CRM in the New World of Lending
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1 crnrstone.com gonzobanker.com CRM in the New World of Lending PRESENTED TO: CUNA Lending Council PRESENTED BY: Terence Roche - Principal November 3, 2014
2 The Struggle For Organic Loan Growth in Credit Unions 100% 90% 80% 70% 60% 62.8% 73.2% 70.2% 69.5% 60.5% 60.0% 62.4% 72.8% 50% Loans to Assets 40% Loans to Shares 30% 20% 10% Source: NCUA 0%
3 We Grew Up On A Traditional Formula Traditional Media Marketing Drives the face-to-face closing And the crosssell 2
4 But The Rules Are Changing Mobile and Social Search Multi-Channel Fulfillment New World of Engagement 3
5 Boom! It s Game On for Lending 4
6 Lending Disrupters are Showing the Future of CRM and Sales Mortgage Lending The loan offer is integrated into the research and buying decision. One Click Source: Trulia.com Impact: Interest Income, Origination Fees, Loan Growth, Cross-Selling Opportunities. 5
7 Lending Disrupters Consumer Lending Lending Club, an online peer-to-peer lending community, has funded nearly 3 billion in loans since its inception 5 years ago. Quoted from their website: We bring you a more efficient model. By allowing our members to directly invest in and borrow from each other, we avoid the cost and complexity of the banking system and pass the savings on to you. Both sides can win: better rates to borrowers and better returns to investors. It's that simple. Business Lending CircleUp is a crowd funding platform that connects accredited investors with innovative entrepreneurs that have solid business models in the consumer and retail space. Funding stories on their website range from 550k to 2.5MM New players want to disrupt lending intermediation. Impact: Interest Income, Loan Growth, Cross- Selling Opportunities Impact: Interest Income, Loan Growth, Cross- Selling Opportunities. 6
8 Experience is Getting Short Shrift in Banking Customers Buy The Channel Experience Not Products Customers are focused on channels as this is the way they interact with their financial institution In this channel centric (and increasingly mobile) relationship, it s time to re-think organizational alignment and focus on capabilities per channel rather than products 7
9 Definitions of CRM It s simply a tool that should help our RMs manage relationships more efficiently and effectively. Megadatabase of information accessible to the line for customer service and business development use. CRM is a set of methodologies and predefined business practices related to management of the customer relationships in this enterprise. CRM A means of providing information to relationship managers to understand all aspects of their client relationships by combining/aggregating accounts by relationship, providing calling history on their clients by any credit union personnel, calculating and showing profitability, and providing sales tracking and business development opportunities. CRM is a well defined set of strategies to ensure effective growth or retention of profitable business and consumer relationships. An understanding of our profitable customer base as it relates to current wallet share across all subs, inprocess product/service discussions and their association with other entities/relationships. 8
10 Key CRM Components Data Analytics / Segmentation Prospecting Campaign Management Sales Referrals/Tracking Case Management Contact History 360 Member View 9
11 Key CRM Components Data Analytics / Segmentation Data warehouse infrastructure, support The ability to capture and assimilate data from various sources Prospecting Core MCIF Campaign Management Third party demographic data SEG related and provided data Channel specific solutions Sales Referrals/Tracking Staff production and activity management solutions Case Management Profitability and other ancillary systems The ability to maintain data history Contact History The ability to perform statistical analysis on the data 360 Member View Most Credit Unions have data scattered in different databases. The ability to draw all of this into a single reporting source is difficult. Vendors have not helped solve this. Best practice: Single data repository that norms up different data sources, formats 10
12 Key CRM Components Data Analytics / Segmentation Prospecting The ability to track new prospects through a sales cycle Initial contact Offer/presentation Follow-up Close Campaign Management Documents and supporting information is accessible with 1 click Sales Referrals/Tracking Case Management Contact History 360 Member View There is tracking but often in a stand-alone tool such as Salesforce Often, new prospect tracking is not integrated with campaigns The need foe this is heavier in business and mortgage lending (Originators) Best practice: Tracking and reporting the movement from initial contact to close phases via workflow Integration with the decisioning system Cross-sell integrated into workflow, processing 11
13 Key CRM Components Data Analytics / Segmentation Prospecting Campaign Management Sales Referrals/Tracking Case Management The ability to create specific offers and present them to members and nonmembers through any channel The ability to assign follow-up to an employee or team The ability to track results by campaign, member, employee The ability to analyze ROI on the campaign Contact History 360 Member View 12
