Case Study: First City Credit Union achieves 54% lower collection costs with Eltropy and Akuvo

First City Credit Union cuts collection costs by 54% with Eltropy

First City Credit Union faced high costs and a lack of personal connection with its members due to its reliance on expensive third-party providers for early-stage collections, which cost nearly $90,000 annually. To address this challenge, the credit union turned to vendor Eltropy and its Unified Conversations Platform, integrated with Akuvo, to automate the process.

By implementing Eltropy's solution, First City Credit Union automated payment reminders through secure text conversations. This allowed members to receive reminders and make payments directly from their texts, replacing awkward phone calls. The results were a 54% reduction in collection costs and annual savings of $48,000, alongside increased member satisfaction.

First City Credit Union