In this new case study, read how Jacaranda Finance found that by using SMS to remind clients of payments, there has been a 66.6 percent increase in clients making on-time payments.
Jacaranda Finance (Jacaranda) is an Australian-owned financial company which offers a digital online platform for clients to access quick cash whenever and wherever they are. Founded in 2013, the company is proud of its in-house underwriting platform that creates a unique and extremely fast scoring system for prospective borrowers.
With 75 percent of the millennial generation preferring SMS to phone calls, Jacaranda chose SMS messaging for its effectiveness, efficiency, and ability to drive a higher response rate from clients. With just minutes of downtime costing thousands of dollars, Jacaranda turned to SMS Central, part of the MessageMedia Group, for a solution that would prove reliable and accommodate the growing scale of the business.
The benefits of the new system are numerous, in particular, faster customer payments. Jacaranda has found that timely reminders are definitely the most effective way to increase the payment speed of those customers not on direct debit. In fact, Jacaranda has found that by using SMS to remind clients of payments, there has been a 66.6 percent increase in clients making on-time payments.
Other benefits include:
- Faster message delivery
- Improved capacity
- Automation for better efficiency
- A better customer experience
- Higher customer response rate
- Improved accuracy
- Transparency of account spend