Imagine being the secret admirer and the best friend of each of your members – all at once. That type of bond can turn a fleeting member connection into a meaningful, lasting relationship. But let’s face it, as much as you’d like them to, your members probably don’t see your credit union in the same light. The harsh reality is, they’re just not that into you. Many of your members are a swift swipe away from choosing another financial partner. With member loyalty hanging by a thread, you have the power to strengthen or sever relationships. The good news is you can solidify these wavering bonds. Enter CRM – a tool that promises to not just fortify relationships and retain members, but also to chart a growth trajectory for your credit union. The challenges include overcoming common misinterpretations of what a CRM should deliver and dodging pitfalls in its implementation. Yes, it’s daunting that 69% of digital transformations fall short, according to McKinsey. But the potential rewards of a well-implemented CRM are too compelling to ignore. So, let’s explore the secret sauce of successful CRM implementation together. It’s time to transform how you succeed with CRM.
Today, CRMs are everywhere. They might not stave off an end-of-the-world catastrophe, but they can be used to help your credit union grow and avoid being merged in the process. Just be warned. There’s a big difference between a CRM built for managing sales and marketing versus a true credit union CRM. You need a CRM that does more than store contact information as well as a member’s product and service mix. You need one that helps you avoid a business meltdown and sets you up for success in 2023 and beyond.
Do you feel like finding the right CRM for your credit union is a never-ending quest, similar to hunting Bigfoot or the Loch Ness monster? You’re not alone. Many credit unions find themselves on a seemingly endless journey. But don’t despair: while Bigfoot and the Loch Ness monster remain myths, the perfect CRM for your credit union is out there. The truth is in this article. If you’re hunting for a real-deal CRM made for credit unions, hang tight! I’m about to unveil the 10 things that a credit union CRM must have before you make your purchase.
Technology, changing consumer behaviors, and growing fintech competition are driving significant changes across the financial services industry. As they fall under increasing pressure to preserve profits and their deposit base, credit unions need new tools and strategies to retain members and add new accounts.
In the face of growing competition, rising consumer expectations, and evolving economic conditions, it’s time for financial institutions to double down on the account holder experience. While products and rates are important, relationships and experience will ultimately influence where they do business.