Fixing Customer Experience Pain Points with CRM: A Leader’s Guide

November 14, 2018

Improving the customer experience is one of the top drivers of investment in financial CRM today, and it’s no wonder why. Today’s consumers expect a banking experience that is omnichannel, hyper-personal, and effortless, and they aren’t shy about going elsewhere if their bank or credit union fails to live up to expectations.

To respond, banks and credit unions need to invest in the capabilities that their customers or members value most, like convenience, relevance, and 24/7 access to information. Here’s how you can use CRM to provide a customer experience that exceeds their expectations:

Improve customer experience and remove friction from customer journey

  • Provide tablet-friendly, web-optimized user interfaces for front-office staff that reduce clicks and wait times during customer interaction
  • Improve presentation of customer-facing reports, adding modern visualization options through business analytics.

In-branch interactions are still valued by bank and credit union customers. In fact, 65% of those surveyed by PWC said that having a local branch is very important to them. But to provide the best customer experience in a branch, bank and credit union employees need to leverage technology efficiently and consistently.

That’s why credit union leaders, recognizing that CRM is only beneficial if it gets used, indicated to our researchers that ease of use for staff was a top CRM selection criterion at their CUs.

Omni-channel delivery

  • Use a CRM with built-in referrals and assignments, so you can maintain continuity of customer conversations across multiple channels
  • Extend campaigns through email with integrated tracking
  • Extend customer touchpoints to mobile and self-service channels by building on CRM APIs, so the messages your customer receive stay relevant and consistent

Nobody wants to tell their story twice. The credit union executives who told us that tracking and reporting are key CRM capabilities know this. With enterprise-wide tracking, referrals, task assignment, and reporting in place, a bank or credit union is positioned to manage customer contacts across all channels, and prevent the lost connections that can occur as a ripple effect of an increasing number of channels.

Stabilize and ensure customer retention

  • Track customer concerns and flag high-priority items in your CRM for urgent resolution
  • Record post-service disposition signaling defection threat and follow up with retention activities
  • Analyze other channel interactions and holdings for reduced balances and other signs of attrition

Today’s financial customers are willing to consider a broader array of service providers for their needs. Banks and credit unions that want to maintain their customer base would be well advised to put some focus on service and proactive retention strategies.

Our recent interviews with credit unions leaders suggested that they were satisfied with their CRM’s member engagement history and 360-degree member views. This is good news, as it indicates that the technical backbone for a comprehensive retention strategy is already in place at many credit unions.

CRM, for a human experience in a digital world

From your customer’s point of view, the ideal banking relationship is simple. It could be encapsulated this way: “ Know who I am, show me you understand me and my goals and make my experiences seamless and effortless”.

Of course, like a bank or credit union leader you know that behind the scenes, complex back-office architecture means delivering this experience can be anything but simple.

That’s why many tech-savvy banks and credit unions are considering CRM to bridge back office gaps and unify data. This will allow them to enhance the customer experience, track interactions and add value throughout the customer journey, at all cross-channel interaction points.

For more information on the business needs that are driving these conversations in the credit union industry, we invite you to read our recent report: Credit Union CRM: A survey of the CRM industry, according to credit union professionals


CRM Report