CRM in Banking: Move in A Customer-Centric Direction

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CRM in Banking: Move in A Customer-Centric Direction

Companies and organization of financial area have a notorious reputation that complicates the customer loyalty increase and trending client-centric business strategy adoption. In fact, banking industry lacks resources and tools for an outstanding customer relationships management. Besides, the shotgun approach in marketing preempt these companies from selling the right things to the right people.

The growing channels of communication and touch points with customers become an incentive for implementing CRM in banking performance. Thus, this technology isn’t a mere pursuit of innovations, but the practical option for business protection and expanding, quantifying and revealing of potentials and streaming efforts in the right direction. Moreover, the personalized approach aids in customer are retaining and attracting.

Modern Landscape of Banking Industry vs. Customers

In fact, banks interact with their clients on a regular basis. Aiming to make these interactions unbroken and steady, they change the pattern and place focus on their strategies on the client. Easy access to the data and extended abilities to compare, provided customers with a favorable opportunity of a cautious choice. Additionally, with the technology shift and advent of mobile banking, electronic wallets, and social media, a current client became highly impatient, skeptical, and cynical.

CRM in banking is found as an optimal solution for complying with the demands of this demanding audience, as well as a remedy for the widespread woes banking industry suffers today:

  • disconnected technology and poor insight into the business processes that complicate the alignment and coherence of the performance
  • the increase in the global competition and decline of the customer loyalty
  • growing rate of regulation compliance and phishing issues
  • inconsistent data silos with the lack of analytics perplexed marketing and sales activities what brings more negative paints to the brand image

Revealing Benefits of CRM in Banking

The adoption of CRM system into your company guarantees the awareness of your clients’ preferences to interaction types, cross-channel and round-the-clock support and issue solving, as well as personalization of services for the outstanding customer experience. Meanwhile, you meet the targeted audience demands; your performance will acquire such newly-gained characteristics as

  • improved management of customer data and multi-channel interactions
  • automation of marketing and reduction of sales turnaround processes
  • customer segmentation advances the visibility of the needs and selling processes, aids in the identification of new, relevant services as well
  • control and security of clients data due to the restricted employees’ access to the database
  • workflows automation and reduction of manual tasks and therefore a decrease of human errors
  • real-time reports and analytics enable with the profound insights into the transactions, everyday tasks and customer data management
  • integration with back-office systems and other plugins (if you use them) doesn’t limit your performance quality or speed
  • CRM platform may be tailored to the specific needs or working conditions

Cloud CRM As A Tendency for Financial Company

Once you have decided to implement a CRM system, you are facing a critical issue of the choice of CRM type. As long as, this industry is constantly evolving; it offers on-demand and on-premise hosting.

Recent surveys show that cloud CRM is more effective for banking. SaaS solutions are the trend in the business world due to the low initial costs and affordable maintenance that exclude the requirement of the expensive hardware. Besides, the on-demand solution adoption takes up to a month while on-premise usually requires 3 months. So, banks will gain more advantage from the cloud CRM avoiding business process interruptions.

Many CRM solutions are well-equipped and help to deal with the major business processes. By far, financial companies prefer implementation and migration to the following platforms: Salesforce, SugarCRM or Zoho as the active CRM systems for the financial transaction management and customer relationships building.

In the outcome, CRM in banking exposes ample opportunities for acquiring customer trust and loyalty along with the facilitation of the processes and aligning new strategy, technology and people.

P.S. Want to switch your data to a new CRM? So, catch up a beneficial option of direct data transfer with the automated service Trujay. Forget about coding and importing. The service will make it completely hands-off with full uptime of the existing CRM. Still, wait up? Set up a free Demo Migration and test the service in action!

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