It would be shortsighted to think that CXM only applies in a banking context, and disregard the benefits it can provide to other financial institutions, such as Credit Unions. Credit Unions don’t have customers - they have members. They are non-profit institutions, unlike banks, and are set up as cooperatives that are jointly owned by their members. They aren’t regulated in the same way that banks are, and they provide different benefits on financial products and services, such as loans and savings accounts, than banks due. All of that said, the focus of Credit Unions still revolves around providing value to their members - that’s why CXM, or rather, MXM applies to them.
Credit Unions offer their members many of the same products and services that banks offer to their customers. Like any organization composed of multiple stakeholders (in this case members), they want to provide for those members an excellent experience, so that their members will remain with them - allowing the Credit Union to be a robust and reliable provider of those products and services. Therefore, it makes sense that a Credit Union would care about Member Experience Management. Credit Unions should want to ensure that their members are getting the best experiences possible.
There has been a monumental shift in the way that not only businesses, but also non-profits, operate - from keeping up with stakeholder demand, to employing workforces that are highly sought after, to protecting the data of their members and employees while providing greater digital accessibility to products and services. There is no sign of any of this slowing down. What are the key cases in which the trend may see a dip? More often than not, they’re ones that involve highly complicated processes that require a lot of facetime - ones that would benefit massively from an upgrade, but for which start-up costs are deemed too high. This is an area of focus for Credit Unions looking to modernize and keep up with the pace of digital transformation in other financial services verticals.
CXMEngine allows Credit Unions to supercharge their Member Experience. It includes pre-built CRM integrations, experience management and visibility tools, as well as knowledge delivery and integrated communication solutions. By utilizing AI, CXMEngine ensures contextually accurate information is instantly available to customers and agents whenever they need it. CXMEngine also has pre-built integrations with critical systems in every major industry, including Fiserv for financial institutions. As customer expectations for great digital experiences skyrocket, CXMEngine is the fastest way to take control of the entire customer journey without getting bogged down in custom system integration projects.
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