Combined with the right strategy and process, a CRM enables banks and credit unions to connect the dots throughout the entire customer lifecycle. With these insights, banks and credit unions can customize messaging, continually recommend the next best product for the individual, and foster long-term loyalty.
A CRM is a valuable tool that enables banks and credit unions to break down silos and offer a full view of the customer or member across the entire organization and all channels. This can help banks and credit unions improve relationships, grow accounts, increase loyalty, and enhance the overall experience.
We’ve all heard the generalizations about sensitive Millennials and the online entranced, eye-rolling Gen Z. While not everything you read is true, except that Gen Z is figuratively glued to their phones, both see things through a digital yet old-world lens. Nothing says that more than the incredible resurgence of lo-fidelity vinyl records. It’s crazy, but that outdated music format now outsells both compact discs and digital music, according to Statista. If that doesn’t show the power of these two generations, nothing will. So, how do you reach these often misunderstood groups and convince them your credit union exists? Get to know them and what they want.
Every credit union has a strong call to action that revolves around people helping people. It’s a noble cause that has served the industry and members everywhere well. What does that mission entail at your credit union? Is it driven by data? If not, your credit union could be missing out on opportunities to grow, evolve, and help your members strive for their dreams. That makes data a big part of the greater good. It also makes it better than a blank check for your credit union’s future.
Love it or hate it, cross-selling is a big part of every credit union. It’s how people discover what you offer. It’s also how your CU grows. However, both members and employees have been known to say cross-selling is pushy and uncomfortable. But with the right CRM to fully utilize your data across your CORE and other platforms, you can design intelligent offers that actually work – all without the pushy or awkward tactics.
For too long, credit unions have relied on the idea that knowledge + intuition would predict the future. But it doesn’t. All you get are vague assumptions, like some crystal-ball fortune-teller at a fly-by-night carnival. Sure, they’ll tell you what you want to hear. But you’ll lose money, time, and dignity in the process. To get real answers that retain (and attract) members, deepen relationships, and grow your credit union, you need to add data to the equation. Let’s take a look at these three magic words and how they, along with forward-thinking strategy and process, can make predictions possible for your credit union.
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.
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.
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