How Customer Relationship Management Software Benefits Banks

By | August 27, 2014

It is an indisputable fact that the bank’s existence and operations center around customers. Satisfied customers mean more business and enhanced reputation of the banks. Gone are the days when banking operations and processes were done manually. Nowadays, nearly all the banking operations are automated via banking software. The current trend in banks is to leverage quality Customer Relationship Management software to enhance customer service and experience. This translates into tangible business related benefits.

The importance of providing convenient and quality banking experience

  • Customers with positive experience are much more likely to stay loyal to the bank, refer others to the bank and purchase additional products and services.

  • A neutral or negative experience can lead to customers changing the bank or looking for an alternative.

  • Research reveals that customer at the very least, expect fair pricing, wide product range and reliable service from the banks they currently patronage.

  • Customer experience has a significant and direct bearing and impact on the bank’s profitability.

What are the attributes of Banking domain CRMs

  • Desirable aspects of Bank CRM software are rich functionality, convenience, ease of usage and most importantly superior customer service.

  • Quality Banking CRM’s incorporate 360 degree views of customer data and information, easily accessible customer history and recording of customer engagements.

  • Also, they should have a database of answers to all potential banking related queries to satisfy the debts of customers and provide relevant information.

Personalized, efficient and effective service

  • When a customer contacts the bank, knowledge about them and their history improves the level of service.

  • With CRM you can look up past cases, comprehensive information about the customer and can create a case for the latest activity.

  • Banking CRMs enables banks to provide highly personalized products and services.

  • The goal is to improve speed of service, superior customer satisfaction and better retention.

The need of familiarity and compatibility

  • A banking CRM solution should be familiar and flexible. In other words, it should work the way the bank staff usually do and be compatible with the other tools used in the bank’s daily work environment.

  • In today’s highly competitive banking industry, banks leverage CRMs to achieve improved customer profitability and stringent regulatory compliance.

  • Statistical data reveal that there is a 5 % increase in customer retention and 35% increase of profitability to CRM software.

  • Thanks to CRM software all the banking services are able to be handled in a better manner. There is a simpler management of leads and better handling of business opportunities.

  • Easier and better access to customer feedback to enable banks to offer customized and superior banking experience.

Better call center services

CRMs form the backbone of bank call centers. Compiling of statistics such as average handle time and customer feedback ratings result in improved customer support eventually facilitating retention. The quality and speed of service resolution process are boosted via CRMs.

Superior and informed banking product and services offering

Bankers can easily view what products are currently used by customers, the products they are eligible for and the advantages of adding additional products and services. Banks now have the ability to spot and pursue cross selling opportunities. Also, there is the option to target customers with suitable banking products and solutions as per their information and history.

As CRM’s evolve and their usage increase in banks, high performance and profitability are assured.

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