Businesses both large and small have needed to adapt to shifting consumer patterns in 2020. As customers navigate the complexities of 2020, lending companies must become a trustworthy and accessible resource for information and support.
Overview
According to The Federal Reserve Bank of New York’s Center for Microeconomic Data, total household debt increased by $87 billion (0.6%) to $14.35 trillion in the third quarter of 2020. The largest rises in debt in Q3 2020 occurred among mortgage balances ($85 billion), student loans ($9 billion), and auto loans ($17 billion).
Consumers increasingly conduct online research while deciding on a lender. Non-bank online lenders are also becoming a popular alternative provider of financing individuals and small businesses (Federal Reserve). It’s critical that lending companies establish credibility through both content and also responsive online communication.
Why Text?
Texting is a quick and easy way for consumers to get in touch with lending institutions. Here are some common use cases for SMS within the loan process:
- Automatically get in touch with leads after they complete a web form
- Confirm receipt of an application
- Send reminders to submit missing documents
- Send status updates through the application process
- Request reviews and testimonials
- Instantly respond to frequently asked questions
- Route questions to an agent at the right time
Sonar helps organizations develop communication strategies that incorporate texting, phone calls, and your unique software applications. Whether you’re curious about sending reminders via text or a fully automated system, we can help. To get started, visit our website and request a demo today.
Ready to streamline communication with your customers?