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CUs 'Get the Message' for Loans, Collections & Caller Congestion

Member demand drives SMS and MMS adoption, and customer satisfaction scores for messaging are the highest of all channels.

Banking alerts on text message. Text messaging can help all aspects of banking. (Source: Shutterstock)

Text messaging helps credit unions spur member activity and interaction in several ways: loan processing speed, abandonment reduction, expired application rescues as well as collection reminders including repayment and delinquency and contact center enhancement.

Bozeman, Mont.-based Quiq, which provides SaaS-based messaging software solutions, maintained that innovative, market-leading brands are currently evaluating or implementing messaging, creating a domino effect to drive adoption across industries. In many cases consumer demand is driving SMS and MMS adoption and that customer satisfaction scores for messaging are the highest of all channels. The thought process is once customers they interact with a company via messaging, they start to demand and expect the convenience of it from other brands and industries, such as financial services.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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