Banks and financial institutions are growing very much aware of the fact that the only way to survive in the business world is to obtain the additional competitive edge. The easiest way to achieve this goal and become a truly outstanding financial organization against the rivals is to improve the principles of customer management by having intelligent CRM software, developed specifically for financial companies and bpm banking. But what principles are under consideration? They are tracking and automation of all business processes targeted at acquisition and retention of the most profitable clients, personalization of customer relationships, which make it possible to optimize operational, administrative and other expenses.
How does BPM banking cope with business tasks?
The software product of BPM banking is meant to cope with tasks, connected with enhancement of efficiency of business processes. Such a solution:
- helps your bank get a comprehensive understanding of your clients, what they expect from your financial organization and in what way they can be useful for your bank;
- BPM banking, sifting updatable information of clients’ contacts and transactions, enforces break-even of the representatives’ performance by developing individual strategies;
- Cloud CRM for financial institutions offered by https://www.bpmonline.com/ assumes moving from the strategy of mass-marketing and bulk selling to individual sales and services, which are adjusted to satisfy personal expectations of clients.
Obviously, BPM banking makes relationships between your bank, partners and clients more fruitful, long-term and comfortable for both sides by automation all business processes. New customer acquisition and retaining the existing ones, offering a relevant financial product or service and a deal closing, customer support, an immediate access to the unified database in a proper visual format. For instance: a sales representative may need the history of a client communication to forecast their demands, while a chief analyst may need analysis data on target groups.
How does BPM banking help your financial company?
Successful marketing activity is not possible without comprehensive and actual information about perspective clients. The challenge of this data gathering and processing is solved by sales force automation based on BPM banking application. This innovative tool can:
- Forecast bank sales;
- Devise the strategy of communication with the clients;
- Generate price-lists;
- Create descriptions of financial products and services, which your bank is willing to offer;
- Automatically prepare commercial proposals;
- Perform monitoring over the managers productivity with the aim of supervising on how well they follow the regulations of customer management;
- Assessment of the current state of every financial opportunity.
Speaking of a credit department of your bank, there is a great field of operations, which BPM banking performs accurately and precisely, such as automated lead scoring or preparations for disbursement of a loan. CRM for banks aids a representative to understand why a client, who intended to take out a loan, withdraws from closing a deal. This software solution is so progressive that can track financial behavior of the prospective and existing clients in order to help salespeople systematically cooperate with certain client groups. In other words, deployment of BPM banking promotes a better understanding of your targeted audience and cut financial costs.
How does BPM banking attracts and retains clients?
You must realize: offering a standard set of financial products and services will never expand your business. Only by meeting the specific requirements of each individual customer, your bank can retain them. If you can satisfy customers’ expectations and forecast their desires, they will never switch to a different vendor, even if your rivals offer cheaper services. Numerous studies revealed that existing clients generate a bigger part of revenue than new ones, while costs of working with loyal customers are 5-10 times as low as costs of attracting of perspective ones. It is quite understandable as you do not have to waste money on the life cycles as the first contact establishing, formation of awareness on the service features and concluding the first financial deals.
Bpm’online developed advanced CRM solution, which performs segmentation of the client base in accordance with customers’ profiles in order to uncover hidden relations between different data, make an actual sales forecast and offer a client a suitable product or service.
One of the problems that can badly affect clients’ loyalty is informational incoherence in using different interaction channels. BPM banking makes it possible to collect information coming from various communication channels (personal meeting, calling, Internet chatting, email correspondence or communication in a social network) and arrange it in common database. With such a solution, you can easily pick any required data: the number of new clients over a definite period of time, efficiency of marketing campaigns, profitability of the bank methods and so on. BPM banking automates any process of your financial organization, helping you concentrate on the most profitable clients, as they are the ones who actually make your business move forward.