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?
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
reading to learn how banking CRM can keep your financial institution organized
and accountable, increasing customer retention and satisfaction for a happier
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.
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.
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.
An example of a customer journey workflow in SugarCRM
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
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.
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
An example of data enrichment capabilities in Creatio CRM
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.
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.
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.
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.