Texting is undeniably the preferred choice of communication for the vast majority of the population today. Not just for personal exchanges but often times when it comes to engaging with businesses as well. Credit Unions have been wildly successful with fast tracking and closing loans by adopting business text messaging as a form of communication with potential borrowers.
Integrating business text messaging in the loan process
Business text messaging benefits the entire lending cycle, starting at the beginning with prospecting or the initial inquiry. Prospective members expect to have choices with it comes to their interaction and communication with someone they’ll be engaging in business with. Start the relationship off right and provide the option to text. This will continue to benefit the members and Credit Union throughout the entire loan process.
Once the loan application is received, send a simple ‘thank you’ to let them know their application has been received and to watch for further communication regarding next steps. Let them know they can reach you via text or phone at the number the text has been sent from. This offers comfort and peace of mind for borrowers.
During the loan approval phase, business text messaging will help expedite the entire process. Simply send a text to follow up on missing documents, communicate updates with applications and provide what to expect as a next step in the process. If there is a need to coordinate a verbal discussion, text can be utilized to schedule an appointment rather than play phone tag, leave several voicemails or have your email get lost in their inbox. Pictures of documents can be sent through text allowing the process to flow at an expedited rate. If an application has not been entirely completed, send a text to prompt the borrower to circle back to the application or specific sections to move the process along.
Once the loan has been approved and papers have been signed, business text messaging enables the loan officer to send a text thanking the members for their business. This also provides a direct line into future products and services the member may be in need of and serves as a referral channel for friends or family of the new member.
Business text messaging in Credit Unions prompts action from members
Email just doesn’t evoke the same urgency that text does. When our phone chimes or buzzes, more often than not, we look to see who it is. That’s why using business text messaging in Credit Unions is powerful. It gets the attention that is needed to address outstanding items or issues with urgency. 97% of texts are read and responded to within 15 minutes. The power of text is real.
The number of text messages sent annually continues to increase. According to the Cellular Telecommunications and Internet Association (CTIA.org), in 2018 the number of text messages increased just shy of 16% from 2017.
Text messaging is increasingly being utilized in business to communicate with customers It’s effective and relevant in today’s technological landscape.
For Credit Unions, the change is simple; for members, it’s seamless
TextBetter uses your email account to transmit text messages to and from your existing landline phone number by simply pairing the two together. You’ll send, receive, and manage text conversations directly from your business email, and yes, you’ll have access to the photos of documents that were also sent. Pretty simple, right? There is no software to purchase or undergo any substantial changes in your branch. Members can use the same number they have always used to reach loan officers by voice or by text.
Using business text messaging during the loan process is just one example of how text has revolutionized the way Credit Unions interact and communicate with members. Considering how easy it is to implement, what are you waiting for?
Have questions regarding the TextBetter text messaging service? We’d love to answer your questions. Call or text us today at 800-322-1112.
TextBetter™ is a business texting service that makes it easy to send or receive texts from your landline number. Our cloud-based service seamlessly integrates with your business, 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: Teams, Business or Enterprise.