14 Key CRM Components Data Analytics / Segmentation Prospecting Campaign Management Sales Referrals/Tracking Case Management Contact History 360 Member View Current systems do a good job at using member information to create targeted campaigns Ability to present the offer through any channel - branch employee, CC agent, mobile, Internet banking - is mixed Best practices: Very flexible campaign selection criteria Targeted Campaigns with follow-up assigned All channels show most recent offer, decision (mobile is a channel) Method of offer (mailing, ) can be viewed Hard tracking of approvals that turn into fundings Offers that were refused, denials are displayed The next big things Loan offer integrated with research, buying decision Social marketing Mobile offers 13
15 Navy Federal Credit Union Make Social Media Count 4 million members, 4 million stories Engaged members by asking them to submit positive, personal messages about the CU, with the chance to win CU products. Further engaged members by giving them a chance to vote on winners. 14
16 Navy Federal With social media engagement way up, Navy FCU incorporated auto and other promotional offers into social flow. Targeted friends of their existing Facebook fans who also fit into military segment. Integrate the PR/social part of social media with soft efforts that drive business production. 15
17 Navy Federal Credit Union Navy s use of social media as part of the 4 million campaign has been written about in The Financial Brand and Facebook used the campaign as a standout success story. The campaign drove in hard dollars: $90 million in new deposits 5,400 auto refinance loans (equating to $96 million) Relative to Navy s $33 billion in loans and $37 billion in deposits at that time (Q3 2012), that translates to: 0.24% increase in deposits 0.29% increase in loans Navy also acquired 60k new members and increased Facebook fans by 500% (today over 1 million). 16
18 Key CRM Components Data Analytics / Segmentation Prospecting Prospect, opportunity tracking with the ability to upload any information tracked to fulfillment systems when a sale is made Both from campaigns and individual leads Employee-level tracking of sales opportunities, offers made, success ratio Campaign Management Assignment of referrals to the right resource with feedback provided to the referring employee Sales Referrals/Tracking Fast creation of information to sales leaders for feedback, coaching Case Management Tracking and reporting of incentives, payments Contact History Most Credit Unions have some form of tracking sales referrals, but it can involve different systems in the CU and CUSO s Referrals create a task for the recipient, but can often be on a standalone to do list Best practices: 360 Member View Clear referral goals by business group (not just branches!) Rigorous tracking and reporting of referral follow-ups Daily tools for supervisors/coaches to use to manage 17
19 Key CRM Components Data Analytics / Segmentation Prospecting Tracking of specific encounters with members that involved: Specific issues or questions that require notes, comments Escalation and resolution Campaign Management Follow-up to offers or campaigns Follow-up events Sales Referrals/Tracking Case Management Contact History 360 Member View This is largely used for servicing loan, not origination Call center systems are usually the ones used by the rest of the CU Best practice: Ability to identify a loan opportunity during a member encounter and pass to the referral system with case notes Campaigns, offers integrated into the case management system inquiry 18
20 Key CRM Components Data Analytics / Segmentation Prospecting A complete list of all member touches with the Credit Union Manually tracked by an employee Service transactions (branch, call center) Self-service transactions (ATM, Internet banking log-in) Campaign Management Payments transactions Mobile Sales Referrals/Tracking Case Management Contact History 360 Member View Again. largely used for servicing Most CU s do put the prospecting/sales notes in the origination system, not the servicing contact history system Best Practices: Integrated sales and servicing touches in one system Integration of campaigns into the contact history system with one click to see supporting documentation, offers 19
21 Key CRM Components Data Analytics / Segmentation Prospecting Campaign Management Sales Referrals/Tracking Case Management Prospect, opportunity tracking with the ability to upload any information tracked to fulfillment systems when a sale is made Employee-level tracking of sales opportunities, offers made, success ratio Fast creation of information to sales leaders for feedback, coaching Tracking and reporting of incentives, payments Best practices: Non-owner relationships displayed (guarantor) Total loans outstanding displayed One click to see offers accepted and refused Contact History 360 Member View 20
22 Solution Considerations Integrated Solutions: Solonis CoreTrac Sedona Sugar Kiva Argo 360 View Core Vendors Point Solutions: Harte Hankes Alliant CRM Systems, TX Raddon Marquis Toolsets: Oracle Siebel SAP Microsoft Dynamics Salesforce.com Internally developed: Various tools -.net, Java, Sharepoint 21
23 Key CRM System Questions Does everybody use the same CRM system? Insurance, investment, other CUSO s? How do we balance the better functionality of some point systems against the better integration of a single system? The business lending group just bought Salesforce!... Do we have our CRM nomenclature right? What is a unique product, service to measure? What is our big, first overweight goal? Sales tracking Referrals Service events and member encounter tracking CRM Lending 22
24 How Do We Build the Winning Lending Formula With Our Resources? Cross-channel marketing and fulfillment and a very strong Mobile Experience meets the next gen CRM Data Mashup and analytics meets the Social Media marketing of upstarts meets the Amazon-like fulfillment and support process and is managed by passionate sales leaders with specific goals and accountability 23
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