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OK, when you hear “CRM,” what do you think of? Some kind of pre-packaged computer system for sales and service? Or do you think of doing a great job managing relationships with your members?
Odds are that most of you thought about technology first. But the sure bet regarding this technology is that a feature-rich CRM system manages and builds stronger relationships with your members. In fact, the stronger relationships with your members directly tie in with your cross selling and marketing initiatives, enhancing member trust and adding value to your credit union.
The Tie Between Superb Service and Generating Sales
The facts are that credit unions are “sellers” and members are “buyers” of financial services. When asked by industry consulting firm Raddon Financial Group what the biggest influences are when buying financial services, members overwhelmingly responded that SERVICE SATISFACTION is a key factor in the purchasing decision. Members “buy” new services from those providers who have earned their trust.
When you peel this onion a layer deeper to learn how a member places value on service satisfaction, you’ll discover that the top three factors include:
Think of yourself as an individual consumer. You certainly expect these qualities from your providers, so you can rest assured that your members will expect these things from you. And, most likely, they’ll get them from other financial services providers.
It’s also a good bet that those organizations doing a truly good job of managing member relationships – thus, creating trust and building those relationships – are using technology to their advantage. This is why CRM systems exist — because it has become increasingly difficult for employees to know everything they need to know to have personalized relationships with thousands of members.
Things to Look for in Making Technology Work for You:
Most credit unions today have not found – or have found but have not implemented – a set of technology tools that help them manage member relationships.
Many times the challenge boils down to finding the right solution for your organization. In the hopes of helping, here are some tips to consider when searching for a suitable CRM platform:
Generate Results by Getting Started!
Despite all the discussion, CRM is not a mainstream solution yet. The results you can gain by implementing part or all of a CRM solution are astounding. As you move down the path you will realize benefits from several perspectives:
If you’re looking to build member trust and add value to your credit union, the CRM tools are available today. All you have to do is make the commitment to get started.
-- Mike Winter, president of fiVISION, a feature-rich CRM solutions provider to the financial services industry. --
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
June 5, 2006
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