01 Nov Use Texting to Improve Your Consumer Loan Business
We Provide In-house Text Messaging Services
How do your borrowers communicate in the 21st century? Text messaging has become the preferred means of business correspondence for customers across all industries in recent years. A recent McKinsey survey confirmed that customers prefer to be contacted digitally versus phone calls or regular mail. We already know that maintaining routine correspondence with delinquent borrowers can produce up to a 30% increase in payments, and sending texts to delinquent borrowers can have a higher response rate as opposed to calling them on the phone. The study suggests a decrease in write-offs by up to 50%. There is also a 50% percent increase in customers who pay in full when contacted by texts.
A recent webinar by Bedard Law Group, found that 100% of texts are opened, and 90% of them are opened and read within 30 minutes of receipt. They also discussed a higher response rate to texts, and fewer write-offs. TextMagic.com reported the response rates were increased when using text correspondence.
What does this mean for your business? Texting saves time, creates a sense of urgency, and is easy to set up. You can reach clients instantly, and improve customer relationships by communicating in the medium most used by your borrowers. Texting will reduce delinquency, increase renewals, and foster positive relationships with your borrowers.
How can you maximize your text messaging options? Optimize your FSS text messaging options by configuring automatic texts, special occasion mass text campaigns, and case-by-case manual text messages:
• Using the automatic texting options allow you to send recurring texts messages, based on user-defined criteria, with no action required from the user. The system does the work in accordance with the criteria you setup. This is especially helpful for upcoming payment reminders, past due reminders, and renewal solicitations.
• You may create mass text campaigns for special events such as birthdays, tax free weekends, holidays, or back to school marketing pushes. You can also save these text templates for repeated use, as often as you wish.
• You can also manually select texts to send to specific borrowers, on a case-by-case basis. This is an excellent way to create an expectation in writing as a follow up to a phone conversation, especially a promise to pay.
Visit us on Facebook @ https://www.facebook.com/WeMakeUMoney
How do you get started? The most important thing you can do is begin using the options we provide for automatic texting; recurring text messaging for pre-due date and post-due date notifications are vital. Next, utilize the automatic text options for renewal solicitations. After that, you can fill in the blanks with special campaigns, and by sending case dependent texts manually. Contact our support department and ask for help configuring automatic texts to maximize profit and minimize delinquency. Select the text messages you wish to use from the list of Standard Text Messaging Templates (provided in the Welcome Packet), and let us know you are ready to get started.