CRM Banking Solution: North Shore Credit Union Achieves Dramatic ROI With CDC Software's Pivotal CRM
CDC Software, a wholly owned subsidiary of CDC Corporation and a provider of industry-specific enterprise software applications and business services, announced recently that North Shore Credit Union (NSCU) has achieved dramatic results in their customer retention rates. NSCU had industry-standard customer retention rates of around 70 percent prior to implementing a CRM solution. With Pivotal CRM, the company now boasts retention rates in the mid-90's, which is almost unheard of for a financial institution, according to NSCU.
Prior to partnering with Pivotal, NSCU's greatest challenge was dealing with other financial institutions that were globalizing their operations, reducing costs and therefore providing their services at a lower price. In order to avoid competing only on price, NSCU needed to provide better relationship management so that it had the ability to recommend tailored solutions – the right solutions at the right time based on member insights. That would provide a clear advantage over the competition. With these strategic objectives established, NSCU chose CDC Software's Pivotal CRM, a flexible customer relationship management solution specifically designed for the financial services industries.
Pivotal CRM provides a holistic relationship view of each NSCU client member. Employees can investigate a member's full financial picture and determine who may be considering a mortgage or thinking of retirement. As part of this profiling, NSCU records when a member has a mortgage or investment elsewhere, then initiates targeted communication when the term of that mortgage or investment may be ending. This is a proven method of deepening share of wallet and, in turn, deepening the member relationship.
According to NSCU, the results of implementing Pivotal CRM have been significant and highly visible. "This solution has benefited North Shore Credit Union significantly," said Chris Catliff, CEO and president of NSCU. "Since we implemented the Pivotal CRM solution, we have grown dramatically, including a 41 percent increase in revenue and a 40 percent increase in profitability within one year of implementing Pivotal CRM. Prior to that, we really had minimal growth for five years. Part of the reason for our growth is integrating Pivotal CRM into our whole customer-intimate business strategy. Pivotal CRM has helped us increase our margins and our return on equity, both of which are very important in our industry." "Pivotal CRM for Financial Services offers dramatic ROI results to companies because of its industry-specific functionality that addresses the unique business processes of the financial services market, and its superior ability to put critical relationships at the core of an organization's strategy," said Jason Rushforth, global vice president, Financial Services, CDC Software. "Through our knowledge and expertise in financial services, we've provided NSCU with a speedy return on its investment and a big boost to its key business strategies."
NSCU provides expert advice on banking, loans, investments, and insurance. It has $1.8B in assets under administration, nearly 300 employees, and 40,000 members. The firm is also designated a Caring Company by the Canadian Centre for Philanthropy and is a proud member of Canada's IMAGINE program. NSCU has also been honored numerous times as one of the most technologically innovative financial institutions in North America.
About CDC Software
CDC Software, The Customer-Driven Company, is a provider of enterprise software applications designed to help organizations deliver a superior customer experience while increasing efficiencies and profitability. CDC Software's product suite includes the Pivotal CRM and Saratoga CRM (customer relationship management), Respond (customer complaint and feedback management), c360 CRM add-on products, industry solutions and development tools for the Microsoft Dynamics CRM platform, Ross ERP (enterprise resource planning) and SCM (supply chain management), MVI real-time performance management, IMI warehouse management and order management, Platinum HRM (human resource) and business analytics solutions.
These industry-specific solutions are used by more than 6,000 customers worldwide within the manufacturing, financial services, health care, home building, real estate, and wholesale and retail distribution industries. The company completes its offerings with a full continuum of services that span the life cycle of technology and software applications, including implementation, project consulting, outsourced business services, application management and offshore development. CDC Software is the enterprise software unit of CDC Corporation and is ranked number 18 on the Manufacturing Business Technology 2006 Global 100 List of Enterprise and Supply Chain Management Application vendors. For more information, please visit www.cdcsoftware.com.
I>About Pivotal CRM for Financial Services
Pivotal CRM enables clear, competitive differentiation by addressing the customer-facing needs of financial services enterprises in the capital markets, commercial and private banking, institutional asset management, and retail asset management industries. The solution is a highly flexible, best-in-class suite of CRM applications that are easily adapted to model the business practices that make each company unique. The Pivotal CRM software suite includes a powerful application platform and additional capabilities in analytics, mobile CRM, partner management and marketing automation.
Designed to produce meaningful increases in revenues, margins, and customer loyalty, Pivotal CRM is used by more than 2,000 companies around the world including Allianz Dresdner Asset Management, Farm Credit Services of America, Federal Home Loan Bank of Atlanta, Julius Baer Investment Management, Mellon Asset Management, Morgan Keegan & Company, Vantage Credit Union, Visa International Asia Pacific and The Ziegler Companies. For more information about Pivotal CRM for Financial Services, please visit www.pivotal.com/FinancialServices.
SOURCE: CDC Corporation