Do Banks and Financial Institutions
need a CRM?

In this digital era, the financial services industry which includes banks, insurance companies, and capital markets, finds it difficult to meet the rising customer expectations. Today’s customers have embraced digitalization and expect the same from this industry as well. They expect the entire gamut of banking operations starting from processing of loan applications to renewal of their credit cards to be automated with zero manual intervention. Competition from global foreign banks who have already adopted technology is driving the customer expectation in the Financial Services Industry.  It is in this context that CRMs play an important role and provide a customer-centric approach to provide the competitive edge.

1. How can a CRM assist the financial industry?

The financial industry deals with a lot of customer data and CRMs help in storing such data as contact information, products used, and interactions. It also comes in handy to schedule appointments, send personalized emails, and respond to social media posts.

After every prospect interaction, CRMs provide the capability to update customer profiles in real-time with notes or new information. It allows users to visualize, nurture, and manage leads in their sales pipeline. An added advantage of using a CRM is its ability to create reports that analyze customer behavior, marketing campaign performance, and more.

2. What are the possible business benefits?

A CRM can integrate with multiple third-party applications and in the process would be able to provide a single view of every customer account. This makes it quick and easy to gain deeper insights into their habits and personal preferences, which can help you align certain products with their financial goals.

CRMs also provide a great deal of data at your fingertips and can be used proactively to provide personalized services. Showing your customers that you’re listening to them and making efforts to improve their experience is a strategic way to promote loyalty. CRMs also enable quicker processing as the user has access to all the activities and interactions that help to provide a holistic understanding of the customer’s requirements.

The data that resides in your CRM can help you identify trends and drive your marketing campaigns. You could use the data to cross-sell as well as upsell. Any new product launch could be shared with all the customers through the bulk emailing capabilities that CRMs provide. Repetitive administrative tasks are eliminated by using a CRM and this does go a long way in improving sales teams’ productivity.  

3. Can CRMs assist in creating Happy Customers?

What is the one most important factor that measures the success of any financial institution? What can guarantee consistent, repeat business? Well, you don’t have to think too much, it is Happy Customers! Data lies at the heart of any type of relationship. The data within a CRM system can be used to identify behavioral patterns and build predictive models that reveal valuable customer insights or operational inefficiencies.

CRMs help to mine customers’ preferences, values, and interests and are available at your fingertips which can be used to drive conversations with your customers. It offers the personal touch in this era of the digital world which does provide immense customer satisfaction. A “Happy Customer” is your goodwill ambassador and will be your spokesperson in the market.

KEY TAKEAWAYS :

CRM solutions have become a hygiene factor in the financial sector because of the growing customer expectations. Early adoption of CRM in the banking sector will ensure that your customers are served right at every point of the sales funnel. Once you have discovered the Secret of creating “Happy Customers”, CRMs help you to provide them with Loyalty points coupled with exciting incentives.

So, what are you waiting for? Go and get your Sales team a SaaS-based Mobile CRM Application that works on Android, iOS, and Web to watch the magic unfold!