Choosing a CRM for Your Bank

CRM for banks

The banking industry has not had it easy – there has been decline in profit growth, asset quality continues to be stressed, and the increased capital for demand regularly clashes with regulatory requirements slowing things down. What has worked at keeping things on an even keel is customer retention and management. And that, in turn, is supported by a robust Customer Relationship Management (CRM) System.

So how does a bank evaluate its needs and choose the right CRM? Customers are the lifeline of the bank and being able to anticipate needs, solve problems, provide seamless transactions and create new customer-friendly products are the key to improving business and ensuring customer loyalty. The right choice of CRM can help do all this and open newer doors of business as well. These are some of the questions a bank needs to ask itself when choosing a CRM:

Will it Help You Improve Customer Service:

A good CRM system is one that enhances the banker-customer relationship. The services a customer may require are dynamic and a CRM should provide a 360 degree view of the customer’s details, accounts, communication preferences and commonly used banking facilities for a banker to be able to provide personal service. Providing a customer the ability to track services requested and raise queries, complaints or even give compliments should be through an easy interface, ideally one which moves from human interaction to that which can be done on personal technology platforms, seamlessly. This helps improve and enhance customer service, inducing loyalty.

Read: Tips to select the best CRM for your business

Will it Encourage Creation of Customized Solutions?

Customer service does not end at providing seamless banking services. It is also about going further and creating newer products that will bring in business for the bank and encourage customer interactivity. A good CRM takes into account financial goals of customers, tracks them and then enables the creation of products that work towards helping customers. A robust tracking and analysis in-built system is essential in a banking CRM that aims to generate business as well.

Will it Help the Bank Move to Seamless Digital Interactions?

The world today is gradually moving towards the Internet of Things. While a number of transactions are conducted online through personal banking services and Internet banking, there will be a time when transactions, right from thought to execution are conducted on a digital platform – think digital assistants taking over. In such a case, your banking CRM needs to be of the kind that can enable such moves effortlessly or help a bank expand its horizons when needed.

Read: Digital Banking: Are the banks ready for the transformation?

Will it Provide Analytics to Help Multiple Banking Departments?

CRM systems work on a framework of data. This data may be collected based on numerous factors. Besides the collection of data, a good CRM system also analyzes data to help multiple banking departments – which customer may need to be targeted with loan or investment opportunities; which marketing/sales executive can be connected to a customer requiring a service or which customer requires a call back to address a grievance, be informed of an offer or simply thanked. Such data driven analysis can make things easier for the banking sector and encourage business.

Will it Foster Better Human Interaction:

An important part of a CRM is not just the digitization of work but bettering human relations. This can be between colleagues, or between banking professionals and customers. Problem solving, customer readiness and the simple connection between someone needing a service and the right person to provide it can make all the difference.

CRM systems today are being used right out of the box and need to be tweaked to fit the specific needs of a sector – in this case banking. This is not an impossible task to do, but one that needs a bit of smart thinking.

Author : Ruth Date : 23 Nov 2017