Sales
Application Pipelines
Efficient application pipelines are essential for managing the sales process. They help track the progress of each application, identify bottlenecks, and ensure timely follow-ups. This streamlines the workflow and improves conversion rates by keeping the team organized.
Online Applications that Support GTM or Custom Tracking
Leveraging Google Tag Manager or custom tracking within applications allows credit unions to gather detailed insights into member behavior while the application is in progress. This helps you optimize the user experience, improve digital marketing strategies, and ultimately drive growth.
Origination Software that Integrates Easily
Origination software that can easily be integrated with your CRM simplifies the loan and account opening processes and tracking for ROI. As a result, you can improve the experience for both your team and members.
Appointment Booking
You’ll want to choose an appointment booking software that easily integrates with your CRM. Keeping these two platforms connected ensures that member interactions are tracked and managed in one place. This leads to better scheduling, shorter wait times, and a more personalized service for improved member satisfaction.
Service
Automation
Budgeting for automated workflows can help handle tasks like sending welcome emails, setting up new accounts, and scheduling initial consultations. This reduces manual work, speeds up the process, and maintains a consistent experience for all new members.
Tickets
Using a ticketing system allows credit unions to efficiently manage member service requests. Members can submit requests online, which are then automatically assigned to the appropriate team member. This system ensures that all requests are tracked, prioritized, and resolved promptly. It also adds transparency, as members can receive updates on the status of their requests, boosting satisfaction.
Surveys
Surveys are an effective way for credit unions to gather valuable feedback from their members. By regularly sending out surveys, credit unions can understand member needs, preferences, and satisfaction levels. This information can be used to improve services, tailor products, and enhance the overall member experience. Surveys can be automated to trigger after certain interactions, so the member receives a relevant follow-up.
Knowledge Base
A well-organized knowledge base can serve as a self-service tool for credit union members. By providing a comprehensive list of FAQs, members can quickly find answers to common questions or concerns without needing to contact support. This not only empowers members but also reduces the workload on customer service teams, freeing up time for other growth opportunities.
Preparing for Successful Adoption
The hard truth is that the right software doesn’t solve every problem. You must have an eye toward onboarding and implementation costs throughout your digital transformation efforts. This is because the software providers themselves aren’t always the best solution for these services, especially if the software is industry-agnostic. With this in mind, integration costs, built or bought, should also be factored into your budget for a successful transformation.
When dealing with a digital rollout, it’s also important to anticipate a level of pushback. Not everyone is going to be on board with this new digital strategy. While organizations may have strong pain points with their existing processes, it can be challenging for stakeholders and their departments to move away from their existing processes. This is especially true without proper training. It’s not a matter of proving that the new process is better – it’s about getting past the resistance to trying something new.
How can you overcome this challenge? Consistent, incremental wins with a phased approach to implementation. Then, even the most hesitant stakeholders will be on board once they get practice with a new digital technology or process. By making improvements over time rather than all at once, those late adopters will be less likely to fail during the digital transformation journey, and you’ll maximize the return on your investment.
Data Security & Compliance Considerations
Your digital innovation will increase the complexity with which member data and interactions are handled. More data will be passed between various platforms, and more team members will be leveraging software to deliver service to members. That said, it’s important to consider the security compliance of new software, data orchestration, and processes.
You’ll need to seek technology and partners that work specifically in the credit union space and can provide the necessary due diligence documents. When you’re looking into a new digital solution, it’s important to consider how your members’ personal information will be stored and accessed. Think strategically about PII, sensitive data, and highly sensitive data, and how each is treated.
Budget for platforms that offer granular permissions, providing you with options for customization. With customized permissions for service or agency vendors, you expand your opportunities for working with a range of experts.
Measuring Success and Satisfaction
With any project, a key component of your plan should be assessing measurements of success. This is especially true when it comes to the ongoing evaluation of your budget. Here’s a breakdown of what to consider as your business transformation takes shape.
- Adoption Metrics: It’s important to track how quickly and effectively new tools and processes are being used by your team. Look at user engagement rates, login frequency, and feature utilization to gauge how the new systems are being integrated into daily workflows.
- CES Surveys for Internal Teams: Based on the new tools that were adopted, what feedback does your team have? Understanding if the initial pain points have been alleviated will inform your next steps.
- Productivity Metrics Post-Digital Transformation: Changes in output and efficiency after implementing new digital tools should be measured. How tasks are being completed, how much time is saved, and overall performance improvements.
In addition to your internal team, a successful digital transformation initiative should also enhance member experience by more consistently engaging them with the right message at the right time. By centralizing teams onto a single CRM your members will feel more confident that your organization knows them and is ready to help them grow. Plus, enhanced data analytics will give you more visibility into your progress.
Begin Your Digital Transformation
As you plan your budget for your digital transformation initiative, you’ll want to stay mindful of best practices. Working with an experienced partner who not only understands these tools, but your industry is a game-changer. They can help guide you through a rollout, improving your processes and increasing buy-in from the start.
If you’re seeking a partner who does just that, we encourage you to reach out to the GreenHouse team. We've helped many credit unions with their digital transformations, and have the fintech expertise your credit needs for a successful adoption of new digital tools. If you're ready to move past outdated data systems and processes, connect with us today to learn more.
