By Joseariel Gomez, CEO of Shastic
Most financial institutions are racing to go digital, and they’re making significant investments in new digital infrastructure to get there. However, these institutions are now faced with the challenge of going digital without losing personal relationships with customers. For community banks, which many customers choose precisely because of personalized service, going digital runs the risk of transforming their services into a commodity in which the only differentiators are interest rates. Investing in digital personal touch-points can be a key competitive advantage for these community banks.
Continue reading “How to Keep Lending High-Touch in a High-Tech World”
Recently, Shastic and Priority One collaborated to create a technology solution for the credit union’s digital platform.
With the addition of SMS, Priority One added an innovative security process for the verification of the member’s identity. This allowed the credit union to perform specific tasks over the phone, such as balance inquiries, transferring funds and making loan payments.
Continue reading “Priority One Integrated SMS for Verification and Security”
CorePlus Credit Union, based out of Norwich, Connecticut, took a big step in growing its digital presence by incorporating Shastic’s member engagement software into their pre-existing web pages and mobile apps.
Continue reading “CorePlus Adopts Strategy to Grow Digital Presence”
Technology, especially Fintech, is designed to make life easier for both companies and the people they serve.
Continue reading “Credit Union Times covers New MeridianLink SMS announcement”
Both banks and credit unions continue to lose market share to digital lending platforms that offer better user experience and more personalization.
Continue reading “Banks and Credit Unions Are Losing to Fintech”
Fintech startups issued 38% of all US personal loans in 2018, while banks provided 28% and credit unions accounted for 21%, according to TransUnion. This is a significant change from 2013, when fintech startups issued only 5% of US personal loans, banks issued 40%, and credits unions 31%.
MeridianLink is the largest loan origination system in the United States, providing the nation’s first multi-channel loan organization platform
Recently, MeridianLink announced a partnership with Shastic to deliver an innovative SMS and real-time tracking integration inside all of their applications. Before this, financial institutions did not have a way to communicate with their customers as they moved through the application process.
Continue reading “Shastic Partners with MeridianLink to Leverage SMS in the Application”
There is a good chance you have used a shortcode at some point when communicated by SMS with a business organization, whether it be in the financial services, retail, travel, or transportation industry.
Continue reading “The Problems With Shortcode”
There’s no denying that technology has changed the way that people communicate, for better or worse.
Continue reading “How Messaging Has Transformed Customer Service”
Everyone has experienced at least one instance in which they’ve had a lackluster customer service experience. The best that companies can hope for with those is that they fall to the wayside, but they can quickly become the bane of a company’s existence
Continue reading “Fintech Provides Customers with Meaningful Experiences”
Most credit unions currently have a process in place to verify each member through the call center. The verification of the member’s identity allows the credit union to perform specific tasks over the phone, such as balance inquiries, transferring funds and making loan payments.
Continue reading “How Credit Unions Verify Each Member’s Identification Digitally”
In the past, people had the time to visit a bank. But all companies must re-evaluate their customer service routines, and market leadership today means exploring how technology can help customers at financial institutions.
Continue reading “Mobile Banking: Exploring Trends For Market Leadership”
Not all credit union customer service strategies are created equal. Customer service solutions that incorporate some form of nonverbal messaging are better-off than those without.
Continue reading “Driving Credit Union Messaging: What Works?”
One challenge that credit unions face today is the need to keep themselves relevant. Usually, this involves making a face for themselves on social media platforms like Facebook and Twitter, but this alone is not key to keeping technologically viable. The key, it seems, is adopting a technological advancement that has been around for decades and yet has been primarily underutilized by companies. The technology? Two-way text messaging.
Continue reading “Two-Way Text Messaging for Credit Union Communication”
Text messaging is now a commonplace practice among most people, and more and more financial institutions are adapting text messaging solutions out of convenience.
Continue reading “Best Practices to Drive Messaging at Your Credit Union”
Anyone involved in a technology field can tell you business technology is growing rapidly. What this means for companies is that they must update their technology in order to remain viable in their field of competition. “Set and forget” technologies, or technologies that are not designed to meet the constantly shifting expectations of modern technology, pose problems to potential company growth. In many cases, set and forget technologies can put companies years behind and create cost burdens to businesses.
Continue reading “Credit Union Digital Strategies Aren’t “Set and Forget””
If your company is a fledgling in the world of technology, don’t worry. The term defined data strategy is nowhere near as challenging or technologically advanced as it sounds.
