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Table of Contents
  • How finance CRM improves retail banking
  • High customer expectations and how CRM in finance can meet them
  • Why customers choose fintech companies over traditional banks?

What is a key priority for innovations? The majority of financial institutions claim that major innovation focus lies in the customer interfaces and communication channels. There is also a high demand for customer’s buying needs and preferences identification, development of new products and core platforms of accounting system. Obviously, there is still a number of risks, like unstable economy and currency volatility, which considerably influence the financial system. Nevertheless, a lot of banking representatives reveal that especially now is the time to look at the optimization of business processes, as well as implementations of new technological solutions. The reason behind it is that when business stabilizes and starts growing, companies need to deliver high performance and compete for the market share rather than paying attention to the back-office processes.
finance CRM

It is worth noticing that financial sector is considered the least innovative area. Unlike telecom and retails that are perceived as early adaptors of the innovations, the banks used to be more conservative. However, the situation shifts. Recent studies reveal that 97% of interviewed banking CEOs (out of 1000 banking CEOs around the world) consider innovations as key priority for the growth. Nonetheless, only 10% see their companies as innovation leaders. Impressive statistics, isn’t it?

Let us take a closer look at the trends that are noticeable now and will have impact on the development of retail banking in the upcoming future. Instead of speaking about futuristic technologies, let’s consider the challenges in banking that financial organizations have to deal with on a daily basis and how suitable CRM products can benefit your firm.

High customer expectations and how CRM in finance can meet them

Nowadays, high-quality service, relevant offers, accessibility and simplicity of communication with the bank are the most important aspects for modern customers. Customer experience is what the fight to win customers over will be focused on and it’s already started. In addition, financial startups that are resilient and versatile keep popping up. They already possess a serious competitive edge to traditional banks, as these fintech startups offer clients instantaneous solutions online. The studies reveal that the duration of decision-making process on crediting solutions ranges from 5 to 15 minutes. The key players aim for 1-2 minute decision-making process. In order to achieve these ambitious goals, your firm is going to need a suitable automation solution that would help your employees to process huge volumes of information faster. For instance, www.bpmonline.com/crm/financial-crm is armed with efficient contact management tools that provide your reps with a 360-degree overview on each of potential and existing customers, which enables the reps to offer the most relevant products and services when the customers need those most.

Why customers choose fintech companies over traditional banks?

The reason is that these financial startups meet the expectations of modern customers and form a unique customer experience. They plan and optimize a customer journey beforehand. What can a traditional bank do in this direction now? Can a bank offer a client such a unique experience? Yes, it can. However, oftentimes, the banks simply do not do it. Let’s have a look at a simple example and follow a customer journey to see how many opportunities for improvement a bank has. Obviously, the banks communicate with their customer using various communication channels, so this a rather simplified structure of a customer’s journey:

bpmonline finance CRM

The customer journey starts with potential customer looking for required products and services on the website. Most probably, the customers is checking out the websites of other banks, as well. Potential clients evaluate and compare offered services. Eventually, the customer leaves a request, makes an inquiry and awaits for feedback. At this stage, the inquiry can easily get lost. It is worth noticing, that the absence of any reaction can seriously damage your business. But why does this happen at all? The reason behind it is that, oftentimes, the banks do not have a clearly defined business process to manage various types of cases. On the next stage, contact center steps in: the agent needs to potential customer. It is crucially important for the agent to provide an accurate and relevant information that would make your prospect dash to your local branch as soon as possible.

Unfortunately, the agents are not as proactive as you expect them to be. They simply answer the customer’s questions and do not make any visible effort to attract the customer. They simply do not have the tools for it. If the agent did manage to arrange a meeting in the bank, you could send a reminder via SMS. When the customer visits the branch, it is important for the representative to not ask the same questions as the agent previously did. The customer doesn’t have to duplicate the information while the manager needs to be aware of the customer’s previous interactions and buying preferences. Having the right tools that advanced CRMs, like bpm’online, are equipped with, the rep will be able to tailor the products and services that would match customer’s needs. It is possible that the customer will not be able to make a decision on the spot, which means that you would need to maintain a constant dialog with the client to arrange more meetings until the customer will be finally ready to buy. Finally, you can up-sale and cross-sale using the most suitable communication channel. This is a rather simplified structure that already showcases how beneficial would business process automation be. With a finance CRM at your disposal, you can see the pitfalls of the customer journey they might result in lost opportunities. In addition, the system can suggest the next best steps to simplify the customer journey while meeting your business goals.

Banking CRM software, Finance CRM, financial CRM, CRM in finance

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