CU Members Send Positive Messages About Text Communications

Digital challenges for credit unions include boosting online engagement, helping visitors evaluate offerings, and driving qualified leads to their connected applications. All while satisfying member expectations for a better experience.

Berkeley, Calif.-based Shastic has two software-as-a-service tech solutions built to enhance the digital experience with credit unions: Lead-Gen Bots, interactive tools that track and engage consumers shopping for loans; and the Elle text messaging platform, an end-to-end member engagement vehicle that integrates with new membership and loan applications, and provides live chat for tracking.

Many credit unions use both products because they connect with one another and into existing banking IT infrastructure that help provide a smooth omnichannel integration across web, mobile, SMS, email, and Facebook.

Joseariel Gomez, CEO at Shastic, said, “When it comes to credit unions, we consider ourselves specialists. As a trusted technology vendor, Shastic has worked with hundreds of credit unions. The technology tools we build are a result of continuous conversations we have with our credit union partners. The text messaging platform, Elle, was created after listening to the communication challenges credit unions were facing.”

Gomez pointed out many credit unions have lending teams using their personal mobile phones to send text messages to members without obtaining the prior consent required. The centralized Elle platform helps the financial institutions fully complies with guidelines.

The Shastic CEO also noted abandonment rates for online banking applications are at an all-time high with some reports placing them close to 98%. “The Elle text messaging platform is built for credit unions to engage with members as they move through the application process and remove obstacles so more applications are completed.”

In June 2018, the $228-million Norwich, Connecticut-based CorePlus Federal Credit Union began using a combination of Shastic’s interactive calculators connected with the institution’s loan origination system; and the Elle text messaging platform integrated into their new membership and digital loan applications.

In April 2018 the $163 million South Pasadena, Calif.-based Priority One Credit Union released the Elle text messaging platform for financial services to help shape the quality of their digital member journey.

The $155 million Spokane (Washington) Federal Credit Union, implemented Elle in October 2017. They’ve been working with Shastic’s calculators for at least three years. Elle gives Spokane Federal members the ability to chat with the credit union and integrates into online loan and new member account applications.

Gomez pointed out the Elle text messaging platform connects with the most common digital journeys to improve each member’s experience. “In building the Elle text messaging platform for credit unions, it was important to make the process turnkey. This allows any credit union to start communicating with members using text messaging, same-day.”

Read more about remote text messaging at credit unions in the Sept. 26 issue of CU Times.