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CRM in Credit Unions: Better Member Insights Lead to Better Business Results

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This report highlights how savvy credit unions use CRM to ensure loyalty, increase cross-sell/up-sell revenue, and grow overall engagement.

The ROI of Managing Member Data through Next-Generation CRM

Credit unions thrive on meeting and exceeding member needs. This helps ensure member loyalty and trust, raise brand awareness, and grow the organization by adding more members. Insight into the needs and behaviors of current and potential members is crucial for credit unions to achieve these goals. Between January and February of 2019, Aberdeen surveyed 164 organizations regarding their customer experience (CX) programs. Participants were from companies across all industries. The findings in this report will highlight how these cross-industry CX best practices translate and apply to credit unions.

One of the questions asked in this survey was about the ability to effectively use data to guide CX activities. The findings revealed that 73% of companies struggle with this. The analysis in this report focuses on how next-generation CRM users confront this challenge and the benefits these organizations experience. We’ll specifically highlight how the best practices that work for CX leaders across all organizations are specifically applied to build and manage a next-generation CRM program across credit unions.

Data from the CX survey shows that 53% of organizations currently use CRM. But not every company uses it effectively. To determine savvy CRM users, we split technology users into two categories. The first are traditional CRM users — those that observe worsening or no change in their performance across the following metrics: member satisfaction, member profit margin, member lifetime value, and company revenue. The second group are next-generation CRM users who enjoy year-over-year gains across all the above metrics through making better use of CRM. Figure 1 shows that next-generation CRM users achieve far superior CX results compared to others.

Ready to see more?

Download the full whitepaper: "CRM in Credit Unions: Better Member Insights Lead to Better Business Results"