I have my hands in a lot of different tasks as the CFO of Dowell Federal Credit Union. Not a slow day has passed since the president asked me to join the team in 2013. I do all the financial operations, marketing, balancing, and I manage all our accounts payable. Anything that doesn’t have a home finds its way to my desk, and that’s what keeps my job exciting!
Dowell Federal Credit Union has one location, but we serve a large-sized membership. Our four-man team is on the same page, and we recognize that each of the roles we play is integral to what makes our small bank function like a big one. We do a great job communicating with each other, because we each have the same goal to put customer service first.
We have only one location in Tulsa, but we service people from all around the world. Our primary employee group is Schlumberger, an oilfield services company, and their offices are across the country and sometimes even overseas.
There are a lot of ducks my team needs to get in a row as far as requesting information from these members, connecting them to loan officers, and getting their loans in the books so we can meet NCUA standards. And every time a member doesn’t respond to one of our calls or emails reminding them to push through this process, we get backed up. We needed a way for our small team to manage communications with that large of a membership, so we looked into texting.
Texting is great for getting loans set up (and for collections in general), because we know we’ll get a response when we send messages to members. Emails can go unread for days or even months, and people will not answer your calls if they don’t recognize the number—but text messages are opened within seconds regardless of who they come from. We’re finding that our members prefer to text because they don’t have to disrupt a meeting or move out of a room to answer them. It frees up their time and allows them to take charge of what they need to take care of in their own time.
Text Request specifically appealed to us because the dashboard was so easy for a small team like us to use. The four of us can hold multiple conversations with members at once and get way more done in the time it would normally take to make calls.
We’ve gotten a ton more results on follow-ups, especially during the COVID-19 pandemic, and our response rate in terms of collections is significantly higher than email and phone calls. Texting is just expected now, and I don’t think we could go back to the time before we were using Text Request.
It significantly speeds up the amount of time it takes for us to get loans finished and processed, plus ensures we get all the stuff we need on file!