By Rhiannon Stone
Anyone who works at a credit union knows that members are the core of the business, yet many hesitate to embrace member relationship management (MRM) software, such as Salesforce. While MRM used to have a negative connotation due to its cost and complexity, the rise of more affordable and user-friendly MRM solutions have enabled many companies to proficiently track interactions, improve customer relations and boost their bottom line.
For credit unions, effectively integrating and utilizing MRM software can advance operational efficiencies from top to bottom.
First, management must recognize the importance of MRM software and prioritize its success so their employees will buy into the necessity of the tool. Leadership then must integrate the software fully into every aspect of the company landscape and train individuals who will be managing the tools. While MRM software has become easier to navigate, it is still necessary to carve out time for all your employees – not just frontline – to master the technology and reap its benefits.
For example, MRM software can automate data entry, saving employees countless hours of work. The amount of data available in 2016 can be overwhelming, which is why adopting a proficient system that allows users to easily manage and improve data quality by making it accessible company-wide in real- time is imperative. Additionally, these tools can help improve member relations by implementing specific touch points, such as workflows that automatically send follow-up emails to existing members or onboarding messages to new ones.
MRM software should also be used to implement new products and services smoothly. Credit unions should leverage relationships to learn enough about their members to establish a “needs baseline,” then use MRM tools to recognize opportunities for accretive products and services. Another way this software can help credit unions grow revenue is by empowering managerial teams to manage more effectively their time and activities, including arming them with key insights into which current members or prospects need immediate attention.
What Needs To Be Realized
While these incentives certainly are enticing, credit union executives must realize profit will not skyrocket immediately upon MRM software’s implementation, as these tools technically cannot manage their revenue. However, they can manage internal activities that ultimately affect their margins. MRM software also can help credit union leaders make informed decisions by providing critical, applicable data. If properly utilized, these tools will save employees time by generating digestible reports and streamlining other aspects of their job, such as pulling contact information or compiling mailing lists to stay connected to members.
As you can see, MRM software has the ability to not only elevate the member experience by giving credit union employees more ways to stay connected to their member base, but also increase credit unions’ bottom lines by streamlining inefficiencies, reducing time loss and providing valuable data insights.
Consider this – by taking a leap and implementing this technology, you truly are investing in your credit union’s future and the overall happiness of your member base.
Rhiannon Stone is vice president of solutions delivery with EPL, Inc., Birmingham, Ala. For info, www.eplinc.com.