Helping Credit Unions Thrive Amid the Labor Shortage
March 1, 2022
The past couple of years have been full of ups and downs in the labor market with unemployment hitting 14.8% in April 2020. Jobs bounced back in 2021, yet in 2022, hiring and retaining qualified staff is a major challenge for many organizations, including credit unions.
One way to mitigate the day-to-day operational impacts of the labor shortage is to increase efficiencies enterprise-wide. How can credit union staff get more done faster without compromising the high-quality and personalized service members expect?
Eltropy’s omnichannel digital communication solution may be the answer. The Strategic Link partner’s video banking, text messaging, cobrowsing, secure chat, and chatbot capabilities help credit union teams operate at peak efficiency. Here’s how.
Today’s lending opportunities necessitate new ways of communicating with members. One-to-one text messaging is a great way to keep members informed at every step of the loan process, and Eltropy’s unique, secure, and trackable links enable safe document collection. The links also provide credit unions with actionable insight into their members’ loan journeys, offering solid data on what works best for each individual. This solution can save credit union staff members significant time as they guide members through the lending process.
COVID-19 has created financial hardships for so many consumers. Much like lending, strong communication tools are essential for loss mitigation and preventing delinquencies. In early collections efforts, Eltropy offers automated one-to-many texting and payment reminders. For late-stage collections, Eltropy’s one-to-one texting allows staff to connect with individual members personally to understand their struggles and resolve payment issues. The Strategic Link partner has found that texting can be up to 40 times more effective than phone calls when it comes to starting a dialogue with struggling members, resulting in fewer delinquencies and enhanced service.
With more members using online banking, call-in support can only go so far. Credit unions can provide members with real-time assistance through Eltropy’s chat, audio, video, and cobrowsing solutions for faster and smoother transactions. The chatbot function can resolve common issues in minutes, freeing up agents to handle more complex member inquiries and focus on relationship-building. Additionally, credit unions can proactively reduce call volumes during holidays, weather-related closings, or unplanned outages by texting members timely alerts and updates.