For credit union leaders today, digital transformation is a key strategic initiative across the board. Increased competition, changing member preferences, and a plethora of new communication channels all complicate this initiative, however, as change leaders find themselves asking which transformation project to tackle first.
Is your financial institution accessible to the estimated 26% of the population living with some kind of disability1? Chances are good your physical premises, like your branches, have accommodations in place for these individuals.
Is your healthcare organization accessible to the estimated 26% of the population living with some kind of disability? Chances are good that your physical premises have a host of accommodations in place for these individuals.
The era of digital transformation in banking offers both new opportunities and new competitive threats for credit unions. In response to the ongoing emergence of FinTechs and digital banks, and the increasing expectations of tech-savvy customers, credit union leaders are seeking practical ways to improve their go-to-market strategies and their customer experience across all channels (including in-branch, phone, website, and mobile banking).
The shift to using CRM isn’t just about choosing the right technology. For the best results, CRM needs to be implemented – and used – across your whole organization, which means a cultural shift is necessary, or the success of the project can be jeopardized. In fact, one study by Forrester indicated that more than one-fifth of CRM problems are, in fact, “people problems” of one sort or another.
For many financial institutions, customer communications can become an afterthought. If account statements and e-statements, email notifications, and other routine communications are sent to customers in an accurate and timely manner, then leadership is satisfied and may just not give customer communications much more consideration.
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.
The Future of Commercial Lending: Doxim experts talk about the state of the industry and what’s next for credit unions
Doxim’s own Paul Abdool and Sean Kennelly recently attended the 2018 National Lending Conference put on by the Canadian Credit Union Association. While at the conference, they connected with many credit union leaders about commercial lending and digital loan origination. On their return, they were kind enough to sit down with us and share insights from their conversations.