News Column

United States : CREDIT UNIONS should understand that having good relationships with members is the ante to get into very competitive game

August 18, 2014

Member relationship management software ideally provides a credit union's front line staff and loan officers with access to member data to allow them to boost the credit union experience.

But, executives close to the subject said credit unions too often fail to understand what the software does and can help them do.

In addition, credit unions should focus more on the big picture and less on the MRM software's specific technology.

Senior director with Cornerstone Advisors in Scottsdale, Ariz., Jim Burson, said that an MRM program automatically or seamlessly equals more robust production in loans or services is among the most common misconceptions.

He instead explained, well-designed software as part of a robust MRM strategy will allow a credit union to offer more loans and services, but it will not ensure members take them out or use them.

He added : "What credit unions need to understand is that having good relationships with members is the ante to get into a very competitive game. When members approach a teller, they expect a high degree of service and product knowledge and if they find that, members will be more open to talking about higher auto loans, mortgages, investments and other products."

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Source: TendersInfo (India)

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