment is effortless.

It’s Personal

Credit Unions are experts at nurturing the member relationship. Certain financial transactions can be overwhelming — such as mortgage applications — and a personal touch is necessary to calm frayed nerves. Loan officers are often faced with application processes that are going nowhere fast, simply because they need a bit more information in order to process the information. But getting that extra information can mean playing endless phone tag or writing an endless stream of emails. CU Journal reported that the text-message reply rate by members and nonmembers applying for loans is currently at 70 percent, with nine out of 10 responding in less than four minutes. 

It’s Productive

The United States has 100 million credit union members, according to the Credit Union National Association. That is certainly more than a few loan applications that have been reviewed. All that effort takes time, and when applications are incomplete, the process becomes dragged out. Text Messaging eliminates the drudgery of tracking down customers by phone or email and saves time, money, and energy. Instead, a loan officer can type up and send a quick message requesting the missing information. According to Credit Union Journal, the average text is read in just five seconds, and some credit unions report that 90% of members respond in only a few minutes or less. 

Overall, Text Messaging is a solution that fits not only today’s social distancing climate but also tomorrow’s. Texting provides many opportunities for answering members’ questions in a timely, accurate, and professional manner by offering content that is relevant and easily actionable. Text Messaging is an important part of a more personalized member experience: As members navigate these new post-lockdown waters, they’ll want assurance from their Credit Unions there will be smooth sailing ahead.

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