CRM in Financial Services: 5 Ways to Deliver Next Generation Customer Service

Banking and financial service leaders are mixing finance with technology in the hope of solving the world's toughest Rubik's Cube, the customer.

Forget generic products, offers and loyalty programs, the key to a customer’s heart and wallet is by delivering friction-less, delightful and personalized customer service through financial services CRM.

Here are the five effective ways to deliver scalable, delightful customer care through CRM in financial services and banking-

1. AI driven chatbots-

Customers today have their banks and financial providers in their pockets. So it is imperative for financial services to be where their customers are. Chatbots that are powered by AI and machine learning enables contextual, conversational banking. It is also increasingly used as a medium for deliver instant gratification through pre-defined rules. 

Advanced chatbots helps in deeper understanding customer journeys that can be a base for personalized service in the form of text or voice based which can further be integrated in the system through CRM for financial services.

2. Convenient self service portals-

Digital self service portals empowered by financial services CRM help customers to take control of their profile and engage with their business through a powerful and visual interface. A powerful self service portal helps them to view all their product holdings in a single view, automates simple repetitive queries and instantly fulfill their routine needs through straight through processing. 

CRM in financial services can use self-service portal to display relevant and personalized cross sell offers, thus boosting conversions. Customers can also track real time status of their service requests through their self service portals.

3. Single service window-

Playing football with customer service request, due to siloed intelligence, is morale and goodwill sapping. CRM for financial services can consolidate multiple request types across product holding into fewer, faster processes.

A single service window will also enable pro-active escalation management, reducing the turnaround time, resulting in notable improvement in SLA compliance.

4. Seamless service delivery through Customer 360 action center-

Bankers and financial users can use a comprehensive customer 360 degree view that includes real time transactional, analytical and static data on product holdings, account details etc. Integrations with multiple sources gives a rich and actionable customer intelligence. 

Seamless service delivery is made possible with quick action links powered by straight through processing and executed through digital journeys with financial services CRM. This delivers instant fulfillment in service request and eliminates reworks and errors.

5Boost first time right (FTR) resolutions

A digital CRM in financial services ensures that customers can now have their issues accurately and quickly addressed at the first connect itself thus increasing delight. Service teams can deliver to deliver single touch resolutions with the help of drag and drop visual designers. 

This translates into increased customer delight and advocacy. Auto allocation of service requests to the right reps based on business rules and seamless integration with document management system (DMS) guides agents with the right service collateral for higher FTR numbers.

As customers are the real business owners, it is of prime importance to deliver instant solutions with a unified platform to the customers through digital customer service support with reduced operational expense. Also, a positive customer experience helps in building a sense of trust & loyalty adding an overall value proposition.

CRMNEXT, a unified digital CRM for financial services platform, empowered with digital technology, helps in meeting customer demands in a superior, faster & personalized manner with an enlightened customer experience.