Eltropy has reported notable reductions in delinquencies among credit unions and community banks across North America. The results in question are linked to the adoption of its unified text messaging service, AI-powered chatbots, secure video banking, and voice capabilities for collections outreach.

The rise in delinquencies has been attributed partially to the lending industry's extension of larger credit amounts to more borrowers during the pandemic, based on historically high credit scores and low debt levels. As economic conditions returned to normal and consumers depleted surplus savings, defaults increased, particularly among new accounts opened during the 'Pandemic Paradox' period. Eltropy facilitates members' payment processes via text and engages them through preferred digital channels, aiding CFIs in establishing early connections to prevent missed payments and costly delinquencies.

Its AI-driven chat and voice solutions enable personalised outreach at scale. In the official press release, representatives from Eltropy highlighted the platform's effectiveness in deploying timely payment reminders, digital payment flows, AI-powered conversations, and seamless handoffs to live agents when necessary, assisting in increasing on-time payments and resolving delinquent accounts. Testimonials from Virginia Credit Union and Canvas Credit Union underscored the positive impact of Eltropy's texting capabilities on collections and recovery efforts.

Specifically, officials from Canvas Credit Union emphasised the importance of meeting members on their preferred digital channels. Moreover, the ability to blend digital and voice communication channels was noted as instrumental in Alliance Credit Union's collections results by its COO. More information about Eltropy Eltropy is a conversations platform for CFIs, offering AI-driven communication tools to improve operations, engagement, and productivity while maintaining security and compliance standards.

The platform enables CFIs to connect with and service their members and customers via Text, SMS, Chat, Video, and Voice integrated into a single platform. In December 2023 Eltropy partnered with Magnifi Financial to leverage generative AI solutions. Specifically, this collaboration introduced advanced generative AI solutions aimed at streamlining traditional support and employee training processes, with the goal of enhancing member and employee experiences.

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