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Business Process Automation, low-code/no-code, Financial Services Creatio

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10 Min Read

How CRM Transforms Financial Services: Low-Code to the Rescue

Competitive platforms rising to meet modern customer expectations

How do financial institutions remain competitive when new financial tech platforms – fintechs -- are rising up to meet modern customer expectations? Many banks and credit unions are learning that adapting a robust CRM system is a key component of transforming their business model. And the time is now if they want to remain leaders in their market.

Creatio recently shared an interview with a representative of Ent Credit Union, the largest one in Colorado. It’s an enlightening case study of the challenges they faced and the difference a low-code CRM is making in how they serve members.

 

You can listen to the whole interview with Amy Krasikov, Director of Engagement Systems at Ent, if you want, but here are the key insights.

What are the challenges?

Competition has increased. Banks and credit unions aren’t the only game in town anymore. Individuals can shop for mortgages, compare rates for loans and apply, and send and receive money, all online using fintech platforms – PayPal, Venmo, and Wave, for example.

Legacy systems are too rigid. Traditional financial institutions are finding that the legacy systems they’re using are like dinosaurs in the new landscape, making it difficult to adapt with agility in real time. Attempts to do so put a strain on IT staff and usually end up with layers of add-ons that mostly don’t work smoothly together. Customer-facing staff can’t do their best work because they are hampered by these archaic systems.

Customer expectations have risen. Most expect to be able to find what they need online at their fingertips and get answers and actions immediately with a minimum of effort. Think how with one tap you can order your dinner online or find what you need on your phone. Customers won’t have the patience or feel valued if staff must jump from app to app to answer inquiries because their data is sliced up.

The case challenge: Ent Credit Union planned to expand in the region they serve while maintaining their dedication to each member. They had never had a CRM before, but they knew that’s what they needed to improve both member and employee experiences, improve communication, deepen member relationships, and track leads. They also knew they were spending too much of their operating budget on all the layers of applications they’d patched onto their legacy system and the time it took IT support to maintain them. An investment in a top-of-the-line low-code system would decrease their total costs.

How is low-code Creatio CRM meeting the challenge?

Krasikov says that Creatio helped Ent Credit Union meet two core business needs: managing business banking relationships effectively and improving on-boarding of indirect members, meaning those who purchased one product indirectly and did not have a real connection to the credit union. One of their goals going into the implementation was to create a new Outbound Relationship team dedicated to nurturing those formerly peripheral members.

Ent was able to integrate the management of all their business processes in one place and fully automate many of them with Creatio (formerly bpm’online). This was a far cry from their old legacy system. Krasikov highlighted three areas:

  • All customer facing processes: sales, marketing, and service.
  • Front office: customer on boarding, lending, card and account operations, wealth management
  • Mid- and back office: compliance, verification, underwriting, and corporate services such as HR and equipment support

Creatio’s low-code design has been a game-changer for Ent, says Krasikov. It has given them the “bespoke capabilities of custom development” while decreasing the burden on their IT staff. They now have users who have easily become “citizen developers” who can change and create applications within the system to meet needs on the fly.

 

“Creatio’s configurability and scalability enables Ent Credit Union to

scale the platform across various departments and

accelerate business growth and efficiency.”

What did they learn?

Ent learned a lot through the decision and implementation process. At the top of Krasikov’s list was this wisdom: “When you’ve never had a CRM, you don’t know what you don’t know – what to ask or what you need. Picking a partner who is willing to discover along with you, learn your business model, walk with you as you learn, and help translate your needs into actions, is invaluable.”

The same thing is true if you are looking to upgrade from your current CRM. Your business has changed, the market has changed, and what a CRM can do for you has changed. Our top priority as a CRM partner is exactly what Krasikov described.

 

Process - Driven CRM and BPM for Banks

Financial services Creatio product offerings

 


More about: 

Financial Services Creatio- Suite for banks and financial institutions

Introduction to Financial Services Creatio, Sales Edition

 


Contact us today to begin your journey of discovery and transformation.

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(269) 445 - 3001

 

Topics:   Business Process Automation low-code/no-code Financial Services Creatio

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