Text-Messaging is Changing the Way Members Make Loan Payments
It’s no secret that today’s consumers use their phones for every kind of transaction possible, and businesses that enable mobile payment options are strongly appreciated.
According to recent research, 64% of consumers think businesses who communicate via text messaging value their time and would recommend those businesses to others. A Morgan Stanley study also suggests that 90% of U.S. residents have a cell phone within their reach at any given moment, and open rates for text messages hover around 95%.
Since 2018, Strategic Link partner Eltropy has provided Northwest credit unions with a secure and compliant platform to communicate with members via text messaging. Now, the company has partnered with SWBC to provide a “text-to-pay” solution specifically designed for credit unions, helping members stay up to date with loan payments.
“Eltropy is the only enterprise-wide texting solution that targets credit unions of all sizes, and SWBC is the perfect company to partner with in order to help members with payments,” said Ashish Garg, Founder and CEO of Eltropy. “By joining forces, Eltropy will offer a seamless text-to-payment process and solution.”
Paying via mobile device is fast, efficient, and decreases the number of late payments. And because open rates are so high, it’s likely members will see payment notifications much sooner than if it were sent through other communications channels, such as email.
Members who sign up for text message payments receive a payment reminder, and encrypted links in the message allow them to securely process the payment without visiting their credit union’s website. Automatic monthly payment text reminders can potentially save collections departments hundreds of hours each year and also reduce friction between collectors and members.
As technology continues to evolve, credit unions’ success demands keeping up to date on the newest solutions. Payments via text messaging will prove especially vital in a world that grows increasingly dependent on remote communication and transactions.