Five credit unions sign with new text messaging platform in January to enhance lending and operations
BERKELEY, CA (February 13, 2018) — Shastic, a SaaS company specializing in banking-specific technology services, has signed on five new customers in the first month of 2018. The recent growth follows the fintech company’s early launch of Elle, the conversational text messaging platform built for credit unions. Elle is an expansion of their automation services to deliver efficient, real-time message communication between a credit unions and their members.
Traditionally, financial institutions communicate with their clients by phone or email. Unfortunately, this process makes it difficult to quickly collect client information, delays the time-sensitive process to approve applications, and impedes their operations with menial tasks.
Today’s consumers expect faster, more effective banking services. Over 50% of business customers prefer to receive text messaging over their current form of communication for both customer service and support. On average, open rates for text messaging sit an impressive 99%. This is much higher than email, which has an average open rate of 32%, according to Hubspot. Using Elle, credit unions can now empower their teams to give members actionable information in a more engaging way.
Educators Credit Union (ECU) is currently taking advantage of the secure and low-cost text messaging platform. ECU experienced a substantial increase in member engagement after adopting the platform. More than half of ECU’s members are responding by text message in less than 90 seconds. In addition to having a better way to service members daily, ECU also sees SMS as a more cost-effective way to scale their operations.
“Elle was intuitive and incredibly easy for us to get up and running,” said ECU Marketing Strategist Emily Olson. “It gave us the ability to help members through the loan process using the communication channel that’s most convenient for them.”
Shastic’s Joseariel Gomez explains, “Elle was built as a digital engagement solution to meet the growing demand by banking consumers,”. “Marketplace lending companies and the big five banks have changed expectations in terms of convivence and response times. This platform levels the playing field for credit unions needing an agile, affordable two-way text messaging solution designed for credit unions.”
Shastic digital services are built to improve the banking-consumer relationship. Going forward, the team will launch several new integrations and continue to better serve the growing number of credit unions transitioning to a more automated future. To find out more, visit elle.shastic.com.
Shastic built the first Intelligent Process Automation (IPA) platform specialized for banking. They offer their technology as a Cloud service that requires minimal upfront IT investment without the elongated implementation process. Shastic is trusted by 50+ financial institutions across the US. Their platform allows financial institutions to increase capacity and processing speed by 10 times using the same resources and processes they currently have in place. Shastic has partnerships with Finastra, MeridianLink, and Access Softek to help financial institutions streamline banking processes and improve customer service. For more information, visit www.shastic.com