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How Can Banking CRM Enables Digital Transformation


Importance of Banking CRM Software

Previously, banking involved long queues and a lot of planning for withdrawing your own money. But today, people are more digitally aware, and banks have started to digitize their practices too. More than 90 percent of banks believe that going digital will change the competitive landscape as well as economics in modern banking. With the arrival of mobile banking and the internet, customers can easily transact without the need to visit an actual bank.

Banks have to deal with a lot of data regularly. It includes loan applications, trading information, transactions, customer information, and more. It becomes extremely difficult for banks to understand and process this data manually without digital toll helping them out. For a client-focused business, banks have started adopting a CRM solution that can help them to identify selling points which would not have been possible otherwise.

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Importance of Banking CRM Software

Today, customers have multiple choices when it comes to selecting the right bank. Brand names and loyalty play a small role in the process. Banks offering discounts on services from credit cards, savings accounts, mortgages, and more with the option that makes the most sense to them.

Banking CRM system will keep you updated on the selling points and helps you to position your bank’s offerings in a way that your client base is on a continual rise. Here we present a few ways in which the customer relationship management software can boost your conversion rates.

Allow Data Flow from All Resources

A bank might have multiple offline and online sources from where you get your clients. It could be through social media, paid ads, referrals, email campaigns, website visitors, and more. Banking CRM will help you to capture all the leads that are interested in all your products or services in a single platform. This will ensure that none of your prospective customers are missed out.

Automate the Qualification of Prospects

At the time of loan dispersals, it is significant for banks to examine whether their prospect is truly interested in applying for a loan or not. Basically, banks use tele-caller who calls the applicant and asks for confirmation. But this process is manual, long, and at times prone to errors. Good banking CRM can automate the whole process, making the lives of the bankers and telecalling department much easy.

Moreover, banks also need to examine if a person is eligible to receive a loan. Various banks have different criteria like income, credit card score, means of employment, and more. CRM solution autos-qualifies your leads for loans, and distribute them to the relationship manager accordingly.

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Empower Call Center Department

Call centers play an integral part in any bank process. They help to bring new clients and solve queries of existing clients. When it is the case, it is crucial that your call center department is provided with the right tools to carry out their task. Automated lead distribution, complete lead history, and instant call notifications are some of the features that will make CRM ideal for the call center.

Manage Multiple Departments and Products

Banks have a portfolio of various products, with multiple teams servicing each of the verticals. While having multiple departments and products, it is significant that all of them work towards a common objective. This is the reason, all teams need a transparent CRM solution in place. Banking CRM can help you do the same if properly configured.

Build a Long-Lasting Relationship with Customers

In order to keep your prospects interested, it is crucial to be in continuous touch with them. CRM application can help you design client journeys. By depending on certain actions, you can trigger automated emails to your customers. Moreover, you can also design a dynamic template which sends offers based on website activity.

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Provide Mobile Access to Your Team

Your banking CRM must be able to work on any mobile device and desktop. This way, your team can access lead’s history easily to create relevant pitch or identify the upsell opportunities. Moreover, having an instant document verification solution on your mobile app can help you make processing a loan application quickly.

Spot Upsell and Cross-Sell Opportunities

One of the best things about banks is the most products are inter-related. This means you can sell a client more than one product. The right CRM solution helps you to pick up on the sales cues and aid your team pitch in the relevant product that will benefit your clients. For instance, if you find out that your savings account client has a tendency to spend a lot on food, then you can offer them a credit card which offers discounts on restaurants.

Receive Detailed Reports

By receiving detailed reports on time, banks can figure out which product is bringing more money, in which geographical location, and through which employer. This way, they can track what is working for them and what is not. An important rise in loan dispersal in any location can point to a positive impact, and they can find out the reason why. Also, if there is a drop in credit card purchases, they can try offering ones with discounts.

The Bottom Line

Embracing digital transformation, with the intent to develop, is the key for banks. Banking CRM is only the answer to your solutions. You must look for a CRM solution that fulfills these criteria. Integrations with your other banking tools will ensure that all your systems work together as one.

Author Bio:

Emma James is a freelance content writer at SutiCRM, who frequently blogs on Business, Marketing, Sales, ERP and SaaS trends.

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