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Financial Services
Posted Nov 13, 2002
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The Challenge: To reverse declining business and restore a competitive edge

The Solution: North Shore Credit Union (NSCU), a member-owned financial services organization base in North Vancouver, British Columbia, suffered declining business and flat growth throughout 1999. The primary performance indicators for credit unions--number of retail accounts, total assets under administration, member retention, and earnings--disappointed NSCU's management team. The executives subsequently hatched a handful of strategies to reverse the trend. One of those fixes, a custom $1.7 million CRM implementation from Pivotal Corp. managed by Sierra Systems, launched in October 2000. The core functionality of Pivotal's Value.Net solution for NSCU, which the CRM company now offers to other financial institutions, includes multichannel sales and service, targeted marketing capabilities, and a business intelligence component (that NSCU is currently launching). One of the credit union's main business objectives for its CRM solution at the time of launch was a $74 million increase in assets under administration within two years. It surpassed that gain six months later, and boosted assets under administration from $789 million at the end of 2000 to $1 billion today. NCSU also notched a 10 percent gain in its retail accounts within six months of implementation, the same time frame in which member retention jumped from 70 percent to 90 percent (a rate that holds steady today).

The Payoff: Pivotal's CRM project, along with NSCU's several new financial product offerings, helped the credit union reverse sagging membership retention, boost assets under administration, and increase new accounts through a solution that provides a consolidated view of customers and multiple channels of sales and service opportunities.

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