It is believed that a CRM tool can prove helpful for a bank in the following ways –
- Campaign management
Banking domain players are required to find those clients, tailor made products and also services to fulfill their requirements and also sell these products to them. CRM is able to attain this via the campaign management by strictly analyzing the data from the banks internal applications or with the import of data from the external applications to carry out a proper evaluation of the client profitability and developing the comprehensive client profiles in regard to individual lifestyle prefer abilities, income levels and also varied other criteria.
On the basis of these profiles, the banks will be able to find the most profitable clients and also indulge in proper customer segmentation and also execute personalized multi-channel marketing initiatives to get in touch with these clients and also enhance the values of these ties.
- Consolidation of client details
In place of storing of client details in product silos (such as different databases of saving accounts and credit card clients), with the help of a CRM it becomes to store all these details in a client centric manner covering all the products of the bank. A CRM can also integrate different channels for offering a series of services to the clients, while helping with the functioning of the bank.
- Marketing Encyclopedia
It acts as a central database for different products, pricing and also competitive details along with storing internal training material, sales presentations, proposal templates and also marketing collaterals.
- Enjoying a 360 degree view of a firm
It means that the clients who speak to them irrespective of teams such as sales, finance or support, the bank is aware about it. It helps in getting rid of the inconsistencies in data which again helps in serving the clients in a better manner. This helps in improving the client satisfaction by greater heights.
- Use of personalization approach for sales home page
CRM can offer a single view where the sales managers and also agents will receive the most updated information in one consolidated platform, comprising of account, news, opportunity and also expense report details. It helps improving the speed and consistency of sales decision.
- Management of lead and opportunity
It helps the companies to opt for effective management of leads and opportunities. It also helps in tracking of leads via deal closure, the necessary follow up and also carrying out the necessary communications with the potential clients.
- Activity management
It proves helpful for the managers to assign and also track activities of the different members, which helps promote transparency of leads.
- Contact center
It also helps the client service agent to offer same level of service to various channels like phone, Internet, email and Fax.
- Removal of operational inefficiency
CRM can be a great tool in regard to strategy formulation for getting rid of the present operational inefficiencies. An efficient CRM tool offers support to varied kind of client interaction channels apart from linking the client touch points to an operations center. It also connects the operations center with the necessary business partners.
- Strengthening of productivity
CRM is a great tool which helps in boosting the productivity of clients, partners and also employees at the same time.
- Introducing business intelligence with CRM
Banks should be able to analyze the performance of the client relations, uncover the varied trends available in client behavior apart from easily understanding the complete business value of their clients. CRM with business intelligence lets the banks to closely monitor the client segments, which again helps them to review the net present value (NPV) of a customer segment with the aim to derive the client lifetime value.
A CRM is an excellent tool that can help in bringing improvement in front office operations and client servicing that many at times need manual intervention.