How Can Banks Smartly Retain Customers with a Unified Banking CRM?

How Can Banks Smartly Retain Customers with a Unified Banking CRM?

To say that bankers are passionate about customers is like saying Brazilians have a passing interest in football. 

Customers are a hotly contested asset in the fiercely competitive banking landscape. In their quest for ‘new’ ones, bankers often forget about the loyal ‘old’. They need to act boldly for retaining the valuable ones that actually deliver the maximum returns over a customer’s life cycle. 

How you can empower your workforce to align a delightful experience with customer needs? By providing an omni-channel engagement that keeps track of digital movements.

Key elements of a unified banking CRM:

1. Frictionless omni-channel experience 
Customers value convenience and simplicity. Multi-channel digital customer journeys backed by automated decision processes deliver instant fulfillment. Code-less bi-directional integration inside CRM for banks unifies multiple systems and enables bank staff and customers to view data and continue the same process anytime, from anywhere, and across various devices. A unified platform not only enhances customer experience but also brings down the costs.

2. 360 degree customer action center with actionable intelligence
A holistic 360 degree customer view will give a real time view of customer profile, interaction and transaction history, live case statuses, preferences, purchase behavior and so on. Combine this with intelligent analytics for that can guide agents with next best actions. These will enable bankers to provide relevant offers with instant fulfillment. 

3. Relevant product recommendations for customers
CRM for banks combines the power of big data, behavioral analytics, frequency scoring and personalization. Built in cross sell modelers will allow bankers to offer relevant offers based on behavioral insights and white-space predictive analysis (the same process used by Amazon). This significantly boosts conversions and margins. 

Banking CRM software transforms cross selling into a proactive process and a precise science. 

For instance, 2019 is soon to become the hottest year on record and John is facing a huge power bill at the end of the month, where cash is at a shortage. His bank, based on his previous credit record, transactional history and interaction, offers a customized credit offering with easy repayment schedule.

4. Customer segmentation and AI driven targeted campaigns
Powerful marketing campaigns inside CRM in banking allow users to create simple workflows that will automatically add records in response to customer actions, such as opening emails, clicking links for various personalized offers sent to them. Static target lists can be create with customized criteria from existing customer records.

Generate, score and segment your customers with predictive analytics and customizable templates to look after individual taste of every customer.
Based on these lists with data about customer behavior, history, insights, targeted campaigns are run through CRM for banks.

5. Real Time Assistance 
Banks need to keep up with the pace of rising digital purchases. A banking CRM with digital customer journeys can intuitively encourage prospects to complete their purchase journeys with insights gained from behavioral data. 

Real time collaboration across teams and rich customer insights from any device will allow bank staff to reduce the execution time and use freed up time for deeper customer engagements. 

To conclude:
A banking CRM will empower banks to provide personalized customer engagements and will nurture customers by helping them in their decision making processes and journeys. With its intelligence on preferences and intents, it will display personal offers across devices and channels to customers that will prolong relationships and will open up new revenue opportunities.