Park Community Credit Union currently services over 90,000 members across more than 20 counties throughout Kentucky. Recently, the credit union moved to a centralized lending process and felt a central communication platform would compliment their new structure. It was also important to have a platform where they could immediately interact with members who enter their online loan application. The Financial Brand has noted how "abandon rates for online banking applications are at an all-time high of 97.5%.” Higher member engagement in the application process has shown to increase the ratio of completed applications, a positive driver for revenue growth.
Knowing text-messaging is a preferred method of communication in today's society, Park Community put their emphasis on using it as a way to create a better overall experience for their members. Currently, over 50% of consumers prefer text message communication for service and support. Additionally, the credit union welcomed a text messaging platform that could accurately capture loan prospects in real-time and help guide them through the digital journey upon entering Park’s online loan applications.
During first quarter of 2018, Park Community decided to implement Shastic’s text messaging solution, Elle. Elle is built for credit unions to deliver specific, real-time information to their members. Elle works in harmony with lending, marketing, and customer service teams to simplify operations. For Park Community, the platform improved their lending process by reducing loan abandonment and driving more loans to booking. For instance, the platform helped their team understand where each prospect stood in the application process, triggered responses following specific actions, and re-engage with applicants if they became inactive or abandoned an application.
After implementing text messaging into their online loan applications, Park Community experienced a noticeable increase in user engagement. In the last three months, the financial institution has reported that nearly 75% of those that participated in a text message conversation completed an online application. . Overall, Park Community realized a sizable increase in completed applications through their online application channel, rising to 65% from 55% during the same period last year.
In turn, this resulted in more applicants being approved for loan applications, leading to a greater amount of funded loans for the period. “Elle was invaluable for us to make the shift to a scalable, central lending structure” explained Jennifer Hammond, AVP of Lending. “It has been a strong revenue-generating platform for Park Community.”
By adding text messaging as a convenient, digital communication channel for loan inquiries, Park Community is on pace to average 180 new loans funded from the Elle communications platform in 2018 resulting in an ROI of over 2000%! Going forward, the credit union will continue to utilize the Elle text messaging service to improve their member experience and achieve a higher return on investment.
To find out more about Park Community’s experience, visit elle.shastic.com
