Too Big is Too Big

Published: November 19th, 2020

You’re not a global bank. That’s a good thing. You’re a credit union nestled firmly in your community. Your focus is engaging people and families to create a sustainable future for you both. A credit unions’ DNA is driven by member relationships, not faceless numbers. So how are you doing with that? 

Do you know the average tenure of a member? Whatever the answer, it needs to be longer. That’s the benefit of working with a strong Member Relationship Management (MRM) platform over an overweight Customer Relationship Management (CRM) approach. You can see the current status of a member while previewing their trajectory within your credit union. Member relationship management needs to be agile and flexible; not cumbersome and laborious like a typical CRM. If 2020 has shown us one thing, it’s proven that things can change quickly. Jobs can change, daily routines can change, the outlook on life can change. Trying to anticipate member needs in this current environment is daunting, but very doable with the right MRM tools and teams. When a member is able to easily sync a simple to their personal information, life is easier for them and better for your association’s administrators. 

What about new members? The lifeblood of your credit union rests on the shoulders of the members who are using your services today. But it can’t stop there! Credit Unions have to fight against the big institutions and their mega-marketing budgets to secure new relationships. A strong MRM platform can be the perfect gateway for new members to sign up for services or request more information. There’s no need to miss out on an opportunity to grow your credit union family. The big banks use a shotgun approach that hits the low-hanging fruit. If you want lots of low value accounts that are here today and gone tomorrow, stick with a CRM. 

What will members want next? Staying ahead of the curve requires communication. It can’t be a one-way discussion and it certainly won’t wait until the annual business meeting comes around. A strong MRM will allow you to monitor member trends or send out surveys to get real-time information to keep your staff forward thinking and productive, while reassuring members that they belong to a credit union that is willing to care about them at an individual level. This is called a relationship and healthy relationships are made to last at credit unions.  

If you're struggling with your current CRM system, what questions should you be asking?