DANVILLE, Penn.-Service 1st FCU here is selling 45% more in loan and deposit accounts over 2010 because of software that tracks sales in real-time.
"What gets tracked gets done," suggested Karen Wood, VP-community relations at the $185-million CU. Wood emphasized that Service 1st also has a strong sales strategy.
At Credit Union of New Jersey (CUNJ) in Ewing, N.J., the same sales automation software, ResourceOne by CoreTrac, has helped the sales force push annualized loan growth to nearly 13% year-to-date, up from 1.7% as of May 2010, said Mark Bradley, director of sales and service at the $310-million CU.
The software tracks goals, opportunities, referrals, originations and closed sales in real-time.
"ResourceOne really brings accountability to the table," Bradley said. "Front-line staff knows that managers are going to be looking at the real-time sales data. There's no side-stepping."
Consequently, the front line has a "robust interaction with ResourceOne," he continued. Goal- and incentive-tracking allows individuals and branches to see "where they are and where they need to go."
The branch-queue mechanism allows managers to distribute sales assignments to the front-line, Bradley continued. "Then staff can view their workload, with a past-due indicator that reports who missed an opportunity."
The CUNJ back-office uses the campaign-management utility to deliver pop-up sales reminders and campaign scripts to help the front-line interact with members, he added. "For example, if you're doing a new-member follow-up, the utility will indicate products and services they are eligible for."
CUNJ focuses on selling more than one product at a time, said Bradley. "The upsale reporting mechanism allows us to do that." In fact, staff is selling more than one product at a single point of contact to nearly 30% of the membership.
Real-time reports show managers who needs coaching, said Wood. "We can see that Laura is more successful than Lindsay with car loans, but Lindsay is more successful with mortgages. Why? We can look at their notes in ResourceOne as to what the member's objection was. Then, we can have a team-meeting or coach the front-line one-on-one on how to overcome those objections."
The front-line can record notes about member interactions that will help them "determine needs and provide solutions," she said. "We've really keyed in on tracking a member's financial goals." Notes can include a follow-up alert that can be synchronized with Microsoft Outlook.
Insights From Front-Line
"When employees understand how software can be used to help members achieve their financial goals, that drives successful use of the technology," suggested Alan Buhler, EVP at Austin, Texas-based CoreTrac.
Service 1st holds more than a third of its members' total balances, Wood said. She said Raddon Financial Group lists the national average for share-of-wallet at 27%.
About 43% of the membership is profitable, and the national average is about 30%, she added.
'Long Wealth of History'
ResourceOne automatically imports core system data. Third-party files can be uploaded as well, including data from mortgages, credit cards, retirement, investment, electronic bill payment and remote deposits.
ResourceOne can keep a "long wealth of history" of member interactions and staff coaching, unlike core systems or paper trails, where history is lost over time, said Bradley.