Investing in Eltropy

Posted on 11/09/2021 at 05:12 PM by Ashley Hunt

Investing in Eltropy

 

COVID-19 has forever changed the way we communicate. As many look toward accessing digital tools and virtual means of communication, many financial services institutions understand the need to keep up. Digital communication, especially text messaging, has become an increasingly popular way to communicate, both personally and professionally.

 

Financial institutions are dependent on maintaining secure and compliant means of communication and interacting with members. Transitioning to a digital communication method can be tricky to navigate.

 

This is where Eltropy comes in. Understanding that customers want quick, efficient service and personal communications, Eltopy developed a communications method that combined the efficiency of text messaging with secure and compliant methods.

 

Since its inception, Eltropy has worked with hundreds of credit unions to launch text messaging services, allowing these institutions to use digital communications in loss mitigation, customer service, payments, and customer reviews. The results have been astonishing: members may be reluctant to pick up calls from collections departments but are finding themselves in open communication via text messaging. Texting with members has been 40 times more effective than phone calls in collections. Financial services have also seen an overall 33 times faster response rate.

 

Eltropy’s text messaging service has allowed financial institutions to send loan status updates automatically, resulting in faster processing and shorter wait times. With increased efficiency, credit unions have also been able to receive additional insights into members’ loan journeys and receive more constant, real-time feedback. 

 

Eltropy has quickly positioned itself as the leader in secure, digital communications for financial institutions. Not only can you integrate with popular systems like DocuSign, Salesforce, Fiserv, and more, the service navigates security risks and compliance regulations for you. With secured, encrypted links and two-factor authentication, for texting interactions, financial institutions can collect valuable loan documents without putting a member at risk, once again streamlining the communications and loans process in a way that is beneficial for both the institution and the member.

 

“Next Level Ventures is always looking for companies that are able to adapt to changing trends in a way that doesn’t seem reactive,” said Craig Ibsen, managing partner at Next Level Ventures. “Eltropy continues to prove itself as innovators and leaders in the communications space, helping traditional institutions like credit unions keep up with the ever-changing needs of consumers.”

 

When COVID-19 required companies everywhere to adapt their communications methods, Eltropy was able to provide an award-winning text message system that met new virtual and remote needs. Now, the company continues to adapt into a robust omnichannel platform that not only includes text messaging, but also access to video banking, secure chat, chatbots, cobrowsing, and screen sharing. This new, omnichannel digital communication platform will give customers seamless access to a variety of communication methods that result in quicker, more efficient interactions while also improving member experience.