CRM in Financial Services: Enabling Instant Loans

CRM Solutions, CRM Software

A leading auto finance company in Asia approves credit applications within 3 minutes. All the KYC formalities are done online with minimal manual intervention.

A micro-finance company in Africa collects repayments through small ticket EMIs payable through mobile top-ups. It also disburses faster through innovative psychometric testing through SMS surveys that detect credit risks.

In Southeast Asia, a leading financial services peruses the social media feeds of its applicants to determine creditworthiness and risk (based on lifestyle habits) resulting into quick screening.

The above three examples are perfect illustrations of how latest fin-tech disruptors are forcing traditional financial services to innovate their legacy systems and processes. They are now feeling the pinch as 65% customers globally have flocked to fin-tech providers to manage their transactions, thus robbing traditional banks of already wafer thin margins.

So how can banks stay alive and more importantly, grow? By offering the best of traditional banking and digital fin-tech with the help of CRM for financial services. Explore the details below:

1. Create an integrated credit approval platform
Loan origination systems or (LOS) is great to run the entire loan process, starting from inquiry to disbursal in a hassle free flow. Gone are the days where borrowers were willing to deal with never-ending paperwork and red tape. They expect quotes, options, documentation, approvals etc. in minutes. LOS, run by CRM solutions is a perfect solution to meet this need as users don’t have to hope through multiple systems and have a single ecosystem that is efficient and saves time. 

2. Automate underwriting and approvals
Hitherto, manual approvals are time consuming and usually, biased. Now, you can automate approvals based on pre-defined parameters. Conduct faster eligibility checks with seamless integration with credit scoring authorities. Go for a financial services CRM  that offer retrofit integration with your legacy systems. And don't worry about spending countless man-hours and resources (money) on creaky codes. You can do integrations easily with pre-built patterns that you need to just to drag and drop in workflows.

3. Manage team performance with guided actions
How are your agents faring in a particular region? Reports are the eyes and analytics the brain of a decision maker. Get both of them with intelligent engines that allow you to generate instant and customized reports (with the data extracted from external sources or  CRM platform).  Who needs a nudge in their performance? Powerful performance modelers in CRM in financial services can guide team members with the next best step to achieve their loan or prospect targets.

4. Visual journeys in a virtual environment
Capture complete customer information in one go in an intuitive and visual interface, made from (business process) model designers, that is consistent across all channels. CRM software today is equipped with modelers that run even complex algorithms in a simple interface. The data captured allows you to generate flexible offers that are customized for individual prospects. The whole process takes place digitally with no human assistance or paperwork.

Creating such journeys allows you to automate end to end solutions resulting in faster approvals and customer fulfillment. 

5. Create powerful assignment rules and escalation metrics
Instead of random assignment and hoping for the best, powerful assignment rules created in CRM software intelligently assigns leads to the right teams for faster response. Thus, increasing conversion rates. 

Customers are now expecting financial services to connect the gaps of offline and online financial convenience. Don't disappoint them and implement financial services CRM today to deliver instant credit gratification.