How to Choose and Implement the Right CRM

Customer relationship management (CRM) platforms continue to be a staple in sales and marketing departments across financial institutions. According to the 2018 Guide to Financial Marketing, 54% of organizations have a CRM, and 22% intend to have one within the next 12-18 months.

For those 22% looking to implement a CRM platform, there are a lot of factors that go into making a decision and then actually implementing the system. In a recent interview with St. Meyer and Hubbard, 360 View Senior Vice President and National Sales Director David Acevedo shared his thoughts on how to select and implement the right CRM for your business.

Here’s what he had to say:

5 CRM Considerations

What exactly should you look for when deciding on the right CRM for your bank or credit union? Below are five considerations you should keep in mind to ensure you get the most value out of your new technology.

1. Enterprise-wide solution

Your CRM should be able to bridge the divide between all departments in your organization, and have the flexibility to accommodate all of their needs — from lending to retail to customer service. An enterprise-wide solution is critical for breaking down silos and delivering a unified customer experience.

2. Portability

It’s important that your data can move with you and be used for various functions. Your CRM should contain the history of data you’ve built up so it’s always accessible for you.

3. Sales and Service Strategy Flexibility

Rather than trying to build your sales strategy around your CRM, you need a solution that is flexible enough to support your sales and service strategy. Whether through your referral process, or how you bring in customers for loan applications, your CRM must be able to adapt to the way you work.

4. Integrations

At the end of the day, your CRM needs to play well with your existing systems. You’ve got other tools being used for onboarding, analytics, etc., and if you don’t have a CRM system that can speak to them, you’ll be at a disadvantage. Be sure to find one with strong integration capabilities.

5. Reporting

Your executives need to see a high-level overview of your bank’s performance, and this can be generated from a CRM. This includes key reporting around loans being funded, metrics achieved by your team, potential bottlenecks, and more. No two reports are going to look the same, so select a solution that gives you the flexibility to write your own.

5 CRM Implementation Tips

Once you’ve made your CRM selection, you’ll then need to establish and execute an implementation plan. This can be particularly challenging if you’ve never led a system implementation before, or if your organization is new to the CRM world. Here are few tips to help you out:

1. Executive Buy-In

If you’re having to sell upward, you’re not on the right foot with your implementation. Your executive team must recognize the need for a CRM solution as a way to reach out to new customers or grow your existing relationships. Make it your goal to get them on board as early as possible.

2. Phased-In Approach

Each financial institution has different needs when it comes to implementing a CRM. Try taking a phased-in approach in order to avoid information overload and ensure your team understands company goals.

3. Institution-wide Ownership

Every department should feel it has some stake in your CRM; the system should not be used by just one. It’s a sales and service solution that should be owned by all areas that support these functions. One way to accomplish this is by establishing a CRM committee that meets quarterly and includes representatives from each department. This gives everyone an opportunity to voice their specific system needs and any implementation concerns.

4. CRM for Everything

One way to realize widespread adoption is to require staff to use the CRM for everything. If you have the mindset that “if it didn’t happen in the CRM, it didn’t happen,” then you’re able to create a culture that prioritizes the CRM and encourages everyone to use it, no matter what.

5. Training

It’s important to have an established CRM training process within your organization that includes all relevant users. During this phase, you’ll have an opportunity to share specific steps for tracking administered loans, updating client activity, and monitoring complaints and issues. This will give you a competitive edge when it comes to delivering high-touch customer experiences.

Implementing 360 View

The 360 View growth platform is a robust CRM designed specifically for banks and credit unions, and it can work for your organization. We’d love to tell you more about it - contact us today to get started.

And, to hear more from David Acevedo, listen to his full interview here or watch the video podcast here.


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