CRM in Financial Services: Powering up Analytics with Big Data

CRM Solutions, CRM software, Financial CRM, Big Data, Analytics

Your online activity generates 1.7 MB of data every sec. 

Multiply this with billions of users and you get an idea of the immense (putting it mildly) big data generated every day.

Financial firms are rushing to mine data, eclipsing the gold rush of the 19th century. The structured insights can then be used for personalized customer engagement in financial services. How? Read on to find out.

Robust Data Management
You need to exploit data if you want to zoom ahead in financial services industry. Robust data management and its application can be used to create forecast modelers, generate real-time market conditions and simulate different market conditions. You now have the capability to run millions of variations in minutes. 

The firm that best controls and acts on the flow of big data, converting unstructured to comprehensible, will be the industry leader. Your CRM for financial services should be flexible enough to be meet dynamic data challenges like new regulatory requirements, ever changing rules etc. Always have a robust approach to data management that guarantees instant information access as and when needed. 

Automate routine processes and add intelligence

Mundane tasks breed mediocrity. And there are a lot of them in a typical financial service process. Automating routine tasks with financial CRM removes inefficiencies and improves accuracy with minimal human intervention. It brings agility to your workforce, especially on the field, who can then concentrate on delivering delightful customer experience. Advanced automation crosses the threshold of digitization with bringing in perceptual and judgement related tasks into its domain. The end result is faster fulfillment cycles for customers that deliver (almost) instant fulfillment. 

However, it is not just enough to automate for taking on the digital competition. Equip yourself with predictive analytics, robo advisors, chatbots for advanced automation. It becomes easier to know the behavior and sentiment of customers with speech recognition and social analytics.

Integrations with ecosystems    
Analytics harnesses the power of integrations. CRM in financial services offers automated integrations that stitch multiple systems on a single platform. This is important because no company wants to destroy their existing (and expensive) systems just to accommodate a new one. 

Seamless integrations with visual designers eliminate the need for hardcore coding and the resulting system downtimes. Learn how one of the leading banks reduced operational costs by 30% through efficiencies gained from integrations.

Analytics and big data are now the lingua franca of business strategists. How you put to use, the insights derived from analytics powered by big data will determine, if your financial service will zoom or crawl. Use it wisely to achieve a spectacular future.