Neobank Improves Engagement & Repayment by Adding SMS Channel to Digital Customer Communications

Learn how one leading neobank increased customer engagement and repayment by combining email and SMS into a multichannel digital communications strategy.

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Overview

How do you know which digital channels are going to resonate with your customers, especially for sensitive delinquency communications? The answer is not which, but which combination.

For one neobank, using Retain by TrueML Products to send email communications was a step in the right direction and provided increased repayment results, but there was further opportunity to reach even more of its customers where and when they like. By adding SMS messaging into their digital customer communications and creating an omnichannel approach, the neobank was able to engage even more customers—and the results did not disappoint.

Adding SMS increased payment rates by 9% in just four months while generating an 83:1 ROI.

What You'll Learn

In this case study, we’ll look at how the neobank reached:

  • ROI of 83:1 through lower operational costs and higher engagement and repayment
  • A 9% increase in payment rates just four months after adding SMS
  • Email Open Rates of 78% after adding SMS