Continue reading “Why Your Credit Union Needs a Defined Data Strategy”
There are reasons why banks and other financial institutions are adopting mobile-based platforms for their customers: It fosters a sense of closeness that has been lost in the business of the modern world.
Continue reading “How to Build Community With Text Messaging”
Last week, the CreditUnionTimes featured a story about why three of Shastic’s credit union partners are integrating text messaging into their operations strategy.
This CUTimes article dives into how credit unions are using SMS text to connect to the systems they already use, including account opening, loan origination, and customer relationship management systems.
Continue reading “CUTimes story: Why Credit union members love text message interactions”
The financial industry is seeing an emergence of digital technology, delivering enhanced experiences to customers who demand convenience, accessibility and easy-to-use platforms.
Continue reading “Why it’s Now Time to Adopt an Omni-Channel Digital Strategy”
Credit union uses text messaging platform to give members actionable loan app information.
In 2018, Park Community was evaluating messaging communication services to create a better experience for their members. The credit union needed a text messaging platform that could accurately capture loan prospects in real-time and help guide them through the digital application journey when applicants entered Park’s online loan applications.
Continue reading “Park Community on pace for 2044% ROI from loan growth”
Think that adults age 40 and over are your biggest worry? Think again. When it comes to servicing the largest group of potential customers, this role goes to the Millennial population and is closely followed by Generation Z. For this specific audience, the digital user experience takes a much higher priority.
While in-person or over-the-phone interactions may have been the preferred method in the past, the next generation of banking customers are challenging this idea, and backing it up with surprising statistics.
Continue reading “Millennial Text Messaging Statistics”
Is your financial institution experiencing a lower-than-average rate of new customers? How about those online applications — are they being consistently abandoned by new customers? If so, you’re not alone. Studies have shown that recent abandon rates for online banking applications have averaged out to about 97% among financial institutions.
Continue reading “Reducing Friction in Account Opening”
With many people concerned about the prospect of “robots” taking their jobs, the idea of an automated workplace just might seem like one step closer to a dystopian reality. But for those in workforces where the majority of the work can be completed on an employee’s own time and without direct supervision from a manager, workflow automation can be a blessing. Not only does it place more trust in your employees and cause them to focus efforts on more meaningful tasks, but it can also increase the level of satisfaction held by your customers.
Continue reading “Benefits of Workflow Automation”
Just a few years ago, the FCC determined text messaging does indeed fall under the TCPA umbrella. For some companies, this may have come as a surprise — particularly for Jiffy Lube with their now-famous SMS mishap.
But no need to get discouraged or abandon the idea of text messaging for your financial organization altogether. There are a few easy ways to make sure your company complies with the TCPA and never misses a beat.
Continue reading “Best Practice for Complying with SMS Regulation”
The mass adoption of B2C text messaging is not by accident. Companies, both large and small, now understand just how powerful text messaging tools can be for their business. This is particularly true for the new digital age of banking.
Continue reading “B2C Text Messaging: Knowing the Rules for Digital Banking”
Over the last year, the Elle text messaging platform continues to advance with new benefits and features the banking industry. Today, we are highlighting on such addition that our banking partners have been taking advantage of recently – collecting loan and new account documentation by text messaging.
Continue reading “Receiving Banking Documents Just Got Easy”
Even before the dawn of text-based everything, David Wachs and other marketers knew that SMS-based marketing was the future of marketing. The evidence for SMS-based marketing was what prompted Wachs to write this article, which details the five most important things, in his opinion, to utilizing this underrated marketing option.
Continue reading “Key Reasons SMS Marketing is Essential”
In a recent article by The Financial Brand, Alex Kreger describes the complexities of banking for a Millennial customer. It is important to consider this age group, argues Kreger, as it is estimated that before 2025 Millennials will control $7 trillion in global assets.
Continue reading “How to Design a Millennial Bank”
It has taken less than ten years for text messaging and mobile-based communication to become the preferred method of communication across the globe. This simple fact based on recent studies, emphasizes why marketers and financial institutions, in particular, should build a strategy for text messaging.
Continue reading “Text Messaging Metrics You Can’t Ignore”
Since the 2015 FCC ruling, all companies that engage in text messaging are required to comply with TCPA regulations in reference to their text messaging services. Under the ruling, it requires banks and credit unions to follow certain stipulations when it comes to sending our SMS or MMS messages.
