Banks and Credit Unions Are Losing to Fintech

Both banks and credit unions continue to lose market share to digital lending platforms that offer better user experience and more personalization. 
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%.

Continue reading “Banks and Credit Unions Are Losing to Fintech”

Shastic Partners with MeridianLink to Leverage SMS in the Application

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”

CUTimes story: Why Credit union members love text message interactions

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”

Park Community on pace for 2044% ROI from loan growth

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”

Millennial Text Messaging Statistics

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”

Benefits of Workflow Automation

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”