One of the unique challenges of business banking in a digital world is meeting customer expectations. You can’t just have a great checking account or lending terms, as you can with most retail customers. You must offer sound financial advice. And in the information age, that means having in-depth knowledge of each customer’s industry, taking a tailored approach, and doing it all faster than ever before. Your corporate customers want goal-based planning, proactive insights, personalized outreach, and more.
1- Boosted Sales:
On average, business banks loan out 15 times more money than consumer lenders. The stakes are high if you want to earn those big business accounts, and you need a great CRM to launch you ahead of the competition. Identify, nurture, and convert leads into deals before the other guys even know what hit them.
2. Improve Customer Retention
With customers opting for online banking solutions as opposed to in-person experiences, strategizing a way to foster long-term relationships can be difficult for many organizations. With a banking CRM, there is a great deal of data available right at your fingertips, which can be used to proactively deliver personalized services. Since your CRM enables you to record customer notes and personal information, you can enhance every experience.
Showing your customers that you’re listening to them and making efforts to improve their experience at your bank is a strategic way to promote loyalty.
3. Enable Quicker Processes
With a single, unified system, any bank employee can access a customer profile to quickly get up to speed on an account. For example, if a customer contacts a call center, the employee they speak with can make real-time updates to their profile in the CRM. When the customer visits their local bank branch, the bank tellers will be able to see notes from their interaction with the call center. This can eliminate any duplicate conversations and provide the bank teller with a holistic understanding of the customer’s situation.
4. Use Insights to Improve Sales and Marketing Efforts
The data in your CRM can be compiled into reports so you can gain a much deeper understanding of your customers. From there, you can identify trends, successful campaigns, and areas for improvement that will help you anticipate customer needs and tailor your future marketing efforts. You can also use the data in your customer profiles to pinpoint areas for cross-selling and upselling. For example, if a customer makes a deposit inside the bank, the teller can have a full view of their profile and notify the customer of new products they may be interested in or qualify for, such as a platinum credit card.
5. Make Your Staff More Productive
With all customer information available under one CRM system, there’s no need for employees to search through emails or check multiple platforms for the answer to a quick question. Repetitive administrative tasks are eliminated so employees spend less time scrounging through data and more time fostering client relationships.
According to Nucleus Research, sales representatives saw a productivity increase of 26.4 percent when social networking and mobile capabilities were utilized in their CRM. Users can also access a CRM from any device, such as a laptop, desktop, or smartphone, meaning there’s no limitation to where and when data can be viewed.