Case Study

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

Learn how adding SMS helped increase payment rates by 9% in just four months.

About the Case Study

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.

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

About Retain

Retain by TrueML Products is an intelligent delivery platform that leverages a patented optimization engine to determine the optimal time and channel to deliver the client’s communications within the confines of the compliance requirements outlined by the client. 

TrueML Products is a fintech software company developing machine learning-driven products that enable intelligent, digital communication and prioritize customer experience for consumers seeking financial health.