October 28, 2015
One of the key steps of a credit union’s digital transformation journey is to enhance member and employee experience across online and offline channels. Providing a complete 360-degree view of members is the starting point; most of the CRM platforms have capabilities to deliver this feature.
Let’s begin with understanding why credit unions as financial institutions need to have a 360-degree view of a member and why they need to collect all the information at the beginning.
There are three major reasons for credit unions to have a comprehensive profile of a member. The first one is the nature of the industry. Financial institutions are often required to have certain information about their clients/members in order to offer financial services. There are many regulations around KYC that were initially designed to prevent illegal financial activities. Money laundering is a major issue that led to the strict regulation of financial services. According to the United Nations Office on Drugs and Crime statistics, ...