If you have a part in your credit union’s budget review, what you choose to invest in will play a pivotal role in the direction your organization is headed. The truth is, your financial institution will either evolve in this market, or be acquired by a larger entity. It all comes down to your credit union growth strategy. At GreenHouse, our experience has shown us that credit union leaders who invest in digital transformation keep their credit unions moving forward.
Why Begin Your Digital Transformation?
Being a member-owned institution is part of the credit union difference. Unlike at a traditional bank, it means your members are at the center of your operations. Putting a digital transformation strategy in place allows you to use data to cater to each credit union member in a more strategic and meaningful way – ultimately fostering growth for your credit union.
What does this look like in action? By eliminating data silos, you can expand your digital capabilities and tend to member preferences, creating a seamless omnichannel experience. You can more effortlessly gain the insights you need, so you can create more personalized marketing and sales efforts.
It’s important to understand the steps to take to unlock these capabilities. To help you make your decisions this financial quarter, we’ll be covering five key credit union investments to consider as you finalize your budget.
1. Marketing, Sales, and Service Automation Platform
A top priority among credit union investments will be your marketing, sales, and service software. This will be a major component in your data management and how it can be used for financial services. As you grow, you need an automation platform that can help scale your efforts.
In many cases, our team has seen the benefits of HubSpot for credit unions. Beyond its user-friendly interface, HubSpot is an all-in-one platform that provides a unified system for teams. That said, it’s important to understand that keeping teams across your organization using one platform will be beneficial. This can help streamline your operations and lead to significant savings. With powerful analytics, HubSpot can also help credit unions gauge the overall performance of their digital initiatives.
2. Banking Core to CRM Integration
What would otherwise be a tedious and time-consuming task, a core banking system integration keeps your data flowing directly to your CRM. Ensuring this member data is readily accessible for your team helps with:
- A 360° View of Members: By bringing in data from their core banking system, credit unions can gain a comprehensive view of member behavior, enabling more personalized experiences and targeted growth strategies.
- Operational Efficiency: Integrating the core banking system with other digital platforms can streamline internal processes, reduce manual tasks, and enable credit unions to serve members more efficiently.
- Scalability: Credit unions can scale their digital capabilities as their member base and transaction volumes grow.
With our team’s Jack Henry banking core and HubSpot integration, we help provide credit unions with the actionable insights they need to make data-driven decisions. The result? More efficient workflows and a better membership experience.
3. Data Model that Reflects Core Data in CRM
The main obstacle in transferring member data from a credit union's core processor to a marketing platform is altering account-focused information for an email-driven CRM, while avoiding issues like duplicate records. A tailored data model for credit unions addresses this by using custom objects, ensuring smooth integration.
By investing in an innovative data model, you’re not only simplifying the process for your team but also enhancing their ability to segment members and automate within platforms like HubSpot. It cuts down on the need for technical know-how and frees up time for analysts, allowing for more targeted campaigns and ultimately leading to increased conversions.
4. Reporting & Automation for LOS Optimization
Investing in reporting and automation for LOS optimization is a strategic move for credit unions looking to improve their online loan application process. By integrating marketing automation platforms like HubSpot with MeridianLink, credit unions can track and optimize applicant journeys, leading to higher completion rates and significant loan growth. With this kind of integration, it’s easy to identify drop-off points and who is abandoning – allowing for targeted follow-ups.
Automating deal pipelines reduces internal sales friction, allowing credit unions to grow their membership with less effort. The ability to nurture leads through automated email workflows powered by application data ensures that potential members are engaged and encouraged to complete their applications, reducing abandonment rates.
5. Full Rollout and Training for Above Investments
Investing in the rollout and training of an automation platform like HubSpot is crucial for credit unions to ensure they fully leverage the tool's capabilities. A significant number of CRM adoption initiatives fail due to people-related issues rather than platform problems. By involving key stakeholders from various departments early on and ensuring their buy-in, financial institutions can avoid common pitfalls. How can your team accomplish this? With onboarding that’s tailored to a credit union's specific needs.
It’s critical that your teams are trained on how to use the tools and your portal is configured with the necessary assets. Proper onboarding can provide you with custom templates, pre-made workflows, and tutorials specific to your organization, ensuring your team is prepared and has the access they need. Then, you can begin working toward your credit union’s goals from day one.
Work with a Trusted Partner
With an understanding of what to prioritize for your credit union growth strategy, you may be wondering how to get started with your next steps. Integrating new technologies can be a challenge, especially if you’re currently relying on an outdated system. You might even be hesitant to adopt a new platform due to compliance concerns.
The solution is working with a partner who understands credit union industry needs and can help build your strategic roadmap. At GreenHouse, we’re experts in digital transformation through the credit union lens. We can assist with onboarding and training to custom integrations and data models. Ready to grow? Contact us today to get started.
