A loan applicant prospect starts to fill out a loan application online. This applicant comes to a section that confuses them and stops completing the application. They decide to come back to the loan application tomorrow when they can get help. However, the applicant forgets about it and the financial institution never follows up with this prospect. Does this sound familiar?
9 in 10 never finish an online loan application
ECU in Wisconsin was one of these institutions looking for a simple solution to get more people to complete loan applications. They currently have over 22 branches and nearly 175,000 members. Having grown substantially in recent years, ECU was looking for the most optimal ways to accelerate their digital loan application process.
Additionally, the credit union reported that many of the questions that they received were repetitive. Valuable loan staff time was taken answering the same questions over and over. ECU was looking for a way to make sure loan applicants always got a response, even when staff wasn’t available, especially for those most commonly asked questions.
To achieve this, ECU opted to use Shastic’s Elle text messaging services, and within a month of use, they saw their loan inquiry response rate increase by nearly 70%. More astonishingly, however, the addition of Elle services saw an increase of people applying for loans. 69% of those who applied completed their loan applications, with nearly 50% of those being approved. As a result, ECU is on pace to achieve an ROI of 1650%!
Instant setup, immediate results
At first glance, shifting to a conversational text message process for online applications can be overwhelming. It doesn’t need to be. In less than a week, ECU was live with text messaging. Looking back, it was a no-brainer for the credit union after knowing how the vast majority of their potential loan applicants were not following through.
To learn more about how Elle can give your bank or credit union real-time messaging services, please reach out to us today!