Financial CRM: 5 Steps to convert social into success with CRM


How Can Banks Smartly Retain Customers with a Unified Banking CRM?


A recent poll found that financial firms lose approximately 45% of their customers due to lengthy response times and delay in providing even reasonable customer service.

This is proving suicidal for financial providers in an age where customers demand instant fulfillment and convenience over legacy.

Social CRM on a unified platform can empower banks to create more qualified leads that converts to happy customers. It also serves as a launch pad for analyzing responses to new customer initiatives and accordingly, modifying campaign strategies.

However, social CRM has its specific set of challenges as listed below: 

1.Most of the large banks generate maximum profits through corporate banking and there is a general opinion in the financial industry that social media is more for the individuals than for corporations and hence, not considered as valuable option for boosting revenue.

In response, banks can chose to run corporate banking specific campaigns that highlight value added offerings to large accounts.

2.Global banks face various regulations that restrict them in actually integrating any type of social media with their CRM system in some countries. For instance, with respect to GDPR etc. Financial institutions are also restricted from engagement online due to privacy concerns of their customers. Due to all these regulations, some banks are reluctant to use any kind of social media as part of their communications strategy.

Automated regulatory management can greatly simplify compliance.
3.Another challenge is failure to identify and justify how social media efforts result in increasing ROI is also one of the reasons why banks have not yet given serious thought to social media. Around 80% of CMOs say they have not been able to prove the business value of social media use in numbers, because they haven't been able to figure out the correct metrics to measure the success of social CRM in banks.

A social CRM can help identify key metrics important to the banks in terms of campaign ROI, CPCs, CPIs and help track the cost of sales, service etc.

The key steps of using social CRM for success is as follows:

1. Deliver instant fulfillment via social media
The best customer service is delivered to where they are. Using social media as an effective customer service platform, bankers can combine the power of digital automation to deliver complaint resolutions directly to customers fingertips. Using support models like 'follow the sun' will help bankers to cut down response times from hours to minutes.

2. Employ real time engagement
Bankers should get involved with social conversations relevant to the customer's financial needs. A social CRM can convert conversations into cases that speeds up solutions to customer needs. Real time engagement is also beneficial for greating strong traction while launching new market products. Customers can tune in and ask queries, place applications etc in real time.

3. Identify and reward brand advocates
The success of a bank depends on its ability to retain customers. Brand advocates are customer multipliers. They help banks to generate valuable goodwill that retains existing cusotmers and attract new ones. They also help to drastically lower cost of sales and service. A social CRM will help capture positive sentiment while monitoring customized social feeds. Creating and executing relevant loyalty program campaigns through cross sell models using advocates will boost engagement rates, increasing retention and conversions.

4. Be where the customers are
Customers love to check out their favorite hangouts. Banks can capture this behavioral data with a social CRM. Such intelligence will help bring the banks offer the right solutions at the right time. Thus bringing them closer to hearts and minds of the customers.

To conclude
Digital savvy customers are a key target market for banks and financial institutions. They do transactions on mobile or tablets, shares customer reviews on the Internet. Mobiles have made instant fulfillment a habit for these customers. Lack of focus will be suicidal for banking and financial services. A social CRM will thus help banks and financial services to convert social to success with the above four strategies.


 

CRM in Banking: 5 Effective Ways to Drive and Boost Customer Retention


Customer’s infatuation with and availability of financial choices have threatened to add to traditional banking’s towering challenges pyre.

Customer retention and growth have become more critical to bankers as there is a shift towards customer centric business models.  They are constantly on the hunt for proven strategies to develop engagement activities to boost retention and increased lifetime value.


5 Ways to Accelerate Your Sales with Banking CRM

5 Ways to Accelerate Your Sales with Banking CRM

Sales numbers do not talk in the annual results of a Bank. It screams.

That’s why banks are increasingly embracing digital technologies that deploy customer centric journeys for delivering instant fulfillment.

Your bank can significantly boost conversions and leapfrog competition with CRM in banking.

How Can Banks Smartly Retain Customers with a Unified Banking CRM?

How Can Banks Smartly Retain Customers with a Unified Banking CRM?

To say that bankers are passionate about customers is like saying Brazilians have a passing interest in football. 

Customers are a hotly contested asset in the fiercely competitive banking landscape. In their quest for ‘new’ ones, bankers often forget about the loyal ‘old’. They need to act boldly for retaining the valuable ones that actually deliver the maximum returns over a customer’s life cycle. 

How you can empower your workforce to align a delightful experience with customer needs? By providing an omni-channel engagement that keeps track of digital movements.

Amplify Your Marketing with Powerful Omnichannel Campaigns

Amplify Your Marketing with Powerful Omnichannel Campaigns

Gone are the days when the marketers used to bombard prospects with product information and then make a guesswork of  potential customers reached and leads warmed for follow-ups. 

The million dollar question that marketers are asking themselves is: “Are we getting good enough returns for all our investments?”

The beauty of technology-and-data-driven marketing is the ability to optimally plan your marketing efforts, eliminate effort duplicity and reduce budget overheads. Real time dashboards in a marketing CRM helps you to analyse how your marketing efforts are shaping your business and adding to your margins.