Stop hunting for a CRM: Discover the 10 features every credit union should demand

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.

10: Core integration (and your other various systems)

The system you choose should seamlessly integrate with your existing infrastructure. This includes the ability to read and write to the core.

Why is this so important?

Without this capability, you’ll end up with a management system that cannot access all of your member information. This means your data won’t grow, and consequently, neither will your credit union.

Consider this: Your member data is a goldmine of insights that can help you tailor your services, predict trends, and make more informed decisions. If your CRM cannot tap into this resource, you’re missing out on a wealth of opportunities for growth and improvement.

9: 360 view

Imagine having the power to understand your credit union members like never before. Picture a single screen that provides a complete view of every member, including their recent transactions, visits to nearby ATMs, purchases, and even their propensity to other products and services. This isn’t a figment of some futuristic imagination but a reality that’s within grasp for today’s credit unions.

This 360-degree view is more than just a comprehensive snapshot of a member’s financial activities. It’s a powerful tool that can help credit unions identify cross-selling opportunities, saving members time and money.

8: Member lifecycle management

Managing the lifecycle of every member is paramount. It’s akin to navigating a winding river, where each bend holds a new opportunity and a new financial moment of truth.

These moments are not elusive, but they do require a keen eye and the right tool to spot them. The tool in question? A robust Customer Relationship Management system.

From the moment a member joins your CU, the CRM springs into action. It’s not just a data repository but a living, breathing entity that helps you chart the course of your member’s journey. It’s the silent partner that whispers in your ear about new memberships, service delivery, and even upselling and cross-selling opportunities.

A comprehensive CRM system is like having a well-oiled machine that takes care of account maintenance, loan monitoring, and even suggests the next product or service that might be of interest to your members. It’s the key that unlocks the potential within each member, and the compass that guides you towards these opportunities.

7: Product customization

When it comes to the member experience, one-size-fits-all just doesn’t cut it anymore. With the plethora of financial institutions out there, credit unions must differentiate themselves to retain and attract members. One key strategy to achieve this is through product customization, a must-have feature in your credit union’s customer relationship management (CRM) system.

Imagine walking into a store where everything is tailored to your specific tastes and needs. Wouldn’t that make your shopping experience more enjoyable and efficient? The same principle applies to financial services. By leveraging a CRM system that allows for product customization, your credit union can provide a personalized experience that not only meets but exceeds expectations.

In an era where personalization is king, product customization is no longer a nice to have. It’s a must-have. When choosing a CRM for your credit union, ensure it has robust product customization features.

6: Member service management

Things don’t always go as planned. There may be instances when your members experience a slight gap in the usually impeccable service you provide. However, with a CRM system in place, these minor hiccups can be managed efficiently and effectively.

A robust CRM system is not just a tool. It’s an extension of your team. It’s there to handle queries, track issues, and escalate them when necessary. It’s your go-to solution to ensure every complaint or concern is funneled appropriately and resolved promptly.

But it’s not just about problem-solving. A good CRM system allows you to answer member questions with confidence and speed, which is vital in today’s fast-paced world, where quick responses are highly valued. With the ability to provide timely resolutions, you’re not just fixing issues—you’re winning hearts and minds.

5: Workflow management

The backbone of any successful credit union lies in its ability to manage a variety of business processes seamlessly. From loan origination and approvals to new membership onboarding, effective account management, and prompt resolution of inquiries and complaints, the scope can be vast and varied.

A CRM system serves as the perfect antidote to the manual intervention that has long plagued the industry. By defining, automating, and managing your business processes, a CRM system can significantly reduce the reliance on manual tasks, thereby improving speed and efficiency.

Imagine a system that automatically routes tasks to the right individual or team based on your organization’s predefined rules. This is not just a hypothetical scenario but a tangible reality with a robust CRM.

The result? A streamlined workflow that ensures no task falls through the cracks and every member receives the attention they deserve.

4: Dedicated, in-house implementation team

A staggering 69% of projects don’t quite hit the mark, as reported by McKinsey. The fallout from these failed projects is not just the hefty financial burden but also the countless wasted hours. Plus, there are the sleepless nights spent worrying.

When it comes to credit union customer relationship management (CRM), one crucial element that can significantly increase the success rate of digital transformation is the presence of a dedicated in-house implementation team. This team is your safety net, your guiding light, and your project’s backbone. They’re with you from the starting line, through every twist and turn, until the finish line and beyond.

What makes this team indispensable is their deep-rooted understanding of the financial services industry. They’re not just tech wizards. They’re finance veterans who speak your language. They understand the unique challenges and needs of credit unions. Plus, they’re equipped to tailor solutions that fit like a glove.

So, as you embark on your digital transformation journey, remember that the right CRM is not just about the features it offers. It’s also about the dedicated in-house implementation team that comes with it. This team is your secret weapon to dodge the pitfalls, overcome the hurdles, and cross the finish line with a successful digital transformation.

3: Predictive analytics

You must be one step ahead of your members’ needs. This is where the magic of predictive analytics comes into play.

Imagine having a crystal ball that can forecast member behaviors, identify potential issues such as financial struggles, and even improve cross-sales and upsell opportunities. That’s the power of predictive analytics. It’s not about making educated guesses. It’s about leveraging data to make informed, strategic decisions that ultimately benefit your members.

2: Marketing automation

Your marketing team is made up of a group of dedicated professionals who are constantly brainstorming, strategizing, and innovating.

They’re tasked with communicating your credit union’s unique value proposition across various channels, from social media to email to direct mail. It’s a complex, demanding task that requires both creativity and meticulous attention to detail.

Now, consider the potential of a CRM that takes care of the tedious and often overwhelming aspects of this process, freeing your team to focus on what they do best: creating compelling, targeted marketing campaigns that resonate with your members. That’s the power of marketing automation.

1: In-house industry experts

What makes a CRM system truly effective?

It’s not just about software or technology. It’s about the people behind it.

Imagine having a team of specialists who are both tech-savvy and deeply understand the nuances of the credit union and banking industry.

These are the people who can help you build a CRM strategy that is tailored to your specific needs and challenges. They understand the intricacies of your core operations and can guide you throughout the process.

But their role doesn’t stop at strategy and integration. They are also your educators, teaching your team members how to effectively use the software. They drive adoption throughout your organization, ensuring that the CRM system becomes an integral part of your operations. The end goal? To deliver the right impact and elevate the overall member experience. 

As we delve deeper into the world of credit union customer relationship management (CRM), it becomes increasingly clear that not all CRM systems are created equal.

It’s not just about having a CRM but about having the right one that fits your credit union’s unique needs and goals.

CRMNEXT is a comprehensive solution that can help your credit union thrive in today’s competitive landscape. It provides you with the tools and support you need to foster enduring relationships with your members and achieve year-over-year success and growth. Check our role-based, interactive demo.

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