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Stumbling blocks that banking CRM helps to overcome

In order to succeed in the hypercompetitive business world, your company needs to be extremely adaptable to the ever-rising standards of customer service. Financial sector, in particular, has to put its patrons at the heart of everything that they do in order to decrease customer attrition while establishing a loyal community of clients. Having a complete understanding of buyer’s needs and preferences enables you to get a customer’s perspective on your financial institution. Therefore, it is imperative for a bank’s customer-facing team to be backed up with an advanced CRM solutions to aid them in managing the entire customer relationship cycle, from the first stages of the client acquisition to repeat sales and loyalty.

Obviously, banking CRM software should provide a solid automation platform that would extend customer’s lifecycle, suggest the most suitable ways of communication with bank’s clients and the most effective ways of up-selling and cross-selling the products or services you offer. So let’s take a closer look at the challenges that advanced banking CRM can actually help to overcome.

Managing an increasing volume of multichannel interactions with the clients

As customers become increasingly demanding, it is critically important for your financial institution to maintain a constant dialog with your patron through all communication channels and devices they prefer to utilize. In fact, 83% percent of customers prefer to do business with a bank that offers additional communication channels, while 56% feel stronger connection with a bank that offers customer support through social media. Initially, today’s banks communicate with their clients via various communication means like call centers, bank branches, online and mobile banking and, of course, in ATMs. The problem is that these channels operate in silos, which consequently results in inconsistency of customer experience. However, the deployment of suitable automation solution like uncovers a new level of personalized omnichannel communications where your employees can reach out to your customers directly from the CRM system. The software equips your teams with advanced contact management tools that enable trouble-free and satisfying customer experience regardless of the channels and communication touchpoints. Such omnichannel communication management allows your financial organization to deliver truly personalized banking experience to your audiences.

Non-availability of a unified view of customers and their needs

Inability to get a better vision of your customers disables your financial organization to offer the products or services that customers want exactly when they want them. Keeping your customer data safe and cleansed from duplicates is another challenge that so many banks are facing on a day-to-day basis. However, if your firm deploys an automation solution that can create a unified database of potential and existing customers of your bank, you will be able to avoid such problems. For instance, you can manage legal entity profiles, contact information, overview the complete history of interactions with each prospect, see the products that have been offered and the transactions that have been made within a client’s account, including contracts, bank accounts and cards, as well as any other financial instruments. Combined with integrated marketing automation features like website behavior tracking and email marketing, banking CRM enables your firm to begin selling the right thing to the right customer. Having such a comprehensive customer view at your disposal, you can devise the most efficient communication strategies and suggest customers the most relevant financial products and services.

Ensuring data security while using online banking CRM

Online CRMs are extremely popular these days as they offer a lot of benefits like seamless process of installation, round-the-clock access, flexible integration features and affordability. However, data protection has probably been the biggest concern that kept many financial institutions from adopting one. In fact, data security is the main reason that prevents 51% of companies from adopting online CRM. Traditionally, it is considered that on-site deployment is more preferable for financial firms. Understandably, security precautions of financial institution are especially important as bank customers expect their data be safely stored. Protecting countless business operations from unauthorized access while providing the right users with the swift access to the required information is of utmost importance for the overwhelming majority of banks. For this purpose, banking CRMs are constantly advancing and upgrading their security measures to ensure the highest levels of data protection. Financial CRM enables you to store sensitive data on the remote datacenters that secure data with cutting-edge technologies and backs it up on a regular basis since backup is an essential tool while managing banking CRM operations. Even at a server level, the CRM system provides an ability to recover your data that could be lost due to an unforeseen accident. With such high level of security, the chances of a breach are slim to none.


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