For credit unions, your customer relationship management (CRM) software is at the center of many daily operations, and employees rely heavily on these systems to manage relationships with both prospective and current members. When you’re looking to move beyond clunky outdated systems for your team, you may be wondering what sets different CRM platforms apart – and which capabilities are most necessary for a financial institution. To help simplify your decision, we’re covering the key points to consider if you're wondering how to choose a CRM.
The Benefits of the Right CRM
To start, it’s important to note the value you can gain from the right CRM system, so you understand the impact it can have on your organization’s growth. With robust software, you have the ability to unify department operations in one central platform, eliminating the need for multiple single-use tools. This helps cut down on manual work and the need to pass tasks back and forth. Plus, with all conversations and notes on member interactions in one place, team members can conduct more effective communication efforts between departments.
In action, this looks like less context switching for credit union employees, with clear insights for data-driven decision making. Simplified workflows for your team members leads to better performance, and ultimately, an improved, personalized experience for credit union members.
Assessing a CRM for Your Credit Union’s Needs
While many types of organizations can benefit from a CRM platform, there are some considerations that are unique to the financial industry. For example, it should support lead management, member onboarding and retention, and keep all first-party data safe. With this in mind, here are the essential features to prioritize to ensure a platform is up to par with your credit union’s needs.
Data Security and Compliance
One of the largest concerns will be around keeping sensitive information secure. As a financial institution, keeping member data protected is a top priority at all times. To understand if a CRM is equipped to keep first-party data safe, there are a few key components to look for. First, check if there is a SOC 2 Type 2 report available. This is a kind of third-party audit that will help you assess how robust their security measures are.
Next, you should be on the lookout for a security and compliance center. Do they have all of the necessary documentation available for download? See if their policy on PII, sensitive data, and highly sensitive data are readily available. You might also check if they are HIPAA-compliant. While not directly related to member data, this can be a great indicator of their data privacy policies.
Integration with Existing Systems
Adapting to a new CRM can be a challenge that spans multiple departments – and something to take into consideration when making your decision. How can you tell if a CRM is well suited to your unique needs? There are different levels of integration to keep in mind to ensure your daily workflows continue to run smoothly.
To start, consider if the CRM software connects to your team’s communication channels, including email and messaging platforms. Beyond this, look for a software with an open API, so you understand if it can be easily integrated with other systems. Consider if there is an available list of native integrations, so you understand what kind of customizations will be required.
When it comes to custom integrations, you need to understand if the CRM has the ability to accept webhook requests or create serverless functions, allowing you to determine how complex each integration will be. It’s important to understand how the software company works with others to simplify this process. Look for resources like developer documentation or a partner program. Even if the CRM is customizable, it can often be a challenging task. That said, it’s important to seek a platform that offers sufficient support.
Ease of Use and Staff Support
While functionality is key, it’s important to consider how a CRM supports the needs of your employees in their day-to-day operations. To help staff adopt the new tool, look for a CRM option that offers support resources like FAQs, video tutorials, and a dedicated helpdesk, readily accessible for immediate assistance.
To help team members work together, the CRM should facilitate collaboration by allowing internal notes and mentions. Having a CRM that allows multiple levels of record ownership is also beneficial for collaboration and customization. In addition, look for a platform that allows for workflow automations and pipelines, which can increase efficiency and visibility across the organization.
Tools for Enhanced Member Experience
While you’re weighing your CRM options based on your team needs, it’s important to think about the value your members will be gaining from this investment, too. You’ll want to look for a platform that allows you to form deeper connections with members, so your team can deliver excellent service at every touch point.
To support personalized marketing and communication, look for a CRM that offers thorough segmentation and automation features. It should also provide comprehensive tracking and analytics to help you monitor member engagement and identify areas for improvement. Look for features like automated follow-ups, personalized onboarding workflows, and feedback collection tools.
Scalability for Future Growth
As you make your decision, it’s critical not to overlook your credit union’s long-term goals. To get an idea of how a certain CRM can help aid in your success, start by looking into case studies from other credit unions. Find out if there are partners that help credit unions implement that specific CRM platform, and how they help.
Next, understand how the platform positions themselves. Start by looking for a product roadmap and how they describe the service. For example, is it one software that does everything, a platform that connects to everything, or something else?
You’ll also want to effectively gauge how open the platform is to community feedback. Look for this in places like an idea forum. Check how active it is, and whether or not the ideas mentioned are being received and implemented.
A key point to keep in mind is how innovative the CRM seems. A CRM that supports automations beyond marketing, sales, and service provides more opportunities for streamlined business processes. With that, are they adopting new AI tools and other emerging technologies? This is going to be essential for competing with big banks that have access to these toolkits.
The Role of Implementation and Onboarding
One crucial consideration when deciding how to choose a CRM is understanding the importance of proper implementation and onboarding. This will be part of a successful adoption, no matter which platform you land on for your credit union. A tailored onboarding process can help you make the most of the new platform – and prevent your adoption from being in the two-thirds that fail.
If you’re ready to begin your digital transformation and simplify your credit union’s operations, we recommend working with a partner who has fintech experience. At GreenHouse, we have the expertise needed to help your team leverage these new tools and platforms. Connect with our team to learn more.
