CRM for Financial Services: The 3 Mileposts of Customer Discovery Journey

CRM solutions, CRM software, CRM for banks, Banking CRM, Financial CRM

“People don't care how much you know until they know how much you care.” 
                                            ― Theodore Roosevelt

A leading auto finance company, though considered a pioneer in its industry, the company is facing a host of challenges such as intense competition, maturing market, and increasing costs. This left the firm struggling to retain its regular and high paying customers. 

So how did they embark on the journey to 'discover' their customers? Read on to find out.

The customer discovery journey is an essential process for businesses that want to improve service delivery by properly understanding customer needs, their changing preferences and new market trends. In order to create a strong market presence, a business must first of all put in place mechanisms, with the help of CRM solutions that will ensure that its products and services are relevant to the market and that they'll satisfy the needs of consumers. 

Adopting a clear strategy during the process of client discovery goes a long way in establishing a company as a market leader. In the current business environment, firms increase revenue generation through differentiation and not by increasing volume of production. The customer discovery journey can be more insightful and highly effective through the use of customer relationship management tools to increase the value delivered. How can this be achieved?

1. Monitor market trends
While combing social feeds, interaction histories, feedback (with the help of CRM solutions), the financial services company found that the tedious auto loan application process encouraged many customers to leave, while competitor's digital technology that had integrated multiple product offerings snapped others away. The firm was aware of the common ways to keep customers, but these were expensive, such as interest discounts, payment holidays etc. So the management were looking for other customer experience delivering avenues to reduce attrition and build competitive advantage.

By skillful observation, a business is able to determine what is currently selling in the market. These trends are mostly influenced by changing market conditions and customer demands. It's prudent for a business to keep up with the modern times and role out products and services that match up to market expectations. This is what helps to keep a company relevant and it's products and services useful. When CRM solutions is used to monitor trends, an enterprise is able to make use of market intelligence and stay ahead of the competition. This will also help you in gathering intelligence to define products and parameters in cross selling tools like Trinity Cross Sell Modeler.

2. Do a customer audit
As the company executives probed deeper, they discovered that most customers didn't have trouble with one phone call, branch visit, or other interaction—they were neutral about these touch points. What nagged them was the negative cumulative experiences across multiple touch points and the delay in approaching and interacting with multiple channels (just to get a loan approved, it took more than 3 days, a strict no in this age instant gratification). Watch the video below to know how they turned around the situation.



In case you are in the same boat, try finding out what alternatives customers use to meet their needs. It's possible to gather this type of information by using various online sites such as social networks, carrying out online market surveys through CRM templates and analyzing keyword research to determine what they mostly look for when they are online. Auditing customer behavior is critical in determining exactly what they want and making use of that information to improve relationships. 

With the help of CRM solutions, the company mentioned were able to integrate their systems into a single powerful platform that had automated underwriting and approval process, thus slashing time from 3 days to under 3 minutes!

3. Define customer goals and expectations 
The financial company's salespeople were focused on closing new sales that had customers jumping through processes which looked like bowls of spaghetti. Confusion about promotional messages, questions about products often caused dissatisfaction later in the customer acquisition process. The customer simply wanted a simple process that gave what they wanted with minimal fuss. They identified this goal and redefined their complete processes including loan origination.

CRM solutions can be used to define the goals and expectations of clients during the discovery process. By using various channels such as social media, web, mobile, offline to collect feedback, a business can establish the goals of customers and tailor it's products and services to meet their expectations.

The customer discovery journey is an essential process for your business that want to serve customers better and stay competitive. Implement CRM solutions and establish your reign as undisputed financial services champion.

Related Articles:

1. Renew Customer Intimacy : 10 Customer Service Vows to Take This Valentine

2. Customer Service in CRM: Eliminate Bad Business Processes to Reduce Work Overload

3. Fintech CRM: Should Banks Revolt or Evolve?


1 comment:

  1. Thank you for a good summary. However, it must also be mentioned that introducing ERP software is never painless for the company. We are now in the process of implementing microsoft dynamics ax in our business. It'll take some time before we can see tangible outcomes, but we believe that with clearly set goals and a good consulting company, we will soon finish it to fully enjoy its possibilities.

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