Eltropy exceeds expectations for cutting loan approval times for Patelco Credit Union
Patelco - one of the largest credit unions in the US with $7B+ assets
MILPITAS, CA (February 21, 2020) — Eltropy, a text messaging-based platform that enables credit unions to communicate with members via text, announces that Patelco Credit Union has gone live with its leading solution. The Dublin, Calif.- based credit union is using Eltropy for text messaging with members in order to improve loan approval times.
Early Results
Patelco’s consumer loan funding team began using Eltropy in December 2019, purposefully choosing a quiet time of the loan season so employees could get comfortable with the platform. Since then, Patelco has been rolling out Eltropy to additional teams, including consumer loan funding and home loan sales, with success.
Vince Salinas, vice president of lending at Patelco, said, “Early results have been exemplary. Our initial expectations were to reduce the time from loan approval to loan funding by a few days, but we’re now able to measure that turnaround time in hours in many cases.”
Metrics include:
700+ members contacted via text message
3,000+ messages exchanged from agents to members
500+ replies from members
120+ documents uploaded via text message
Ashish Garg, CEO and co-founder of Eltropy, said, “It is an honor to partner with one of the largest credit unions in America to provide them with a world class text messaging solution in order to better serve its members. We look forward to continuing to deploy across all of Patelco Credit Union’s teams and have enjoyed working with such an innovative organization that is committed to providing the best experience it can for its members.”
Training and Deployment
Following in-person training sessions and a seamless integration, Salinas was impressed with the swift process to go live. Eltropy is continuing to conduct training sessions for each new team that comes onto the platform.
“It was a quick implementation thanks to Team Eltropy’s support in getting us up and running,” Salinas said. “Their ability to integrate with our existing systems and work with us on future integrations that will automate processes provides the foundation we need to really modernize our member communications. With Eltropy’s technology, we will be able to streamline the human interaction needed as we scale operations.”
Looking Forward
Patelco’s long-term plans with Eltropy include integrating DocuSign as well as other innovative opportunities with the platform.
“We look forward to leveraging the Eltropy platform across the organization and working together on future roadmap items to bring the best experience to our membership,” said Kal Majmundar, senior vice president and chief technology officer at Patelco.
About Eltropy
Eltropy is the leading conversations platform for community financial institutions (CFIs). Its AI-driven communications tools empower CFIs to communicate, automate, improve operations and engagement, and increase productivity across the institution – all while maintaining the highest standards of security and compliance. Using Eltropy's platform, CFIs can connect with and service their members and customers anytime, anywhere via Text, SMS, Chat, Video, Voice — all integrated into a single platform. For more information, please visit eltropy.com.
About Patelco Credit Union
Dublin, Calif.-based Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and well-being of its membership. With more than 360,000 members primarily in and around northern California, Patelco is committed to improving their members’ financial well-being and fueling hope and opportunity for its members by offering personalized solutions, advice, and expertise that empower them to achieve personal financial freedom. Founded in 1936 with $500 in assets by employees of the Pacific Telephone and Telegraph Company, Patelco is in the top one percent of U.S. credit unions with more than $7.3 billion in assets. For more information, visit https://www.patelco.org/.
