Financial Services CRM: How Can Securities Firms Offer Better Value Added Services?

CRM Solutions,Financial Services CRM,Digital CRM

Imagine a world where financial securities rake in money just by their core offerings. Having trouble? Don't blame yourself. 

The never ending train of tough regulations, weak economic environment, low investor appetite are hammering profit margins like never before. Customers are minutely checking additional fees which were passed up on high returns. In this gloomy situation, what option does financial securities firms have to damn recession and brighten their day?

Offering value added services through CRM solutions

VAS are add-ons to the main services offered by a financial securities firm. It can be in the form of demat accounts with special features, real time recommendations, alerts etc.

But how can these VAS be more effective to the clients and the firm itself? This is a challenge to many financial security firms that offer such services because they tend to provide similar value added services and of the same quality and even with the same price. The crux of the problem they face is that there is no clear cut difference of identity and value upon their value added services that will attract clients to one firm and not the other. They often fail to stand out in the market. 

But thanks to CRM for financial services, this is what can be done to have their value added services become more effective.

1. It should be unique

Sounds cliche? Say that to the tens of thousands of financial securities companies across the globe. They are more interested in puffing up margins instead of providing (real) value added services. Establish your unique proposition in terms of how the services are provided or presents before the consumers. 

While pitching VAS to customers, those interested will automatically become leads in financial services CRM. Service teams with the help of guided selling can then check out the complete customer profile including portfolio for improved cross selling. They thus add value to the consumer, something which core services alone will not provide. 

2. Develop a strong core

Just as a strong core gives strength to your body, a strong core service lays the foundation for your financial securities firm. Ensure that it is effective, customer focus, returns oriented and trustworthy. Let the clients see value in the existing services first. This will automatically convert into reliable prospects for your VAS. For developing a reliable core service, first go for an agile CRM solution.

3. Assess the needs of the clients and the financial securities firm

Understand what services your clients would want to have even through conducting a survey or other means. This will help you to know what services your clients value dearly or are in need of. Is it an SMS alert package at a reasonable price or hassle free upgrades?

Dynamic pricing mechanism through CRM in financial services automatically crunches price lists correlated in scheme codes to present best pricing option for cross or up selling. Loyal customers can be rewarded regularly with the help of predictive analysis of transnational and interaction history.

Clients are likely to be attracted to a firm that offers alot of services under one roof or platform. Market services that even your competitors offer, but present value to your own services to raise above the competition. The one with the most cost efficient VAS will command customer's attention.