Over the past 5-7 years, the banking industry has become increasingly commoditized, compressing margins and increasing downwards pressure on efficiency ratio. Midsize or smaller institutions—who typically don’t benefit from large diversification and are regionally focused—are seeking better customer insights, a shift in sales culture, bolstered marketing, and modernized technology to capitalize on these market shifts.
For these institutions, strategic investment matters more than ever. And opportunities for scale are a cornerstone for this shift to be successful. Collaboration among peers—with shared learning and shared investment—will increase ROI for technology investments, especially for mid and smaller institutions that don’t have dedicated teams to maximize rapidly changing technology.
So, this has us asking: why reinvent the wheel when your peers are experiencing the same challenges and opportunities?
Credit union collaboration: better together
Two of our culture pillars here at Traction on Demand are Build Community and Embrace Knowledge. We exemplify these every day through interactions with our customers, but what about taking them a step further to interactions between our customers? Interestingly, it just happens that two of the seven cooperative principles that Credit Unions subscribe to are Education, Training & Information, and Cooperation among Cooperatives. See the alignment? Given that I recently converted from the Credit Union space to Salesforce consulting, the opportunity for synergy between the two was too great to pass up.
We took the opportunity to marry these principles between Traction on Demand and five founding Credit Unions in our FINS practice. Through an iterative approach, we now offer a collaborative community of education, sharing and collective solutioning to help navigate the Salesforce ecosystem, their respective investments and foundation to scale.
Common problems + common opportunities = common solutions and partnerships
The formula seems fairly straightforward and logical but how does this translate into reality? I’m sure you’ve heard the expression “it's like trying to herd cats.” Getting multiple, geologically dispersed organizations together is always going to be a challenge, luckily with Traction on Demand being a global company, we’re experts in that field.
We developed a standard virtual platform with options and diversity to appeal broadly yet remain relevant. Split into three segments:
- Success Sessions are educational and information-sharing meetings where resident experts present on hot topics. The CUs are welcome to invite colleagues who the topic is relevant (beyond their Salesforce teams) and the topics themselves are curated from direct input of the participants using surveys. Success sessions also include demos of how each of the CUs have implemented their own iteration of the topic being discussed and all sessions are interactive.
- Office Hours provide a weekly opportunity for participants to show up, ask questions and get feedback from both Traction on Demand experts and their fellow participants. Topics brought forward in Office Hours result in potential opportunities for collaborative solutions.
- Design Sessions provide an opportunity for credit unions to collaborate and solution for common challenges and opportunities. This is where savings at scale is evident as participants act as a collective rather than each trying to reinvent the wheel. Shared solutioning is a shared investment both intellectually and monetarily.
Let’s do great things
Our goal at Traction on Demand is to support our customers so they can enable their organizations to thrive. Credit Union Shared Services is a vehicle that embodies that goal to its core and espouses the values of all those involved. We engage real people, through a structured streamlined process that enables them to leverage Salesforce with achievable and relatable success.
If you’d like to learn more about the insights generated through this group, get in touch with a member of our Financial Services team.