The banking experience today looks completely different than it did a decade ago. It’s becoming harder to keep clients engaged, satisfied, and loyal. Banking customers expect a modern and consistent experience throughout the purchasing journey. They expect convenience, 24/7 accessibility, and immediate support. So, what is your financial organization doing to meet and exceed your customers’ evolving needs?

Here’s a pro tip: CRM is a major player in the digital landscape, and the banking industry must become part of that digital landscape to be relevant to today’s consumer. CRM software for the financial sector can pinpoint customer intent, digitize and automate experiences, and help banks proactively service customers.

Keep reading to learn how banking CRM can keep your financial institution organized and accountable, increasing customer retention and satisfaction for a happier client base.

#1 AI Capabilities

AI powered automation has emerged as a near necessity for financial institutions these days. In 2017, 76% of banks believed they would soon be deploying AI as the primary customer engagement method -- and they are. The ability to understand customer behaviors across channels and engage them using intelligent automation is separating the banking “haves” from the banking “have-nots”. 

Chatbots and virtual assistants interpret client queries and provide relevant and easy to digest answers. These capabilities are just one way banks are incorporating intelligent automation into their services. Banking CRM can help manage, measure, record, and analyze AI interactions to monitor the customer experience and reveal areas for improvement. AI can learn from previous customer cases to speed up issue resolution and help fill the gaps in customer care that are identified by the CRM.

With the CRM acting as a single-source-of-truth, the customer’s digital history can be documented, reported on, and referred to, helping build the omnichannel approach that today’s banking customers demand.

#2 Automated Processes

Banking CRM gives financial institutions the opportunity to automate select tasks and communication processes, freeing up more time to focus on what’s important. Teams can automate query responses and notifications based on specific trigger actions to keep prospects from slipping through the cracks. Once a client activity is completed, CRM can auto update the data to reflect the most current record of each client’s touchpoint history. When properly configured, banking CRM auto-assigns case escalation notifications to alert staff that a due date is approaching and update the case priority. The CRM can even take unique banking holidays into account.

In addition to triggered notifications, banking CRM systems can configure workflows to improve processes. Automated workflows can standardize the customer service process by forcing teams to follow a prescribed set of actions in a particular order. If a crucial step is not completed or a piece of information is not entered, the rep cannot progress through the rest of the workflow. This helps provide a reliable experience for customers while also keeping teams aligned to your bank’s best practice standards.

customer journey workflow in SugarCRM
An example of a customer journey workflow in SugarCRM

#3 One-Touch Analysis

Simply put, CRM makes it easy to analyze information. In one click, you can see a contact’s sales history, documented email exchanges, relevant to dos, and much more. Many CRMs offer customer relationship intelligence to decrease the number of touches necessary to gather and analyze information. For example, Creatio’s intelligent data enrichment allows users to enter minimal information into the CRM and have the system return back detailed insights gathered from around the Web. That prospect’s social accounts, phone numbers, and other relevant data can be added to the profile in a single click to enrich its data.

Some CRMs are even compatible with embedded tools that provide a summary of time-related information displayed as a graphic, sparkline, or table, so it’s easy to interpret and analyze pertinent information without having to dig for it.

data enrichment capabilities in Creatio CRM
An example of data enrichment capabilities in Creatio CRM

#4 Customer Service

Customer-centric business strategies are crucial to creating the ultimate banking customer experience. Financial CRM solutions provide key insights to help teams offer more personalized services and intuitive product offerings through the client’s preferred communication paths. Banking CRM also organizes customer data, transaction records, and notes so departments can mitigate issues more effectively, recommend solutions faster, and identify potential cross-sell and upsell opportunities sooner.

#5 Self-Service Portal

Today’s consumers have greater digital demands, and with those demands, increasing digital prowess. On top of insisting banks keep up with technology, clients also expect expanded capabilities and remote services. CRM for the financial marketplace can integrate with your existing self-service portal to seamlessly cater to every stage of the customer experience. The system can organize client portal data to help your team discover trends, nurture leads, and close sales.

Perhaps even more important are the self-service capabilities available through mobile interactions. When customers can conduct banking and resolve issues through their smartphones, they reduce their dependency on brick and mortar resources, which can minimize costs and reduce administrative work. The information collected via these self-service channels can also be fed back into the CRM to build more complete customer profiles.

#6 Customer Profiling

It’s a no-brainer that customer profiling helps you identify high-quality leads in your sales pipeline. Not only are these individuals more likely to convert, but they’re also more likely to become loyal customers. Banking CRM helps reveal patterns in existing customer data to prioritize individuals who are most likely to convert. Banks can even flesh out mock customer profiles based on current client data in the CRM to strategically target new audiences, personalize post-purchase campaigns, and increase customer retention with tailored service offerings.

Ready to give your clients the digital experience they expect? We can help you select the right solution to maximize the lender-borrower relationship and put your financial organization on the path to customer experience success.

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