Credit Union transactions often require a lot of communication: Loan officers must provide regular updates on applications, and members often have many questions. Keeping track of where they are in the process can be overwhelming for members. And for Credit Union associates, ensuring the information is organized and continues to move forward is critical.
In response to such challenges, Memphis City Employees Credit Union (MCECU) has implemented Text Messaging to help both members and associates keep loan applications on-track. In March, Ken Swann, CEO of MCECU started looking for ways to improve communication with members, in the lending as well as in the collections departments. It became apparent that Text Messaging fit the bill.
“We’ve seen a dramatic increase in communicating with our members. Even documents can be transferred back and forth in a safe and secure manner,” he said.
The mobile number set up to receive members’ texts is posted on the website; there is no limitation on the types of questions members can ask.
Text Messaging lets members ask about deposit transactions, loans, payments, transfers from their mobile devices, and receive real-time answers from knowledgeable Credit Union associates. Associates can schedule appointments for members and help them prepare by providing a checklist of documentation needed when they arrive. Such capabilities of Text Messaging are attractive.
Members are enthusiastic about texting with MCECU, reports Swann. In fact, studies have found that a majority of Americans report texting is the fastest way to reach them regarding important service updates and business information. For example, Gartner research has found that SMS open and response rates are as high as 98% and 45%, respectively — in contrast to corresponding figures of 20% and 6% for email.
Text Messaging can play a vital role in enhancing communication between credit unions and their members. It also provides a convenience for members and is a customer-facing technology — so it is critical for Credit Unions to choose a highly regarded vendor partner with a well-trained, dedicated team.
“Eltropy has well-trained professionals who have been very responsive to our needs,” Swann said. “We couldn’t be more satisfied with our results with Eltropy.”