Meet Members Where They Are — On Their Devices
November 30, 2020
Mobile banking is experiencing a serious growth spurt. According to analysts at Allied Market Research, Mobile banking will be a $1.82 billion market five to six years from now, experiencing a growth rate of 12.2% a year. Between transferring funds, depositing checks, and paying bills, credit union members continue to turn to mobile apps for their daily banking needs.
Integrating text messaging into those transactions makes the process easier, faster, and more personal.
Strategic Link partner, Eltropy, called one of “the best text messaging solution for credit unions,” enables both one-to-one and group texting between credit unions and their members — and it’s one of the best ways to communicate important alerts, payment reminders, loan status updates, and more.
Research shows that virtually everyone uses text messaging to communicate these days. Roughly 90% of the population owns a smartphone, and among 18- to 29-year-olds, 95% use texting. That figure drops slightly to 91% for individuals aged 30 to 49, and is still significant at 66% for people aged 50 to 64.
Even after COVID-19, it’s highly likely members will prefer communicating with their financial institutions via text rather than by email, mail, or in-person visits because it’s faster and much more efficient — they’re already using their smartphones for a variety of other services. Meeting members where they are — on their preferred devices — can create deeper connections and increase brand loyalty.
In a column for Forbes, founder of Chic-CEO.com, Stephanie Burns, wrote “64% of consumers believe that businesses should use SMS messages to interact with customers more often than they currently do.”
Now is the time for credit unions to take advantage of this innovative mobile service. With Eltropy’s secure and compliant platform, credit unions can use texting to boost engagement and enhance the member experience. Eltropy also integrates with current IT systems, such as Symitar and Corelation, and uses analytics to provide member engagement insights.
To learn more about Eltropy, visit its virtual booth at the Strategic Link Trade Show. Visit during live hours on Dec. 9, from 11 a.m. to 1 p.m. PDT (noon to 2 p.m. MDT), to chat directly with the team. Additionally, from Dec. 1 to Dec. 14, you can earn points as you explore the Exhibition Hall for a chance to win a cash prize! A random winner will be chosen Dec. 15, so visit the trade show floor today!