3 Ways CRM Solutions Ensure Efficient and Secure Onboarding for Credit Cards

Credit card customers have undergone a massive transformation. This transformation, contrary to expectations, has worked in favour of the credit card companies. As customers gain more knowledge, awareness and the typical ‘once bitten, twice shy’ attitude towards credit cards, financial services organisations selling them are needed to adapt to this evolved customer base.

The fact is that the concept of selling credit cards has evolved over the years and there has been a rather dramatic change after the global meltdown in 2008. While earlier organisations marketed their cards as easy money and instant credit, today the products are more focused on security, assurance and trust. Ensuring these three factors are covered is essential for a positive customer experience which leads to loyalty, advocacy and repeat business.

There is a lot of focus on customized financial solutions and each credit card company is seen launching a wide range of cards suited to different customer segments - this is precisely where CRM comes into play. Critical in terms of product development and instrumental in managing, monitoring and retaining customers, new age CRM solutions in the credit card industry come loaded with features that today's financial services companies cannot survive without.

An effective onboarding process for credit card customers ensures a clear and positive perception is created in customers' minds from scratch. Marketing, sales and services need to work closely to ensure commitments to customers are realistic and their products keep improving. 'Customer relationship management' is a deciding factor in making sales and keeping customers,

I  Maximize lead generation and conversion
CRM vendors today develop tools and applications that can help streamline and enhance all the processes within a credit card business. A snapshot of key benefits from a CRM Solution for the first stage-

  • Optimizing campaigns - Using CRM software, it is easier to create specialized multi-channel campaigns for specific customer segments. Templates, mailing lists and mail blasters ensure marketing communications are consistent and relevant to each lead 
  • Tracking lead generation - A CRM solution allows companies to track the progress of its marketing campaigns and leads that are generated. These leads are also automatically assigned on the basis of their territory, product, rating, etc. across teams. At the end of a campaign it is easy to quantify results and improve future marketing strategies by analyzing a campaign's record and reports.
  • Increase cross selling and up selling - A holistic view of existing and potential customers created from numerous touchpoints and multi-system integration also increases lead conversion ratios through real-time insights of past purchases and the latest needs. Real-time analysis of best suited products using analyzers for each customer interaction ensures a better customer experience.
II  Hasten approval workflows
Once documents reach the branch, CRM solutions can speed up the entire process of approvals. The processing of the documents for credit cards is simplified by the CRM software because it provides a step by step methodology for the document verification process that not only reduces repetitive activities, but, also makes the process more effective.-

  • Simplifying document collection and upload - The process of collating documents as per regulations is simplified when customers are categorised on the basis of their level of interest. Workflows with status codes, alerts and enforcement rules, ensure compliance by users. Also, CRM solutions facilitate quickly capturing pertinent details from documents' soft copies through magnified attachment preview features and merge rules for mismatching records related to a single applicant.
  • Secure sharing - Sharing information from the CRM solution with an owner's prescribed read/ write permissions, allows departments to coordinate more efficiently and request pending information from customers. A centralized repository like DMS or Workspaces also makes it easy to access information from any department or location around the clock.
  • Auto-assignments for approvals - Using filters and execution criteria for records with an 'approval required' or similar status, CRM solutions can assign the record and notify the designated approver with a follow-up action if it is ignored. Similarly, after a record is approved/ rejected, it can be accordingly reassigned to relevant users.
  • Help alerts - tutorials and messages can be displayed for users when reviewing records to ensure minimal grey areas and better compliance.
III  Track dispatches and delayed deliveries
CRM solutions also help speed up the process of dispatching credit cards and welcome kits by providing instant updates on each stage between embossing a card, handing it over to a partner for delivery and receiving a customer's signed receipt.

  • Single view for each dispatch - CRM solutions enables users to create a single record for each dispatch along with all its details, current stage and all related documentation/ notes.
  • Automated messages to customers - An auto-populated message can be sent to customers with a personalized message pertaining to their dispatch with date and vendor details.
  • Escalate delays - a CRM software's rules can ensure that any complaints related to undelivered or missing credit cards are instantly escalated to relevant users and blocked.   
  • Invite feedback - CRM solutions ensure that customers can share feedback through their preferred channel - telephone, email, social media, etc. and assign it to relevant roles for prompt action. 
To sum up
The onboarding process for credit cards is complicated and requires an extremely secure environment to avoid any glitches in protecting customer information. A financial CRM solution ensures optimal efficiency is ensuring quick conversions, approvals, dispatches and case capture. The entire process can be carefully monitored and automated to avoid any breaks in the workflow or compromise on security. One of the key business tools today, social CRM, captures customer feedback and ensures new products are innovative and highly competitive in an unpredictable economy.