Daily Tech News, Interviews, Reviews and Updates

Eltropy’s texting platform enables CFIs to manage collections despite a looming recession

Eltropy’s Text messaging platform proves 50x more effective than emails and 68x more effective than phone calls

SAN FRANCISCO, Oct. 18, 2022 (GLOBE NEWSWIRE) — Rumblings of the U.S. economy falling into recession have been growing for months, but recent higher inflation data and monetary policy action have rapidly increased the likelihood of a recession occurring late this year or early next. What has complicated things even further is that consumers no longer have access to the loans and funds distributed as supplemental income during the pandemic. For community financial institutions, the question becomes, “What can we do to manage risk while assisting consumers?”

As some CFIs 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 CFIs, 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. CFIs 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 CFIs 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 CFIs to combat delinquencies,” stated Ashish Garag, CEO and co-founder, Eltropy.

About 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.

CONTACT
Codeword Agency
[email protected]
856-599-1879

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.



Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates Read More
You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More