Shastic is announcing a new partnership with Atlanta Postal Credit Union to launch “ElleX”, a productivity tool to enhance the industry standard for loan and account applications, all within their MeridianLink platforms.
Like a majority of other financial institutions, Atlanta Postal Credit Union is facing the communication challenges that arise from COVID 19. ElleX combats this by using A.I. based communications to increase completion rates by keeping people engaged during the account or loan application process.
Now, for the first time, loan officers, processors and service representatives can use text-messaging for quick and easy communication with loan and new account applicants directly inside the LoansPQ, Xpress Accounts or OpeningAct platforms.
Lending teams can add the “ElleX” text-messaging integration with a single click and without the need for IT or a third-party to perform the installation. Once installed, “ElleX” pops up inside LoansPQ, Xpress Accounts and OpeningAct for two-way text messaging communication. Agents can instantly reach applicants from a branch or other remote locations without ever leaving their loan origination and account opening systems.
“In this era of COVID-19 where consumers are limiting branch visits and agents are working from home, maintaining real-time communication and reducing the need for physical contact is extremely important,” says Blake Graham, Executive Vice President/Chief Lending Officer at APCU, regarding his motivation to partner with Shastic. “The Elle Platform will allow us to streamline the application process while providing an outstanding member experience.”
With this partnership, Shastic is leading the way of an important industry trend to transform the user on-boarding experience, reduce operational risk and maximize workflow efficiency in the era of social distancing.
In her article “The Rise of Digital-First Banking”, Senior Analyst Tiffani Montez at Aite Group explained how “The COVID-19 pandemic has changed the way consumers interact in every area of their lives, and consumers will become digital-first regardless of generation, whether FIs are ready or not.”
The biggest challenge when processing loans and new accounts is the difficulty of integrating natural human interaction with the purely digital form filling process. Using ElleX, Financial Institutions can connect with applicants a lot faster to fund loans and new accounts in hours, instead of days or months. ElleX leverages the preferred consumer communication channel across all demographics and places it directly inside the industry’s leading origination and processing systems.
“The pandemic has brought 2 years worth of digital transformation in 2 months. And today, the biggest competitive advantage in financial services is speed. ” said Joseariel Gomez, CEO of Shastic.