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Banking industry

Educaid and VeriSign Launch Mobile Text Messaging Service for Student Loan Approvals

Strategic Insights

— 1 min read

The new service, powered by VeriSign's Intelligent Messaging Network, enables two-way messaging across virtually all popular mobile devices that support SMS capability. This allows students to receive instant notifications on loan approvals and access funds faster. The service also enables schools to communicate with students more efficiently, reducing the time between eligibility, approval, and disbursement. Educaid, a top 10 student loan provider, has reengineered its communication methods to reach students through technology they are familiar with and adept at using.

Key Takeaways:

  • The mobile text messaging service is powered by VeriSign's Intelligent Messaging Network, which enables two-way messaging across virtually all popular mobile devices that support SMS capability.
  • Students will receive instant notifications on loan approvals and access funds faster through the service.
  • The service also enables schools to communicate with students more efficiently, reducing the time between eligibility, approval, and disbursement.
  • Educaid has reengineered its communication methods to reach students through technology they are familiar with and adept at using.
  • The service is a part of Educaid's efforts to improve communication with students and speed up the student loan application process.
  • The company has reengineered its methods to dramatically improve its ability to reach students, regardless of where they are.
  • VeriSign's Intelligent Messaging Network is being deployed for mainstream SMS services across many industries, including finance and transportation.

Statistics:

  • Over 4,000 schools in all 50 states and U.S. territories are served by Educaid.
  • The company has assets of $411 billion and market capitalization of $61.7 billion at March 31, 2004.
  • Educaid has been rated first in technology and customer service in a recent survey of college Financial Aid offices.
  • The use of cell phones and other hand-held devices for sending and receiving messages is increasing rapidly, especially among people 25 years of age and under.
  • The service enables students to receive instant text messages directing them to complete and turn in their promissory notes.
  • The time between eligibility, approval, and disbursement has been reduced dramatically through the service.

Sources:

  • "Educaid and VeriSign Launch Mobile Text Messaging Service for Student Loan Approvals" (PR Newswire)
  • VeriSign, Inc. (http://www.verisign.com/)
  • Educaid, Wachovia Education Finance (Educaid.com)
  • About Wachovia (http://www.wachovia.com/)

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