Banking CRM: Re-Calibrate Your Service Strategy

CRM Solutions, CRM software, Customer Loyalty

Customer loyalty is something earned, not produced on demand. 

The best way to earn it is by delivering the finest customer service in banking, by re-calibrating your service strategy. Here's how.

#1 Simplify customer journeys
It is trendy to say that digital banking is the genie that grants every financial wish of the customer. While true to a certain extent, there are still problems of

a. Digital banking being constrained by multiple customer segments. Tech savvy customers and non-tech ones being a basic one.

b. These customer segments require different journeys, the creation and management of which, is tedious.

A leading SFB (Small Finance Bank) in Asia, spent some time mapping existing journeys and identified holes that drained prospects and customers. They then simplified their on-boarding journey with the help of banking CRM, by creating smooth intuitive validation journeys with visual designers. For remote areas, they equipped their field force with bio-metric devices that were seamlessly integrated with verification agencies. As a result, the bank enjoyed a 30% increase in customer satisfaction ratings due to accelerated on boarding process.

Your customers need to make only one decision, do they want your business/service or not? Help them get the answer by simplifying customer journeys and make servicing easier, faster and safer

#2 Break down silos
Bring out the hammer and take down organizational silos with the help of CRM in banking. This will help you to:

a. Increase collaboration.

b. Improve workforce cohesion.

c. Increase resolution speed and rates.

d. Eliminate domain mentality.

The time and efforts saved can be redirected to carry out a digital transformation and at the same time, make a customer service journey delightful. Single platform CRM solutions combines all functions in a single window, thereby forming a cohesive customer 360 degree profile that results in faster and accurate issue resolutions.

#3 Own your service ecosystem
In this age of digital aggregator platform and market place, it is important to own your digital service ecosystem. The benefits of doing so are:

a. Exploit the big data generated from digital servicing.

b. Provide real-time and personalized service to customers with the help of AI driven chatbot and robotic process automation.

c. Target customers in real-time with the right products and offerings.

d. Reward customers at your discretion for active use and promotion.

e. Discover new revenue opportunities.

A fortune 500 bank tied up with a ride aggregator that allowed the drivers to instantly take out loans. In case of any credit need, the bank digitally takes the driver details from the aggregator and upon meeting pre-defined parameters and automated credit verification, approves the loan. It holds the world record for handling 66 loans in 27 seconds. The drivers pay back the loan in small amounts either on a daily, weekly or monthly basis depending on income.

#4 Become a 'trusted value agent'
Finance has been historically known for risk. And this is where digital disruptors create their mark, by providing trusted and reliable service in a suspicious environment. 

Traditionally, banks fare poorly in the 'trust' area. They can do an image makeover and become a trusted value agent by:

a. Increasing transparency

b. garnering more customer intelligence

c. Focusing more on security management. 

d. Leveraging new technologies with scalability like AI, analytics, fintech, social connectivity.

#5 Deliver world-class customer experience
Often, banks are gung-ho about digital implementation solely for reducing operational costs. This is a wrong approach.

Remember that a face to face engagement still plays a key part of trust equation for customers and their banks. The challenges related to costs, efficiency and journeys are addressed efficiently by a human-centric CRM. Digital accelerators can help give banks that vital nudge is surpassing customer expectations and keeping retention levels high.

Harnessing digital capable tools to significantly improve customer service is critical to aligning banking products and services to specific customer contexts. This will go a long way in distinguishing your bank among a rainbow of competitors.