Continue reading “Know the Text Messaging Guidelines”
In 2012, cell-phone usage was beginning to peak and was quickly becoming one of the most important tools for marketing. Text messaging, especially, was showcasing its versatility and abundance. Unfortunately for some companies, such as Jiffy Lube, little research was done into opt-in text messaging solutions before deploying to their customer base. This article highlights exactly what can happen if precautions are not taken to respect customer wishes regarding opt-in texting.
Continue reading “SMS Marketing Case Study: Avoid Jiffy Lube’s Costly Mistake”
In the fast-moving world of financial technology, better known as
fintech, determining whether or not a partnership makes sense is a challenge in itself. This is particularly true when you are considering a collaboration with a text messaging vendor.
Continue reading “Text Messaging Vendor Checklist: Four Questions to Ask”
The benefits of having text message services for banking are real. Not only does it provide a direct channel of communication “à la” SMS but it can also connect more people to your organization’s brand, fostering a deeper sense of customer loyalty.
Continue reading “SMS Opt-in for Banking: How to Opt-in Users for Text Messaging?”
Text messaging functionality is quickly being adopted by financial institutions seeking to better serve their customers. Once deployed, these leading businesses see it as an invaluable communication tool. However, it is important to understand the do’s and don’t when it comes to text messaging regulation.
Continue reading “FCC Rules & Regulations on Text Messaging: Understanding TCPA”
Shep Hyken of Forbes points out several ‘frightening statistics’ in the world of customer service — something that all leading businesses must master at one point or another. In his piece, Hyken’s focuses less on the impact of customer retention and more on the monetary impact of poor customer service.
Continue reading “Why Poor Customer Service Costs Billions and How to Fix it”
Digital transformation is a hot topic for leading financial institutions today. Luckily, most banks and credit unions are overcoming the pressure to adapt or become extinct. Rather, these banking institutions are steadily transforming into a digital era, with many now adding messaging to their omnichannel communication strategies.
Continue reading “Five Benefits When Adding Messaging to Your Banking Strategy”
Over the last decade, banking technology has expanded rapidly with the growth of several new communication channels to improve the user experience. And the expansion of these new digital cross-channels can be attributed to a single group — Millennials.
Continue reading “Why Financial Institutions Must Expand Omnichannel Services”
Text messaging is no longer considered a complicated, high-tech decision for banks and credit unions. Statistics show that text message for banking is critical to efficiently service customers in today’s world. Furthermore, a majority of financial institutions see text message as a gateway to provide consumers with a better digital experience.
Continue reading “As Communication Changes, Banking Call Centers Turn to Text”
A loan applicant prospect starts to fill out a loan application online. This applicant comes to a section that confuses them and stops completing the application. They decide to come back to the loan application tomorrow when they can get help. However, the applicant forgets about it and the financial institution never follows up with this prospect. Does this sound familiar?
Continue reading “How Educators Credit Union Achieved a 68% Completion rate from Loan Applicants”
Digital transformation tears through the financial services industry like a whirlwind. It is often so dizzying that it can seem like the progress of technology has a mind of its own. It can be forgotten that all of the disruption and change exists for one reason — to better
service customers demanding digital and mobile engagement on their terms. Revolutionizing the way Banks or Credit Unions engage with customers and members is about making it easy for them to stay loyal. Nothing pushes people away from a company faster than receiving a lower level of service than what they have come to expect.
Continue reading “Why You Must Start Designing Your Conversational Banking Strategy Now”
Financial institutions are experiencing an evolution in terms of how they reach consumers across new mediums of communication. Many have followed the example of
fintech companies like Paypal, Marcus, and Credit Karma by offering conversational banking for their customers. These leading fintech firms are creating new value and improved experiences with virtual agents and responsive text messaging.
The building out of these products demonstrates an growing demand for conversational messaging functionality. Here are a few key attributes driving this progress:
Continue reading “Why Conversational Messaging is a No-Brainer”
Despite the proven wins for financial institutions, not all credit unions are quick to adopt more efficient communication technology. Credit unions are often slower to offer their members 1-on-1 text messaging services or push SMS messaging even though it is the way members want to communicate.
Here are a few reason why credit unions should step it up when it comes to diversifying their digital conversational channels:
Continue reading “Why Members Don’t Answer Your Calls”
Shastic has signed on five new customers in the first month of 2018. The recent growth follows the company’s early launch of Elle, a conversational text messaging platform built for credit unions. Elle is an expansion of their automation services to deliver efficient, real-time message communication between credit unions and their members.
Continue reading “Five Credit Unions Sign with Shastic’s Text Messaging Platform in January to Enhance Lending and Operations”