The May 2025 report highlights text messaging as a vital yet underused channel in lending, especially among younger generations. While 80% of consumers want text communication from lenders, 41% receive none during the application process, and nearly half of Gen Z and millennials may switch lenders due to this gap. Texting improves application completion, payment timeliness, and customer satisfaction, with 69% of those receiving texts more likely to recommend their lender. Security and compliance are top concerns, with 85% of consumers valuing legal adherence. A secure, mobile-first strategy is essential for lenders to stay competitive.

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