Why Does My Credit Union Even Need a CRM? 5 Crucial Reasons

In the ever-evolving world of finance, it's easy to get caught up in the fast-paced developments and overlook essential tools that can be game-changers for your credit union. You might be questioning the need for Customer Relationship Management (CRM) software for your team and members. 

The main thing you need to know is… YES, your credit union does indeed need a CRM.

Let's dive in and explore why CRM is your secret weapon to build and grow those crucial member relationships.

1. Member Information Consolidation: The Foundation of Trust

Imagine a member walking into your credit union or calling your member service center. They've been loyal for years, but you and your in-office team have no idea what financial products they're interested in, their financial goals, or their preferred communication channels. If your team lacks crucial information about a member, such as their financial preferences, goals, and communication preferences, consequences may arise. First, there's a risk of providing a subpar member experience, as the team won't be able to tailor their services to meet the individual needs of the member. This lack of personalization might lead to frustration and dissatisfaction, potentially causing the member to reconsider their loyalty. Moreover, without a comprehensive understanding of the member’s financial history and goals, your team may struggle to offer relevant and valuable products or services. This not only hinders upselling opportunities but could also result in missed chances to address the member’s evolving financial needs.

Without a CRM, this scenario is more common than you might think. CRM software is the linchpin that consolidates all the vital member information in one place, creating a 360-degree view of each member. With a CRM, you can instantly access their account history, all member touchpoints, and interactions in one place.

The result? You can provide more personalized service, addressing their needs and preferences proactively. Building trust and loyalty is a snap when you know your members inside and out.


2. Account Transparency: A Must-Have in Modern Financial Institutions

The concept of transparency has become a focal point, sparking discussions and initiatives within financial industries. It's not just a trend; it's an expectation. With a CRM in place, you can offer members a level of account transparency that'll make their heads spin (in a good way).

Think about it: members can access their account information anytime, anywhere, thanks to your credit union's online platform. But, you, as the credit union, should have the same ability with your CRM. With a CRM for credit unions, all data is accessible at all times. Any team member can search the CRM and effortlessly look up the member’s history. No additional calls are necessary. Plus, if an employee is on vacation, out sick, or leaves, the intelligence stays with your financial institution and is easily shared with others.

3. Touchpoint Tracking: Never Miss an Opportunity

Every interaction with a member is an opportunity to strengthen your relationship and add value to their lives. According to Kameleoon over 70% of retail banks believe that digital customer engagement is important to the success of their businesses today and tomorrow. And research shows that 86% of retail bank customers are willing to share their data to personalize their banking experience. But without a CRM, these touchpoints can slip through the cracks, leaving both you and your members in the dark.

A CRM's touchpoint tracking feature is your memory bank. It records every conversation, email, or phone call, ensuring that you're up to date on each member's concerns and needs. This valuable information allows you to engage in more meaningful conversations and follow up on commitments promptly. Whether it's a birthday wish or a reminder about a pending loan application, touchpoint tracking ensures you never miss an opportunity to connect.

4. Cross-Selling to Members: It's a Win-Win

Cross-selling is a tricky game. It's often seen as pushy or profit-driven, but it doesn't have to be. A CRM transforms the process into a win-win situation for both you and your members.

With 360 View’s CRM, you'll gain insights into each member's financial habits and goals. This knowledge allows you to recommend relevant products or services tailored to their specific needs. It's not about selling for the sake of selling; it's about helping your members achieve their financial objectives. In return, you boost revenue for your credit union and deepen member loyalty.

5. Marketing Automation and Business Insight: At Your Fingertips

In today's digital age, marketing is essential for credit unions to thrive. But how can you ensure your marketing efforts are reaching the right members at the right time, especially when you have a growing member base? That's where CRM marketing automation comes into play.

A CRM allows you to create targeted marketing campaigns that reach members based on their specific needs and behaviors. Whether it's a loan offer, investment advice, or credit card promotion, your marketing messages are tailored to each member. And with in-depth business insights provided by the CRM, you can measure the effectiveness of your campaigns, enabling you to make data-driven decisions and continually improve your marketing strategy.

Unlocking Success: Why Your Credit Union Needs CRM Software Now

In conclusion, if you're wondering if your credit union needs a CRM, the answer is a resounding "YES." The financial world is changing rapidly, and to remain competitive and meet your members' expectations, you need to embrace CRM technology. With 360 View CRM, you can consolidate member information, provide account transparency, track touchpoints, cross-sell effectively, and harness marketing automation and business insights.

Don't miss out on the opportunity to enhance your member relationships and stay ahead in the ever-evolving world of credit unions. Embrace CRM software, and you'll find that it's not just a tool; it's a peer that will help you build and grow your credit union's success.

Download the Getting Started with CRM Guide