How Magnifi Financial Drove 19% More Referrals and Nearly 100% CRM Adoption
Credit unions are facing an ever-evolving financial landscape with unique challenges and opportunities. To thrive, many are turning to Customer Relationship Management (CRM) systems to enhance member experiences and drive growth. Recent industry insights highlight the urgency and benefits of digital transformation:
- 68% of credit unions are prioritizing digital transformation to stay competitive, according to a 2024 Callahan & Associates survey.
- The Credit Union National Association reports that improving member experience is the top strategic goal for 72% of credit unions.
- A study by the Filene Research Institute reveals that credit unions that effectively leverage data and analytics see a 23% increase in member retention.
However, the success of CRM implementation hinges on more than just technology. It’s about managing change and ensuring widespread adoption. At BusinessNext, we’ve worked closely with credit unions like Magnifi Financial to develop best practices for CRM implementation and adoption. Read below to learn about Magnifi Financial’s success after implementing BusinessNext’s CRM system.
The Challenge
Magnifi Financial faced a pressing need: they required a CRM solution specifically designed for credit unions to enhance member experience, boost sales, and streamline their operations. The goal was to find a cost-effective alternative to the big CRM options that could seamlessly integrate with their existing systems and achieve widespread adoption throughout the organization.
They needed more than just another CRM; they wanted a solution that would fit perfectly with their unique needs and drive real results across their entire team.
“We all knew that deploying a next generation CRM tool was going to be a challenge, but necessary to continue our path as a digitally innovative credit union.” – Brad Shafton, SVP of Digital & IT, Magnifi
The Solution
Magnifi Financial turned to BusinessNext to address their CRM needs, choosing a solution designed specifically for credit unions. BusinessNext provided a range of benefits tailored to their requirements:
- Seamless integration with core banking systems and data sources
“My team gave a round of applause when they saw the Symitar one-click integration.” - Cost-effectiveness
A fraction of the cost of alternative solutions, it was a budget-friendly choice. - Robust Reporting and Analytics
BusinessNext provides powerful tools for insights and decision-making. Monitor and manage performance metrics to ensure teams are consistently meeting their objectives. - Credit union-focused features and workflows
The Implementation
Magnifi Financial’s approach to rolling out BusinessNext CRM was strategic and comprehensive:
- Securing Universal Buy-In
Making sure that both leadership and frontline staff were on board with implementation of the new CRM. - Aligning IT with Business Goals
IT efforts were closely aligned with business objectives to ensure the CRM met their needs. - Automation and Time to Value
Using BusinessNext’s pre-built workflows, they were able to automate more than 50 workflows previously done by email and text, which streamlined operations and improved efficiency.
The Results
With BusinessNext, Magnifi Financial empowered their staff to assist members in real-time. This led to a 30% increase in cases opened directly in branches and improved first-call resolution rates. Automating more than 50 workflows that were previously managed by email and text also streamlined operations.
“CRMNEXT has helped us achieve our goals while demonstrating innovative approaches and a strong partnership. With the foundational pieces in place, we are building more modules to integrate disparate systems into a unified view that will benefit staff in all our member-facing as well as back-office teams.”
As Magnifi Financial’s success story illustrates, the right CRM solution, coupled with effective change management, can transform credit union operations and member service. As the credit union continues to grow and adapt to industry trends, BusinessNext remains a crucial tool in achieving their strategic objectives and maintaining a competitive edge in the financial services landscape.
Ready to elevate your credit union’s CRM strategy? Click here to discover how our tailored solutions can drive transformation and enhance member experiences for you.
