Wednesday, May 15, 2019

5 Ways to Accelerate Your Sales with Banking CRM

5 Ways to Accelerate Your Sales with Banking CRM

Sales numbers do not talk in the annual results of a Bank. It screams.

That’s why banks are increasingly embracing digital technologies that deploy customer centric journeys for delivering instant fulfillment.

Your bank can significantly boost conversions and leapfrog competition with CRM in banking.

The five steps that boost sales:

1) Enable digital buying journeys
Mckinsey, one of the world's leading business consultancies, states that a customer journey spans a progression of touch points. To improve customer experience, banks should move from touch points to journeys. 

Bankers can use visual journey designers that codelessly design, create and deliver digital buying and process journeys that are simpler, faster. A banking CRM can thus empower customers with omni-channel sales and support engagement.

2) AI driven lead management
Not every leads and sales reps are born equal. Matching the right lead with the right rep is critical for establishing the right connects. This is where smart automation and AI comes in. Having a long lead pipeline is exciting. But, manually combining and allocating leads will drown any sales pro in data. 

Robotic Automation with AI in a unified banking CRM will quickly filter through a massive database and discover the most relevant sales. It also helps to build a single lead profile that captures position, location, industry, company size etc. AI allows bankers to use a quality score to filter junk leads. It also helps in smart allocation with rules pertaining to parameters like; skill set, experience (rookie to veteran, 0 to 10+ etc.), catchment areas etc. (Pin code, Territories, distance), location (GPS coordinates for the rep closest to the lead). Intelligent analytics also comes into play, for instance, conversion rate efficiency, conversion ratio, responsiveness, activity level (for instance through activity updates inside CRM, integration with LinkedIn Sales Navigator etc.)

3. A 360-degree Sales Action Center
Sales leaders are always on the lookout for that magic ingredient to boost their team productivity.  A banking CRM displays holistic lead/opportunity intelligence through integrations and web mashups. The platform fetches data in real time through multiple channels to enable sales team to get actionable insights on their pipelines, leads, contacts etc. Mobility is enhanced through intuitive navigation and data entry screens thus boosting field force productivity. 



The platform also eliminates weaving through multiple sources through seamless integrations, thus saving time, costs and efforts. Greater prospect intelligence will empower sales reps to increase their high conversion probability engagement activities. Relationship Managers (RMs) also get real time notifications and alerts of milestones and set up quick follow up meetings.

4. Powerful performance management 
Sales teams need a catalyst to rev up engagement activities. That means coming out of the traditional box of target planning. Today's performance management platform inside a banking CRM can track a sales rep previous achievements, compute targets and forecasts. The intelligent catalyst performance modeler goes further and suggests nudge based guided actions to help sales pros achieve and exceed targets. Both sales team members and leaders can review performance in real time and modify sales strategies, if needed. 




5. Boost cross sell and up sell ratios
Cross selling and up selling allow banks to grow briskly regardless of their size. A holistic customer 360 degree view with complete product holding intelligence gives executives advance intimation of customer wants and needs. 

Bankers, with the help of cross sell modelers in banking CRM, can display relevant product offers that matches with a customer's needs. Intelligent automation designers in CRM in banking combine customer behavioral analytics, big data, frequency scoring, thus, transforming the art of cross selling into science.


A banking CRM driven by AI will help you target the right audience, build profitable relationships, and more importantly, accelerate sales while reducing costs.