Eltropy’s Text messaging platform proves 50x more effective than emails and 68x more effective than phone calls
As some CFI’s are already experiencing an increase in late payments, their strategy is to stay ahead of collections with early intervention. Eltropy, the digital communications platform serving over 500 CFI’s, provides a Text Messaging solution that plays an integral role as one of the most successful tools for early intervention and managing collections for leading CFIs.
“Our members would almost never pick up our collections calls but opened up their hearts on Text. With Eltropy’s digital communications platform we experienced a 34% click rate compared to a less than 1% engagement rate via email. I continue to be blown away with how effective Eltropy’s Text Messaging platform has performed for loss mitigation at Canvas Credit Union,” stated Shawn Spratt, VP of Collections for Canvas Credit Union. “One other concern was whether our customers would opt out of Text Messaging. We were pleased to discover our opt-out rate for texting was only 2.56% versus 60% for telemarketing calls”.
With a 98% open rate for Eltropy’s Texting solution, which only requires minutes of the consumer’s time to respond, Texting is the new and efficient method for collections communication. CFI’s can use automated reminders and collection notices during early-stage delinquency and 1:1 Text and Video Banking communication during late-stage delinquency to obtain more collections.
“We have seen CFI’s use Eltropy’s texting platform to achieve instant results. Customers are clearly more receptive to texting. We’ve noticed that only one out of 100 customers will respond to phone calls. However, 40 out of 100 customers will respond to text messages. Text is an extremely powerful tool that enables CFI’s to combat delinquencies,” stated Ashish Garg, CEO and co-founder, Eltropy.
Eltropy enables financial institutions to engage in a secure and compliant way digitally. Using our award-winning Digital Communications Platform, community financial institutions can communicate, automate and use intelligence to improve operations, engagement and productivity. Community banks and Credit Unions use Eltropy to communicate with consumers via Text, Video, Secure Chat, co-browsing, screen sharing, and chatbot technology — all integrated into a single platform bolstered by proprietary AI, skill-based routing, and other contact center capabilities.
For more information about Eltropy, please visit https://eltropy.com.