Tuesday, October 22, 2019

5 Winning Practices for Banks With Banking CRM



The ultimate tribute to the banking industry is that if it sneezes the global economy could catch flu.

It is, thus, all the more important for banks to develop winning practices that enable them to the growth leader of the global economy.


What can bankers do to achieve superior margins, cost efficiency and superior asset quality through CRM in banking?

1. Superior digital customer engagement powered with AI-
CRM for banks delivers a holistic customer 360 degree view that tracks customer transactions, purchase patterns, current cases etc in a single window. Quick action links with straight through processing can enable relationship managers to deliver instant gratification to customers for routine queries and request. AI with machine learning applied on customer data can give guided next best actions that deliver improved customer service and engagement.

2. Pricing excellence backed by analytics- 
With a banking CRM, bankers can identify and capitalize better, effective pricing opportunities for their financial products. They can leverage advanced analytics on customer profile and competition intelligence on a drilled down, granular level. Effective pricing can prevent revenue and customer leakage.

3. Tighter risk management- 
How banks control risk can be a great differentiator between winning and failure. Accurate risk assessment can help banks make the right decisions quickly. They can also streamline processes with faster turnaround times and also handle large volumes. Tighter risk control will help banks with better asset quality and capture more customers with higher credit quality.

4. Best in class customer segmentation- 
A banking CRM, with its powerful analytics will allow banks to have customer centric segmentation with personalized value propositions across products, service and channels. Such targeted segmentation can empower bankers to embrace agile practices and eliminate silos. They can also quickly reconfigure marketing campaigns without compromising on convenience, value and speed

5. Higher performance management- 
Winning banks have a very high revenue to cost ratios, thanks to a very productive sales workforce. Effective performance management modelers in CRM for banks can act as a catalyst to the overall sales process. Such modelers helps in keeping a track of the previous set targets vs achieved numbers for further sales forecasting.

Banking CRM provides a real time report tracking in order to have performance review by analyzing the implemented sales strategies with their outcomes, improvements if required resulting in exceeding the set targets.


Analytical driven strategic CRM in banking implementation can thus prove to be an important differentiator for winning banks.
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CRMNEXT, CRM for banks software, provides seamless omnichannel experience irrespective of multiple touch points. CRMNEXT, rides with much higher profits from the waves of digital disruption with the largest CRM in banking implementation in the world. It provides process automation by reducing manual deviations resulting in profit maximization.