Banking CRM: 3 Instruments to Orchestrate Contextual Engagement

Banking CRM: 3 Instruments to Orchestrate Contextual Engagement

Without water, life ceases.

Without context, so does engagement.

Contextual engagement is the holy grail for building customer relationships.

Through it, businesses get to know what's happening with customer/product interaction in real-time and understand, predict and build more intimate relationships. 

Contextual aspirations
Lack of synchronization between back-end, middle-office and front-end legacy systems means that banking users have to hop between multiple systems to get customer information. Despite having multitudes of engagement channels, banks are not able to empower customers to transfer interaction context from one channel to another and hampers operational efficiency. 

Banking CRM, by destroying silos and unifying technologies into a single platform, allows banks to meet customer demand for synchronized interactions. Service teams, with the help of customer 360-degree view through CRM in banking, can provide consistent, contextual high quality interactions across online and offline channels, including branches. 

The three instruments of contextual engagement
With the help of a unified technology platform, banks can offer...

1. Omnichannel continuity
Digitization meant decreasing branch visits and increasing multi-channel access (web, mobile and tablet applications, email, kiosks, online chat etc.). Today, you can get pre-approved credit in minutes. 

But despite this leapfrogging of financial convenience, there is one singular element that dismays customers. The experience or context is often not harmonized across touch-points and channels. Primarily due to lack of 'customer memory', they find themselves repeating their requests/issues at every banking point of interaction. In today's age of multi-channel engagement and instant fulfillment, there is no excuse for a bank to put their customers through this merry go round. 

Customers can start a transaction/interaction on one channel (credit application through automated chat on the web), continue on another (continuing the application along with e-KYC on mobile) and end it at a different one (submit any additional relevant documents at the branch, if needed) seamlessly. Unified CRM platform allows you to develop omni-channel strategies that unify offline and online contextual experience. 

This allows users to have 'corporate memory' of their customers and engage in unhindered communication to meet dynamic service demands.

2. Service 360-degree 
Traditional banking runs on legacy systems that take more than a magic wand to dismantle and replace. They were run under the assumption that a 'spider web' of branch networks guaranteed new customers and loyalty. 

Until the spreadsheet age, that assumption was correct as many prospects accessed financial services like savings account opening, credit line etc. at their local branch nearest to their home. They also had a dependency on 'relationship' with the branch manager. This arrangement fell apart upon the advent and penetration of 'digital' and 'fin-tech'.

A holistic customer 360-degree view includes customer information, contact information, interactions, preferred contact channel, associated opportunities, service requests, escalations and customer history etc. It also provides real time updates and complete 'corporate memory' on a customer service request. Inbuilt and custom templates allow service teams to configure plain text, SMS, Email, PDF/print, along with mail merge functionalities. Visual workflow designers create configurable workflows that capture all types of service requests across channels. 

Plus, seamless integration with SMS, email, social media, chat, CTI/IVR allows users to be on the same contextual level as of the customers. Centralized Document Management System (DMS) allows agents to fetch and store KYC documents, collateral etc., as an attachment for the customer or internal communication.

3. Sales 360-degree
Thanks to valuable contextual intelligence and inference based on demographics, channel preference, product holdings, interaction history etc. derived from customer 360-degree view, banks can offer personalized products that translate to higher conversions. Integration with credit rating agencies allows for seamless onboarding with instant e-KYC. 

Customer satisfaction is guaranteed with escalation rules to transfer leads, opportunities etc. automatically to the next level in the hierarchy, if they are not followed-up accurately within a particular period of time.

With the exponential volume and quality of big data available to your business, you can zoom ahead of the competition by delivering contextually relevant and personalized experience and re-align yourself to customer's needs.