Priority One Integrated SMS for Verification and Security

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.

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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%.

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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.

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How Credit Unions Verify Each Member’s Identification Digitally

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.

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