CRM software for banking helps in very successfully achieving a 360 degree customer view through the integration with diverse data from multiple existing core banking systems. This amalgamation not only helps in collating and organizing data stemming for a scattered variety of sources, but it also helps in systematic analysis of vital customer information, ultimately leading to the conversion of the analysis into actionable insights.
Broadly speaking, CRM solutions applied in the banking industry bring in several immediate benefits, as outlined below:
Since the financial services industry in general, and banking business in particular, is plagued by complex regulatory and security issues, deployment processes are often delayed. However, a good banking CRM solution offers several options that carefully take into consideration the bank’s security model, budgets, as well as long and short term infrastructure strategies – irrespective of whether the bank is using a cloud, hosted or hybrid approach. This flexibility brought about by state-of-the-art CRM solutions makes them an intelligent choice in the financial services business, particularly banks.
Contemporary CRM banking solutions include enhanced mobile capabilities embedded within them. As a result, these solutions can easily be accessed even when people are on the move, through smart phones, tablets etc. 24 x 7 connectivity is thus ensured and banks can always stay connected to important prospects, clients, and opportunities. A great banking CRM software offers a plethora of mobile options - starting from free mobile browser solutions, to native mobile clients built for specific devices and operating platforms, moving higher up to mobile portal frameworks that the banking environment can leverage.
Integration with Outlook
In order to ensure quick results; and easy, fast user adoption, many banking CRM systems offer access to account information through an experience as close as possible to Microsoft Outlook (since it is most commonly and widely used). All of the bank’s enterprise contacts are comprehensively and centrally managed in the CRM solution, however, the integration between Outlook and the CRM solution allows contacts to surface even individually in Outlook. Workflows within the CRM system are so designed that appointments, tasks, emails etc. can be pushed into Outlook in order to facilitate efficient and timely collaboration throughout the financial organization.
Having understood the general benefits, let us now take a look at the distinctive and purpose built Customer Relationship Management solutions designed specifically for commercial and retail banking; wealth management and credit unions. These CRM solutions when viewed categorically can help understand how they are instrumental in assisting every bank and banks’ team members to service, market and sell efficaciously; and thereby offer an unmatched customer experience.
I) CRM: Commercial Banking
Amalgamation with core systems
Banking CRM is a unified and all-encompassing repository of customer information – and the correct integration of this customer data with sales, marketing, lending, service and other core banking systems is enabled by the CRM.
Multi-stakeholder process such as RFP responses, onboarding etc. can be efficiently automated and streamlined thanks to the agile workflows that are tailor-made specially to suit the unique needs of commercial banking.
CRM empower commercial banking units and the other LOB users to collaborate among themselves, increase referrals, and also establisher broader and more meaningful relationships with their clients. Equipment financing, commercial real estate lending, small business lending, mid market lending etc., all will be equipped to share the same customer views, thereby enabling better and more productive coordination about strategies and activities, finally leading to superior business results.
CRM solutions help banks discover increased opportunities to up-sell and cross-sell varied financial products to prospective as well as existing clients. The solutions also bring about growth in revenues by establishing higher levels of efficiency in every client lifecycle stage.
Superlative customer experiences
Banks are able to build a corporate culture that is focused, dedicated, and completely customer-centric. The 360 degree customer view enabled by banking CRM systems also helps members throughout the banking organization across all teams, to sell and service with utmost focus and effectiveness.
II) CRM: Retail Banking
Merging seamlessly with core systems
As in the case of commercial banking, even in retail banking, it brings about a unified and single customer data source that are well integrated with sales, marketing, lending, service and all other core banking systems. Further, in retail banking, when there is seamless integration with branch and teller systems, all the members in the banking organization who are customer-facing can easily become an integral part of the sales and marketing team, as they bring in added value into the bank.
Better account management
With the 360 degree customer view enabled by a CRM solution, banks become more sought after because of the switch that happens from being account-centric to customer-centric. Also, account information can be surfaced easily rolled up into household accounts. Overall, CRM systems applied in retail banking usher in enhanced household, customer and account management.
Efficiency in marketing
Marketing automation makes it easy to build customer or lead lists as well as create, track, and follow up on targeted cross-selling and up-selling marketing campaigns. True ROI becomes visible when campaign activities are synchronized with referrals and closed opportunities.
Distinctive customer service
Customer relationship management solutions used in the banking industry provide easier access to consolidated customer data sets and tools that automate collaboration across and within departments. They also allow rapid and more focused follow ups which are an essential component of delivering topmost customer service and streamlined service delivery.
III) CRM: Wealth Management
Reporting in real time
CRM solutions when applied in the wealth management arena offer consolidated views of transactions, portfolio holdings and market values. Tracking of commission activities and fees are also made easier. This apart, establishment of internal production objectives, identification of ‘at- risk’ customers and household growth opportunities, and streamlined management of sales pipeline is also made possible by leveraging relationships.
Client Document Archiving and Management
Centralization of investment proposals, research reports, prospectuses, financial planning hypos and other documents become a breeze using CRM systems. Further, the management of onboarding and AML / KYC compliance documentation and paperwork is made less complex, all this in perfect sync with hassle free document system integration.
Service and activity management
Planning, managing, tracking, and monitoring of every communication and activity between financial organizations and their clients become simple using CRM. Additionally, the automated workflows give reminders to support personnel and advisors regarding pending tasks, review meetings, etc.
Management of events
Wealth management involves a host of events required to be held ranging from client interaction/ appreciation events like dinners, lunches; educational and informative seminars on college savings, state and retirement planning, and so on. It facilitates rapid and efficient tracking of responses and consequent opportunities that arise, ultimately helping to thoroughly comprehend the actual ROI generated by the organization’s events.
Contact Household management
CRM solutions applied in the wealth management space help to identify, track and correctly manage relationships between prospective clients, existing clients and households. Also, a holistic, 360 degree view is achieved of the entire financial product portfolio, along with the complete clientele’s household assets and liabilities.
IV) CRM: Credit Unions
It builds flexible workflows particularly for credit unions, which in turn helps in streamlining and automating cumbersome manual tasks and processes such as account opening, referrals, etc.
Enhanced marketing efficacy
Marketing automation brought about by a well planned and well implemented CRM solution, largely simplifies the process of building detailed member lists and profiles. Creation, tracking and following up on the targeted up-selling and cross-selling campaigns is also made less tedious and time consuming. When the campaign activities are systematically synchronized with referrals and closed opportunities, the true, real ROI comes to light.
Comprehensive MRM Solutions
As discussed above, a holistic, all-round view of members (that CRM systems provide) makes any financial organization give higher weight-age to member centricity in comparison to account centricity. This means that organizational efforts are directed more sharply towards the member rather than the account. CRM allows account information to be surfaced in the system, and thereafter rolled within member household records.
Advanced CRM solutions help in identifying in real time which members stand at the crossroads of hardship and which members qualify for additional services, thereby helping in focusing and directing services accordingly, and in proactively being a trusted advisor. This ultimately results in high member retention.
Comprehensive and efficacious Customer Relationship Management solutions used in banks and other financial organizations have undergone a major evolution from being merely customer facing applications to an absolute and intelligent customer-centric strategy - a strategy that takes care of the entire cycle beginning from customer interaction, progressing on to branch operations managed through a centralised set of activities. In the hyper-competitive and constantly buzzing world of finance, it is an effective CRM solution that brings order in the chaos!