See How Credit Unions Are Finding Success with Enterprise-Wide CRM

by | Jun 7, 2020

See How Credit Unions Are Finding Success with Enterprise-Wide CRM

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.

After all, digital transformation is a profound shift in a credit union’s way of doing business, and incorporates technological changes, alterations to business processes, and cultural changes as well. This often makes prioritization a challenge.

One useful way to break down this enormous task and to prioritize the right projects is to look at transformation through a “members-first”, or CX-driven, lens. And indeed, when banks were asked last year about the biggest opportunities in banking for 2019, optimizing the customer experience emerged as a major priority, according to the 2018 Digital Banking Report.

When viewed through this member-driven lens, certain digital transformation projects immediately become top priorities (these could include projects like enhancements to channels, or improvements to customer service), while others take a back seat.

During a recent webinar, two Doxim clients, Westminster Savings Credit Union and Copperfin Credit Union, explained how their credit unions are managing successful digital transformations by keeping the focus on their members. One commonality the two organizations share is the selection of enterprise-wide CRM as enabling technology for a better member experience. Here’s how the two credit unions arrived at that decision, and what resulted from that choice:

What motivated these credit unions to focus on CRM?

During digital transformation, credit unions have to choose between many projects, all seemingly essential, all promising improvements in member experience. So, why prioritize CRM?

For both Copperfin Credit Union and Westminster Savings Credit Union, digital transformation strategies centered on both broad, transformative goals, and a shorter list of top-priority pain points, many of which related to data access and effective CU-wide communication and collaboration.

“Our whole business is built around our relationship with our members, and their experience, so improving that was number one,” says Steve Marquis, VP of Sales & Member Experience at Copperfin Credit Union. “And number two was our team member experience, because nothing comes to life for your members if it is difficult for team members to support them and do their job”.

Copperfin leaders concluded that capturing data from members and communicating it freely between team members would streamline member-facing processes, and prevent members from having to repeat their requests to multiple employees. CRM was the right technology to make this data capture and reporting possible. Plus, a modern CRM system would allow Copperfin to connect multiple sources of member information, and provide a complete, actionable understanding of members and their financial ecosystems.

For Westminster Savings Credit Union, data access was also a priority. “We didn’t have a system that housed everything and gave that nice holistic view of the member,” says Niki Jelstad, Manager of Customer Experience at Westminster Savings Credit Union. “And not only [a view of]  the member, but the household, and the other individuals in the household.” Getting a holistic member view would help uncover valuable opportunities for Westminster staff members to serve and advise their customers better.

The Westminster Savings Credit Union team also wanted to be able to track metrics like the effectiveness of marketing campaigns, and sending and tracking referrals across four lines of business was also a top priority. Recognizing that a CRM solution would not only optimize the member experience, but also help employees understand how the credit union was functioning, they moved ahead with their CRM project.

What benefits has CRM offered?

For both Westminster Savings and Copperfin credit unions, rolling out CRM has offered ROI in terms of both operational efficiencies and member experience enhancement. Both organizations recognize how CRM has helped staff members make informed recommendations, improving the overall member experience, building trust, increasing retention, and driving sales.

Westminster’s Niki Jelstad also lists other benefits her credit union has realized from CRM, including:

  • Streamlined, consistent customer service
  • More valuable interactions with customers
  • More employee engagement
  • Better handoff and communication between departments
  • Better service through improved efficiency

Meanwhile, at Copperfin Credit Union, data access is radically improved by the implementation of CRM, and this has lead to many positive changes. Today, an advisor serving members can prepare for their conversation easily through a “one stop shop” for member information.

Copperfin leaders also see their CRM, and the broader Doxim Customer Engagement Platform, as key pieces of a broader strategy to provide incremental value to members. This strategy also includes a heavy focus on member journey mapping and applying Lean methodology (a systematic method originating in Japan, centered on continuous improvement and waste reduction) to optimize the nuts and bolts of the credit union’s operations.

getting future ready

The Time is Right to Consider CRM

If your organization is considering implementing a new CRM, or replacing a dated one, you are not alone. Recent research from Cornerstone Advisors indicates that 25% of banks are planning to do the same.

Why the focus on CRM? Because, at the end of the day, CRM brings benefits to every department by helping teams from sales, marketing, member support, and other groups share and analyze member data. It acts as a central access point for member information from various channels and sources, and gives your credit union valuable insight into everything from member needs to the sales cycle. It allows your team to track metrics, from how your marketing campaigns and member acquisition and retention strategies are performing, to how long it takes to serve a member in branch.

The sheer breadth of improvements made possible by enterprise-wide CRM makes it a natural choice for organizations, like Westminster Savings and Copperfin credit unions, that are seeking ways to provide more value to members through digital transformation. Just think of the value it could offer your financial institution!


Hear more from Copperfin and Westminster Savings Credit Unions

To learn more about the CRM journeys of Copperfin Credit Union and Westminster Savings Union, simply click below to watch this recent American Banker panel discussion, sponsored by Doxim, on “The Strategic Importance of CRM for Modern Customer Engagement“, featuring change leaders from both organizations.

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3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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