Being able to effectively collect money from your members is, obviously, pivotal to your credit union’s financial health – especially with a looming recession and delinquencies expected to rise.

The problem: Most members dislike collections calls (to put it lightly). In fact, only 1 in 100 collections phone calls get answered. However, when receiving a Text about collections, a whopping 40 in 100 members respond. Texting then, in collections, is 40X more effective than calling! It’s a no-brainer.

Members who otherwise feel embarrassed to talk on the phone for collections tend to be much more willing to communicate by Text. Texting lowers the barrier to entry into a conversation. “Our members will almost never pick up their calls,” says the head of one credit union, “but they’ll pour their hearts out on Text.”

In this session, Ashish Garg, Founder and CEO of Eltropy, will demonstrate how using a compliant, secure Text messaging solution for collections can be part of a complete, effective digital and in-branch communications strategy.

Attendees will learn:

• How Text messaging replaces ineffective phone calls in Collections
• What the laws are in the Collections world surrounding Texting, and how credit unions can comply with those laws to keep it legal
• Text messaging best practices around one-to-one and one-to-many Texting
• How can you integrate Text messaging into your collections systems like (Tenemos?), Akuvo, etc.