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.
For Park Community, it was important to have a platform where they could immediately interact with members who enter their online loan application. The Financial Brand has noted how “abandon rates for online banking applications are at an all-time high of 97.5%.” Higher member engagement in the application process has shown to increase the ratio of completed applications, a positive driver for revenue growth.
Solution with SMS Engagement
During the first quarter of 2018, Park Community decided to implement Shastic’s text messaging solution, Elle. Elle is built for credit unions to deliver specific, real-time information to their members. Elle works in harmony with lending, marketing, and customer service teams to simplify operations.
For Park Community, the platform improved their lending process by reducing loan abandonment and driving more loans to
After implementing text messaging into their online loan applications, Park Community experienced a noticeable increase in user engagement. Here are a few highlights:
- 3 out of 4 members’ completed online loan applications after receiving a text message from Park Community Credit Union.
- 41% of members’ were approved for a loan, and nearly 25% of the loans were funded after engaging via text message.
- Approximately 50% of message engagement came from non-members.
The credit union is currently on pace to generate a healthy ROI of over 2000%.
By adding text messaging as a convenient, digital communication channel for loan inquiries, Park is on pace to achieve further growth this year. Going forward, the credit union will continue to utilize the Elle text messaging service to improve their member experience and achieve a higher return on investment.
“Elle was invaluable for us to make the shift to a scalable, central lending structure. It has been a strong revenue-generating platform for Park Community.”Jennifer Hammond, AVP of Lending at Park Community Credit Union
Check out the full case study for more information on how Park Community realized ROI results.