CRMs are about relationships, so date one

first_imgDear reader, will you accept this rose? Whether you’re an avid fan of The Bachelor franchise or not, I’d be willing to bet this iconic question rings a bell. In fact, one might say that this long-running ABC reality series has developed a bit of a cult following over the years – 17 to be exact.So, tell me, what’s the tagline of your favorite CRM marketing campaign? Got nothing; I thought so. We’ll go broader. What about your favorite software campaign? Chances are you’re still drawing a blank. The harsh reality is, as marketers, we’ve gotten complacent and boring. And even more egregious, as technology vendors, we’ve lost the core focus of our products: relationships.  It’s time to fall in love all over again – and we’re here to help.What’s love got to do with it?Committing to a long-term software partnership is not a decision to be taken lightly, similar to marriage. The trajectory of a software purchase, especially a CRM platform, has much in common with the dating process – which sparked our inspiration for The Banklorette.  We created the reality TV spoof in an effort to put the spotlight back on relationships and make marketing fun again. The series features six CRM vendors competing to win the heart of our leading lady, FI. Each week, there’s a new episode in which one of the CRMs is found lacking and gets eliminated. I highly encourage you check it out – you might just find the software partner of your dreams!Building a long-term relationship.The romance doesn’t end with the final rose, though. The parody’s intent is to help identify the ideal software partner for your credit union. Here are some questions you can ask to discern if a vendor is a good long-term match for you.1. What’s their type?We’ve all heard of the phrase, “jack of all trades, master of none.” If a vendor is playing the field and goes after everyone, they likely lack the specialization to really make your credit union successful. Your members choose to work with you because of the exceptional and individualized service that you provide. You should feel the same way about a CRM partner; look for a solution configured specifically for you.2. How well do they integrate?Contrary to popular belief, all APIs are not created equal. While many CRM platforms purport to integrate with third-party systems, be sure to do your due diligence, as such a claim is often quite limited. Many times, third-party connections are high-maintenance and must be re-constructed with each new software update.  Don’t settle for a CRM that can’t seamlessly integrate directly with your core and all other systems. 3. Are they “the one?”Since the purpose of a CRM is to simplify work across all functions of your business – be it member operations, sales, marketing, or even leadership – it only makes sense to have a singular solution. Yet not all vendors provide a one-and-done solution, requiring that you purchase multiple modules to complete a platform. Seems a big counterintuitive, don’t you think? 4. Will they make a long-term commitment?When evaluating software, you will likely receive white glove service, red carpet treatment – the whole nine yards. What happens once you sign on the dotted line? Will you be left to figure things out on your own? If you want the option of 24/7 assistance, how much extra will it cost you? Make sure you so know their patterns of behavior after they’ve “put a ring on it.”Hopefully these pointers for dating CRM solutions are helpful as you seek your perfect match.It’s been said that “you can’t microwave a relationship,” and I certainly don’t recommend rushing through your vendor due diligence either.  However, quick-forming bonds on reality TV can be quite entertaining.  If you’re ready to find “the one” or just want to see what falling in love with a CRM looks like, don’t forget to check out The Banklorette in the most dramatic season ever. This is placeholder text 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Emily Thomson Emily Thomson is the director of marketing strategy at CRMNEXT, a leading CRM solution for credit unions. She is well versed in all things banking and branding, and has spent … Web: Detailscenter_img This post is currently collecting data…last_img read more

Falling import demand, reduced foreign bond holdings narrows Q2 deficit

first_img“The narrowing CAD was driven by a trade surplus as a result of declining imports amid weakening domestic consumption and decreasing yield payments to foreign investors, with the domestic economy contracting in the second quarter,” the central bank said in a statement.Indonesia’s total imports fell $9.7 billion year-on-year in April-June to $31.74 billion to book a trade surplus of $2.88 billion in the second quarter, according to Statistics Indonesia (BPS) data.Meanwhile, foreign investors reduced their holdings of domestic financial instruments, including government bonds, in quarter two. The Finance Ministry recorded a fall in foreign ownership of sovereign debt papers from 39 percent at the beginning of the year to 29.6 percent in July, which also reduced dividend payments to foreign investors.BI also noted that the service trade deficit increased slightly due to a significant drop in foreign tourist arrivals as a result of COVID-19 travel restrictions and a decline in remittances from Indonesia’s migrant workers. Indonesia’s current account deficit (CAD) narrowed in the second quarter of the year as import demand fell and foreign ownership of government bonds declined, Bank Indonesia (BI) announced on Tuesday.The CAD narrowed in the second quarter to US$2.9 billion, down from 1.4 percent of gross domestic product (GDP) in the first quarter to 1.2 percent of GDP in quarter two.Southeast Asia’s biggest economy also recorded a $9.2 billion balance of payments (BOP) surplus in the second quarter, whereas it had recorded a $8.5 billion BOP deficit in the first quarter. Meanwhile, the central bank said that portfolio capital inflows were restored in the second quarter with $10.5 billion in portfolio investment and foreign direct investment, following significant outflows in March when COVID-19 was declared a pandemic. In contrast, the country recorded a $3 billion deficit in its financial and capital accounts in January-March.Government and corporate issuance of global bonds, as well as purchases of sovereign debt papers, had contributed to restoring inflows in the second quarter.“Capital inflows were driven by increasing global liquidity, the attractive yields of domestic instruments and sustained investor confidence in the Indonesian economy,” the central bank said.Separately, Bank Mandiri chief economist Andry Asmoro said: “Going forward, we see import growth will remain weaker than export growth due to the halt in some domestic investment and production activities amid the uncertainties related to the COVID-19 pandemic.”“This may maintain a surplus in the trade balance and will hence result in a shrinking CAD, which in turn will support the balance of payments and ultimately foreign reserves,” he added, saying that he estimated the annual CAD to be at around 1.49 percent of GDP.Similarly, Fitch Solutions also forecast that Indonesia’s CAD would amount to 1.5 percent of GDP this year, down from its initial projection of 1.9 percent of GDP.“Import demand in Indonesia is likely to continue suffering due to the COVID-19 outbreak, which has hit the domestic economy significantly,” said a research note dated Aug. 18 from Fitch Solutions country risk and industry research.Service exports are projected to collapse by at least 25 percent this year due to the closure of Indonesia’s tourist industry.Fitch Solutions said that Indonesia remained well placed from a funding perspective, despite its less sanguine view on investment inflows. It also said it was “likely that investors’ sentiment will remain weak throughout the year and as such, much of the funding of the current account deficit will be dependent on the country’s ability to furnish its foreign exchange reserves”.Indonesia has posted a trade surplus in the second quarter of 2020, primarily due to a decline in import demand.Topics :last_img read more