Fixing the Irony of Delivering “More:” How one CU used automation to connect members to the right products and services
Here’s the paradox of consumer
preferences: People want “more,” but they don’t want endless options. They want
a streaming service that recommends the next movie, a clothing retailer that
tells them which shirt to buy, and a credit union that tells them which
products or services they should be using but aren’t. The irony is that as credit
unions work to expand our portfolios to give members “more,” it gets harder and
harder to provide that personalized guidance on what “more” each member needs.
How we scaled up our personal touch
That’s the situation we were in not too long ago at Lake Michigan Credit Union (LMCU). As we made strategic mergers and continued to organically grow our mortgage business, the size of both our portfolio and membership had outgrown our ability to keep up. To keep that personal touch—that feeling of a small credit union where our people know our members and can give personal guidance—we needed to put tech in place to support our loan officers and members in this proactive outreach.
Here’s three ways we’re leveraging the Total Expert platform to completely transform how our member engagement happens:
1) Customer intelligence: Anticipating what our members need
We have tremendous amounts of data on our members, but as most of you can probably relate to, the challenge is making use of that data. Total Expert helped us break down our customer data silos and create a single, comprehensive profile for each mortgage member, and we’ve begun to integrate the entire membership
More importantly, we don’t just see what our members are doing, but what it means: Total Expert’s Customer Intelligence gives clear intent signals and recognizes when our members are hitting common life events, like getting married, buying a house, starting a family, etc. Our LOs and...