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The deep dive: Customer Relationship Management

By Puja Sharma

June 09, 2022

  • AI
  • API Banking
  • Chatbots
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CRM in core bankingThe deep dive’ is our bi-weekly exploration of a relevant topic, hot trend, or new product. For Prime subscribers only.

How does it work?

Any industry focused on customers needs customer relationship management (CRM). Banks use it to meet sales and marketing goals and exceed customer expectations. CRM software helps banks develop customer-centric strategies by delivering a customised solution. under one such system, financial services can: Customer information, such as contact information and products used, can be stored. Contact customers by scheduling appointments, answering questions and responding to social media posts. Real-time update of customer profiles with notes or new information. Visualise, nurture, and manage leads in their sales pipeline. Create reports that analyze customer behavior, marketing campaign performance, and more.

Enhance marketing and sales efforts: CRM can be used to compile reports so you can gain a better understanding of your customers. By identifying trends, successful campaigns, and improvement areas, they can anticipate customer needs and tailor their marketing in the future.

An understanding of the entire customer lifecycle: A banking CRM combines multiple banking programs to give users a consolidated view of all account information. With this approach, it is easy to gain deeper insights into their lifestyle and preferences, which you can use to align certain products with their financial objectives.

Streamline processes: All bank employees can access customer profiles simultaneously, allowing them to gain an understanding of an account quickly. The bank teller would then have a holistic understanding of the customer’s situation, eliminating any duplication of conversations.

Retain more customers: Incorporating a CRM into your banking department allows you to track a huge amount of data, which can be used to provide customers with personalized services, such as online banking solutions instead of in-person experiences. For many organizations, strategizing a way to foster long-term relationships can be challenging.

Who is under the radar?

The use of CRMs is crucial in all industries, but they can help financial institutions deliver better customer service. In a global study of financial service customers, Accenture reported that 67% said they would be willing to give banks more information in return for new benefits, and 71% said they would use entirely computer-driven support for their banking activities.

Why does it matter now?

For financial institutions to grow, CRM needs to provide a seamless experience for employees as well as its customers. By enabling a seamless employee experience, in order for banks today to deliver a competitive customer experience, CRM is necessary to collect and orchestrate data in a way that’s meaningful to each customer.

For financial institutions, it is essential to be quick to change in a form of digital transformation. These goals can be achieved by setting smaller targets. The process of adopting CMR is important in today’s time as the customer expectations from banks in terms of services have grown rapidly. The process of adopting a CRM should be guided by a clear roadmap of success, with milestones that the organization can not only hope to achieve but expect to achieve.

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