To meet the high demand for seamless updates and answers, City of Memphis Credit Union has embraced Text Messaging as a solution to maintain efficient tracking and progress in loan processes. This initiative aids both members and associates in managing communication more effectively.
In response to the need for improved member interaction, Memphis City Employees Credit Union (MCECU) adopted Text Messaging in their lending and collections departments. Ken Swann, CEO of MCECU, recognized the advantages of texting in March, which has proved invaluable for timely and organized exchanges. As members navigate through their financial transactions with Memphis City Credit Union, the tool facilitates better finance management, enhancing overall satisfaction and engagement at City of Memphis CU.
“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.”
