September 12, 2023
3 Ways a 360-Member View Benefits Credit Unions
Knowing how to manage member relationships comprehensively and efficiently is essential for the success of credit unions. By utilizing a 360-member view approach, credit unions will experience enhanced member satisfaction, improved service delivery, and better decision-making. To achieve these three desired outcomes, many components must be present.
1. Enhanced Member Satisfaction
What keeps members satisfied with their financial institution? Tailored products and services, of course! This involves providing a variety of communication outlets to fit each member’s preferences, reviewing member’s interaction history, capturing member feedback, and prioritizing member privacy.
Communication Preferences
Being aware of how members prefer to be contacted, such as by email, phone, text message, or mail increases the likelihood of member engagement and satisfaction. This also pertains to offering the resources your members want, such as promotional materials, newsletters, and educational content.
Interaction History
Keeping an organized log of interactions between credit union staff and members helps credit unions provide personalized service and effectively address member concerns.
Member Feedback
Implementing surveys and analyzing reviews and complaints shows members that their credit union cares and is willing to grow and improve.
Privacy & Security
Ensuring that member data is handled securely and complies with relevant data protection regulations will not only help keep member information safe but in turn will enhance member satisfaction.
2. Improved Service Delivery
Targeting the right member with the right service can be a challenge. The components that help credit unions improve service delivery are collecting member information, monitoring engagement across channels, and integrating data from various credit union systems and channels.
Member Information
Maintaining accurate and up-to-date member information such as contact details, employment information, financial preferences, and demographics will ensure that credit unions are reaching each member through optimal avenues while also providing relevant services.
Engagement Across Channels
Monitoring member engagement across various channels, such as via mobile apps, call centers, online banking, and in-person visits helps credit unions ensure that members are aware of relevant services.
Data Integration
Integrating the data from all credit union systems and channels provides a comprehensive view of each member. Relevant platforms such as core banking systems and customer relationship management (CRM) software provide valuable data to help credit unions make informed service delivery decisions.
3. Better Decision-Making
As a credit union, it’s important to offer relevant services to each individual member. For example, a member with an active mortgage with their credit union shouldn’t receive an email with a “first-time mortgage” special offer. Keeping track of member account histories and behavioral patterns and identifying cross-selling and upselling opportunities based on their financial needs and preferences leads to better decision-making for credit unions.
Account History
Keeping track of each member’s transaction history, such as loans, savings, account balances, and other financial products, will ensure they’re only being offered relevant products.
Behavioral Patterns
Credit unions can tailor product recommendations and financial advice by analyzing member behaviors such as spending habits, investment choices, borrowing history, and saving trends.
Cross-Selling & Upselling Opportunities
Knowing a member’s account history and behavioral patterns provides a holistic view of their financial needs and preferences. Credit unions can foster this information to identify relevant cross-selling and upselling opportunities.
Since credit unions implementing a 360-member view can better anticipate member needs, provide personalized services, and build long-lasting relationships, they are more likely to experience improved member loyalty, increased retention rates, and enhanced growth opportunities.
For credit unions to win in this highly competitive and dynamic space, they need a core processing partner that can support a 360-member view. Sharetec provides a web-based, robust, highly customizable system that is continuously evolving to nurture credit union growth. Sharetec strives to make basic processing solutions smarter and easier. Schedule a demo today!