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How to unlock the future: Predicting your members’ behaviors with CRM magic

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For too long, credit unions have relied on the idea that knowledge + intuition would predict the future. But it doesn’t. All you get are vague assumptions, like some crystal-ball fortune-teller at a fly-by-night carnival. Sure, they’ll tell you what you want to hear. But you’ll lose money, time, and dignity in the process.

To get real answers that retain (and attract) members, deepen relationships, and grow your credit union, you need to add data to the equation. Let’s take a look at these three magic words and how they, along with forward-thinking strategy and process, can make predictions possible for your credit union.

The 3 magic words that a CRM makes possible: Retain, Deepen, and Grow

Real predictions require five things: research, segmentation, data analysis, predictive analytics, and a CRM. Simple enough, right? The first four are doable for most FIs. But it’s the CRM that brings it all together.

An actionable CRM will do three things for your CU. First, it’ll help retain your current members by helping you provide exceptional service and support throughout your network. This builds loyalty, which in turn helps deepen relationships.

Next, it’ll take your members even deeper down the rabbit hole into your products and services. And finally, a CRM will help your CU grow by attracting new members who want the same magic their friends and neighbors have experienced, as well as fostering lifetime members who become your biggest fans.

Here’s another way to look at this: to retain, deepen, and grow your CU, you need a CRM that recognizes the importance of nurturing existing members while fostering new relationships that drive success.

A CRM worth its weight in facts and figures will streamline your data management, automate processes that allow your people to focus on the members, improve collaboration between people, departments, and technology, as well as enhance member services. You’ll also get improved sales management as well as real-time reporting and analytics. The bottom line, it will help you understand and relate to each individual member. See how a robust CRM works.

Get a complete understanding of your members’ financial wellness

A CRM that offers a 360º view can help retain memberships. Let’s take a look at a credit union member named Sara. She’s tried to keep her financial downturn a secret, but thanks to a 360º view and detailed insight cards available in the CU’s CRM, frontline staff, as well as executives, observed she was struggling. Her credit union reached out before she missed a single car payment or fell deeper into debt.

Sara avoided a financial meltdown. The CU avoided a default. And the relationship between her and her CU deepened and grew. Today, she’s rocking a long-term savings account, building her credit, and saving up for the down payment on a house.

Turn your contact center into a people pleaser

Mistakes happen. So, when Gary got a hold of someone in the call center to complain about an overdraft fee that should not have been applied to his account, that interaction was recorded, noted, and reviewed. Yes, they reversed the charge. But marketing was able to brighten Gary’s day, and deepen the relationship, by offering him a $5 coffee card to one of the credit union’s business clients. It’s a little gesture that also helped the credit union grow inward and outward. The member got what they wanted and more. Plus, the CU supported a local business in the process.

Predict your members’ financial moments of truth

Predictive analytics helped Rachel and Reece’s CU know they were nearing retirement before they did. With a CRM to put that data into action, the CU put the couple in touch with a long-term financial planner who could give them the good news. He helped solidify a plan to ensure their money lasts as long as they do. It wasn’t guesswork. It was the right CRM that allowed one department to talk to another, review member data, and make predictions. For Rachel and Reece, it blew their minds and changed their lives.

Give your employees a single source of truth

To eliminate screen-hopping, automate tasks, and better serve her CU’s members, Kelly went in search of the right CRM. As a CIO, her goals were to simplify workloads for CU employees, drive growth, and deliver a single source of truth. When the smoke cleared, she and her CU had a CRM that integrated with their core and answered all of their “how” questions, including how they could use the CRM to retain, deepen, and grow their credit union. The board was thrilled, giving Kelly a raise and a promotion. Way to go, Kelly!

CRM is your crystal ball for predicting your members’ needs

A CRM built specifically for credit unions allowed Kelly to help her members make the right decisions. Now, Kelly and her CU know when someone is ready for their first car, first home, or when they’re having their first child. They have all the insights they need to predict when a member needs financial assistance or a gentle nudge toward their happily ever after. It’s all possible with the right access to the right data and actionable insights.

Get the how instead of the why

In the fintech/CRM world, buying a best-in-class solution doesn’t guarantee a successful implementation. Ask around and check out this Banking on Experience Podcast. You’ll hear all sorts of stories and insights — like CRMs that took years to implement yet never lived up to the promises or hype (just type Salesforce into a browser and read the reviews).

In a world filled with CRM promises that rarely come true, CRMNEXT delivers. We’re the CRM built by FIs for FIs, offering a 360º view of member data, automated workflows, and built-in guardrails that keep you on track. Over a billion customers at a million financial institutions have already experienced how we help retain, deepen, and grow memberships and credit unions. Now, it’s your turn. See the ultimate Credit Union CRM for yourself.