Adapting for the Future with CRM

Modern financial CRM isn’t just a point solution for marketing or front line service. Deployed enterprise-wide, it can be the engine that powers your digital transformation and helps your bank or credit union reach essential strategic goals.

With the arrival of non-traditional financial service alternatives like fully digital banks and fintechs, credit unions and banks are working hard to retain both their competitive advantage and their customers. A centralized, actionable data source that allows them insights into all facets of their business could be the difference between growing market share and falling behind. Perhaps that’s why over half of the credit unions leaders we recently surveyed who didn’t already have a CRM in place were planning to budget for one?

Here are some of the many ways an enterprise CRM can help your bank or credit union achieve strategic goals and respond proactively to changes in the industry:


  • Eliminate information silos and consolidate third-party data into a single, centralized CRM
  • Make your costs more predictable and reduce IT burden with cloud/SaaS software, including managed services and automated updates
  • Empower staff with a modern, tablet-friendly CRM interface prepared for today’s interaction needs.

To empower and mobilize staff, put a heavy focus on user interface design when evaluating CRM solutions. Leaders at credit unions have indicated to us that major shortcomings of their existing CRM systems include a lack of credit-union specific workflows and an interface that is too complex for staff.

Defensive Strategy Against Fintechs

  • Use extensible CRM APIs to enable third-party partnerships that can build added services and value for customers

Selecting a CRM designed for financial services, from a vendor with a library of APIs and experience in building integrations, is of course a necessary first step to enabling these partnerships. Our interviews with CU leaders revealed that the primary reason for dissatisfaction with many CRM systems was integration shortcomings.

Better Customer Insights Through Analytics

  • Build a single-source, up-to-date view of cross-product, cross-channel touchpoints
  • Drive more actionable segmentation with combined analysis of holdings with demographics, channel preferences, and interactions

Even the most sophisticated segmentation strategy isn’t much use if your bank or credit union can’t easily target messaging to the selected consumers. To keep things actionable, look for a CRM with integrated email capabilities. Per our recent research, it’s a feature even satisfied CRM users wish they had more access to.

Preparing for an Insight-Driven Future with CRM

Credit union and bank leaders know that the future of banking is mobile, hyper-personal, and data-driven. To compete in their evolving industry, they are innovating by enhancing service across channels, increasing 1:1 personalized communications, and evaluating partnerships with third parties whose products and service can add value to the customer experience.

Financial CRM has a critical role to play as the data hub for these digitization and modernization initiatives, bringing together a complex web of old and new technologies and making them interoperable. If your bank or credit union has a vision for its digital future, perhaps it’s time to consider how CRM can help you get there?

To learn more about the critical role financial CRM plays in the strategic planning of many credit union, we invite you to review our recent report, “Credit Union CRM: A survey of the CRM industry according to credit union professionals.”

CRM – Report

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