More than ever, higher education is in a state of flux. Between the pandemic, the enrollment cliff, a decline in staffing, and diminished resources, it isn’t easy being an administrator right now.
From fall 2019 to 2022, college and university enrollment fell by more than 650,000 students – nearly 3%. Higher education has seen a 13% workforce reduction, coupled with a 14% decline in institutional revenue. It’s an understatement to say that institutions are being forced to do more with less.
Over the past 50 years, we’ve set the gold standard in loan servicing, while regularly expanding our offerings. We are experts in higher education and our focus is solely on the higher education community. Through our wide array of products and services, we’re here to support your school’s business office in nearly all administrative functions so that you can focus on what you do best – helping students get to the finish line of their higher education.
That’s why ECSI is evolving to help you meet your mission in this difficult climate.
Over the last year, we’ve spent a lot of time talking about who we are as a company, who we want to be as a company, and most importantly how we can be the best partner to our clients. This led us to define our purpose – our WHY.
We believe in the mission of higher education. Our goals are to unburden colleges and universities of tasks and responsibilities that take away from their focus on education, as well as provide students a positive experience while achieving a higher education. It’s that simple.
So what are we doing to better position your institution for current challenges and the changing landscape of the future?
- We are currently moving and upgrading our data center. This is a $1.5 million investment into the infrastructure that supports our products and services.
- We are upgrading our older systems to provide a better client experience, the highest levels of security, and ensuring our products make the lives of our clients easier every day.
- Our customer service agents are being supported by chatbots with AI that are continually learning and getting better at answering questions.
- We are enhancing our products to provide our clients with the data they need to be successful.
- We are adding new products like W9s and Enhanced GAs because we listen to our clients about the struggles they are facing.
- In 2022, we’ll offer text messaging for all of our products. We know offering text messaging (in addition to chat and phone access) is crucial in offering your students and borrowers the best experience.
We are still the best loan servicer in the business - and intend to stay that way - but we’re so much more. We strive to be your partner in the evolution of higher education. We believe it’s our responsibility and passion to focus on ways we can make the business of higher education easier, more efficient, and cost-effective while still providing the best student experience.
Watch for more details on how we’re continuing to evolve to better serve our customers in 2022.