There is a significant opportunity for financial institutions to create and strengthen borrower relationships while accelerating the loan process. It’s really as simple as making text part of the communications strategy by using a business texting service. Whether it’s processing a home mortgage, a personal loan or financing a new car, integrating text as part of the process, can help speed up loan processing time while improving customer satisfaction. Using a business texting service enables financial institutions to communicate with customers on another personal level.
Text provides convenience
With text being the preferred form of communication today, the increasing demand from potential borrowers to text with their financial institution is increasing. From the initial outreach and communication throughout the loan approval process, clients not just expect, but also appreciate their lender reaching out to them in a preferred and convenient way.
Customer lives have become busier, and the need for quick answers, easier connection while maintaining great customer service that fits with their lifestyle is essential.
Benefits from start to finish
It isn’t just the volume of loan documents that takes so much time, it’s the emails and phone calls you have to place throughout the process. Using a business texting service can be a considerable benefit across the entire lending cycle. Leads often come from a variety of places. In the initial prospecting stage, it’s critical to provide and allow a variety of communication channels. You’ll close prospects by allowing them to choose their communication method and will maintain the personal touch that they expect during the process.
Text messages get read
It is REALLY easy to overlook an email. It only takes a swipe or a push of a button to dismiss a phone call. Text messages get read and responded to fast! Using a business texting service enables your customers to respond to you by phone call or text, whichever is most convenient for them. The largest banks and financial institutions have been using text for years, and it’s no surprise why. Statistics say that 95% of all text messages are opened and responded to within 15 minutes or less. This is much higher than email, which has an average open rate of 32% and even lower response rate.
In our next article, we’ll dive into the specifics of how financial institutions are using business text messaging as part of their everyday process. In the meantime, to learn more about integrating business text messaging in your process please reach out to us today.
TextBetter™ is a business-texting service that makes it easy to send or receive texts from your landline number. Our cloud-based service effortlessly integrates into your existing business model, without having to install new software or change how you do business. Through our three separate product offerings, we proudly cater to organizations of all sizes: TextBetter Basic, TextBetter Business, TextBetter Enterprise.