MRM your way to becoming PFI

The financial services industry is becoming increasingly fragmented, making the “preferred financial institution” title incredibly difficult to attain. Half of all Americans have deposit accounts at more than one financial institution. That’s on top of an average of three credit cards and additional loans. All of these can potentially hail from different financial institutions.

So, how does your credit union step into the spotlight to become your members’ preferred financial institution among all this competition? Americans say their diversification to multiple financial institutions is primarily due to a desire for greater convenience and flexibility. Given this insight, comfort and flexibility is exactly what your credit union needs to offer.

Member Relationship Management

At the core of every loyalty-earning financial institution is a solid foundation of efficiency and service. Contact center agents have their fingers on the pulse of their members’ accounts and their institution’s offerings. Self-service solutions abound to help members accomplish tasks anytime, anywhere. Teams work together seamlessly to service accounts expediently and without error. Underneath it all is a Member Relationship Management (MRM) platform that makes it all possible.

One of the most critical things any good MRM does is bring together multiple systems to enable your staff to create a superior member service experience more efficiently. An MRM presents a complete picture of each member, allowing your agents to service accounts, minimize delays, and identify opportunities efficiently.

This, however, is just the start of the power of a good MRM.

Convenience

As much as an MRM can make work easier for credit union employees, it can also make life easier for credit union members.

An MRM’s artificial intelligence (AI) components can create countless opportunities for members to accomplish more and do more efficiently. AI enables voice assistants to answer questions, verify identity, manage fraud, and much more, giving members convenient, 24/7 access to various services, functions, and transactions anytime via digital channels.

With DocuSign or Adobe Sign capabilities, an MRM makes borrowing and other transactions more convenient and faster. Members can even complete a detailed loan application on their phones wherever they are.

Instant offers of pre-approved credit also make life easier for members. An MRM can quickly identify qualified members and present them with offers in the branch and via self-service channels. Not only can this deepen member relationships, but it can also provide the member with an easier way to get the financial service they already need – from you.

Flexibility

Members looking for flexibility are looking for exemplary service at the right time and place. Too often, members open accounts at other financial institutions because they don’t realize your credit union offers precisely what they want.

With robotic process automation, an MRM can automate routine tasks to enable your staff to immediately refer members to additional services. The MRM can even prompt employees to follow up with members, provide status updates, offer incentives, and create referral reporting.

Even in the case of fraudulent credit card transactions, members appreciate the flexibility of being offered a way to address the fraud without spending hours on the phone. A robotic process automation “bot” can automatically identify suspicious transactions, alert the member, generate dispute forms, capture eSignatures, and even reissue a new card.

Members who typically take advantage of mobile banking can also enjoy the flexibility of over-the-phone payment processing made possible by an MRM. If a member realizes a payment is due but is in a location without data service, MRM makes it easy to complete the payment with a quick phone call.

The power of potential

Credit unions can take great strides toward becoming members’ financial institutions of choice by giving members what they genuinely want. An MRM, like CU NextGen’s, can provide the 360-degree member view, data integration, and enhanced capabilities credit unions need to offer members the greater convenience and flexibility they desire.

To learn more about CU NextGen, visit cunextgen.com or call 1-800-311-3928.