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APL FCU uses Eltropy to accelerate lending

APL FCU Slashes Delinquency, Surges Savings, Achieves Record Loan Growth.

Making initial contact for a more sensitive situation like a delinquent payment is far more difficult via phone or email, where people tend to ignore these at a higher rate. APL FCU saw the advantage of using text messaging where people are far more likely to respond to and interact with.

Within the first month of implementing Eltropy, their delinquency rates dropped by 20%, and with the ability to collect payments via secure links, the APL FCU team saw a 20% increase in savings.

before-Call Volume1-after-Call Volume

Members Avoiding Collections Calls Opened Up Their Hearts On Text.

With a 98% open rate, Texting is considered as the most effective method for collections communication. Canvas saw this in action with a 34% click rate compared to <1% engagement rate via email and 2.56% opt-out rate versus 60% for telemarketing calls with Eltropy.

Using Eltropy’s automated reminders and collection notices during the early-stage of delinquency and 1:1 Text and Video Banking communication during late-stage delinquency obtained more collections for Canvas Credit Union.

“We were drawn not only to the ease of everything being in one place, but also the added capabilities in terms of what it could do with Video chat, campaigns, and the opt-in functionality. We didn't have that before.”
Sean Chambers
Chief Operating Officer, Alliance Credit Union

Win-Win Efficiency For Both Members and Staff in the Collections Department.

Hughes partnered with Eltropy to connect with members via text who otherwise may feel uncomfortable connecting via phone or voicemail when behind on their payments.

With Eltropy, the collections department at Hughes was able to overcome the challenge of struggling to open that initial line of communication with its members and saw an immediate difference: Higher response rates and Higher volumes of collections. 

Centric FCU

Trimmed Loan Approval Time By 95% Applications Completed <10 Minutes.

Eltropy’s DocuSign integration with 1:1 texting and secure link allowed team Centric to trim loan approval time by 95%, from 48 hours to as quick as 10 minutes.

With Eltropy, Centric was able to replace unanswered followup emails and phone tags with secure texting and document sharing. Meeting their members on their preferred schedule and communication channel enabled seamless experience for both applicants and loan officers.

“Our lead generation for loans is stronger than it’s ever been before. We process 1200 more digital leads per month ever since. In fact, we’ve had to expand and build out two teams to meet the increasing demand.”
Sean Manion
VP of Lending

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