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Improving the customer experience is one of the top drivers of investment in financial CRM today, and it’s no wonder why. Today’s consumers expect a banking experience that is omnichannel, hyper-personal, and effortless, and they aren’t shy about going elsewhere if their bank or credit union fails to live up to expectations.
To respond, banks and credit unions need to invest in the capabilities that their customers or members value most, like convenience, relevance, and 24/7 access to information. Here’s how you can use CRM to provide a customer experience that exceeds their expectations:
In-branch interactions are still valued by bank and credit union customers. In fact, 65% of those surveyed by PWC said that having a local branch is very important to them. But to provide the best customer experience in a branch, bank and credit union employees need to leverage technology efficiently and consistently.
That’s why credit union leaders, recognizing that CRM is only beneficial if it gets used, indicated to our researchers that ease of use for staff was a top CRM selection criterion at their CUs.
Nobody wants to tell their story twice. The credit union executives who told us that tracking and reporting are key CRM capabilities know this. With enterprise-wide tracking, referrals, task assignment, and reporting in place, a bank or credit union is positioned to manage customer contacts across all channels, and prevent the lost connections that can occur as a ripple effect of an increasing number of channels.
Today’s financial customers are willing to consider a broader array of service providers for their needs. Banks and credit unions that want to maintain their customer base would be well advised to put some focus on service and proactive retention strategies.
Our recent interviews with credit unions leaders suggested that they were satisfied with their CRM’s member engagement history and 360-degree member views. This is good news, as it indicates that the technical backbone for a comprehensive retention strategy is already in place at many credit unions.
From your customer’s point of view, the ideal banking relationship is simple. It could be encapsulated this way: “ Know who I am, show me you understand me and my goals and make my experiences seamless and effortless”.
Of course, like a bank or credit union leader you know that behind the scenes, complex back-office architecture means delivering this experience can be anything but simple.
That’s why many tech-savvy banks and credit unions are considering CRM to bridge back office gaps and unify data. This will allow them to enhance the customer experience, track interactions and add value throughout the customer journey, at all cross-channel interaction points.
For more information on the business needs that are driving these conversations in the credit union industry, we invite you to read our recent report: Credit Union CRM: A survey of the CRM industry, according to credit union professionals
Publish Date: November 14, 2018 5:00 AM
Has your financial institution avoided adopting CRM? Or do you have an older CRM solution that has quietly slipped out of use? If you are considering raising the topic of modern CRM with your leadership team, here are a few ways to pitch the topic effectively:
Combat complacency by pointing out the downsides of the “status quo”. Chances are good your FI has a series of tried and trusted methods for handling customer interactions, and your leadership team may be very comfortable with this ‘business as usual’ mode, even if you see it as inefficient. You can shake loose their complacency and start the discussion by focusing on your organization’s most critical sales or service problem.
By Olga Zakharenkava
Start by addressing how the problem is symptomatic of larger business process issues and underline the importance of having a seamless customer experience across channels at your organization. Use the issue to talk about the need to find a long-term solution to a problem the whole organization wants resolved.
Tailor your message for maximum impact. Be sure you are connecting with each leader by identifying the specific benefits CRM can offer their staff. A sales executive, for example, will care about pipeline management, while your VP of marketing may be much more interested in improving marketing ROI.
Carefully acknowledge how CRM could help meet each stakeholder’s goals for their department, then extend the discussion to the organization as a whole. Demonstrate that you understand how without CRM, missed sales and service opportunities can have a cumulative effect on KPIs across the whole organization.
Sell the idea of establishing a CRM task force. The idea of CRM implementation can be daunting, so give your leadership team time to consider how to approach it. Don’t try to sell CRM as the one-and-only solution to the recent issue at your financial institution, and don’t try to get people to sign on without time to consider.
Instead, sell the idea of setting up a small working group to explore CRM, that’s it. All you are pitching is getting a few people together to talk about it. Once you’ve got the right people in the room, you can gently point out how CRM will streamline operations and improve day-to-day life for customers and staff alike.
Understand objections and be ready to counter them. Like any good salesperson, you will need to overcome common objections. Financial leaders aren’t often fully informed of the benefits that CRM offers. They may express concerns about the value of CRM overall (“We already have a process in place for handling all this”), or be concerned about the scope and timeline for implementation (“I hear these projects never get finished, or they get finished but then nobody uses the software”).
The best way to respond here is to do your homework and prepare to provide reassurance as needed. Yes, CRM can be complex and difficult to implement, but not if you find a tailored, proven solution for community financial institutions. Yes, CRM adoption can be a challenge, but not if you have a plan in place to train employees and incentivize their use of the software.
Close by asking to confirm follow-up. Remember, in this first meeting all you are doing is selling the idea to explore CRM as a solution. After you’ve laid out the benefits, overcome objections and reiterated the need for long-term planning to support the overall customer experience, ask if you can send your leadership team a follow-up email proposing next steps for exploring a CRM project.
Then thank them for their time, and don’t forget to send that follow-up message. CRM implementation is a cultural shift, so you’ll have to be patient as your team wrap their heads around it, but the payoff is worth the wait. Want some hard evidence? Check out our eBook on CRM ROI, or just get in touch with us, and we’ll share some of your peers’ success stories with you.
About the Author
“As the VP of Demand Marketing at Doxim, Olga helps financial institutions grow through improved customer experience and increased engagement. She is passionate about helping businesses choose the right technology to solve their challenges.”
Publish Date: January 18, 2018 5:00 AM
First West Credit Union had a challenge that will be familiar to many community financial institutions. Like many larger credit unions, First West was formed through the merger of 4 smaller regional CUs. The mergers were welcomed by members, who gained access to more branches and a wider array of financial services.
By Olga Zakharenkava
But the mergers also created a complex back office with 4 core systems and nearly a dozen secondary systems performing CRM functions. It was difficult for First West staff to get a unified picture of members and their interactions with the organization.
First West selected Doxim® CRM as its enterprise CRM solution, to provide a single view of members across all divisions. To ensure success, a cross-departmental team first meticulously documented First West’s CRM strategy including goals for system rationalization and process harmonization, then ran a pilot program to ensure the system met everyone’s needs.
Now, following this successful pilot program, the CRM solution has been rolled out to 1100+ users, providing them with a central location to record member interactions and track referrals. Doxim CRM empowers First West users at all branches and locations, across all lines of business, to provide a consistent, high-quality advisory experience.
Does First West’s back office situation sound painfully familiar to you? To learn more about how the First West team achieved their successful CRM implementation, start by reading our press release, or watch the First West team explain in their own words how Doxim CRM has increased operational efficiency and improved the member experience.
Peta Wales, VP of Operations at First West describes how a full 360-degree member view facilitates advisory-based communications and creates success for staff and members alike.
David Arrowsmith, Vice President of Business Solutions, talks about how the CU selected Doxim CRM, and which features set the solution apart.
Then, if your legacy back-office systems are compromising your member experience but a total core modernization project is out of reach, why not explore how Doxim CRM can be used for system unification? Book a personal demo with a Doxim expert today, and we’ll talk you through how it works.
About the Author
As the VP of Demand Marketing at Doxim, Olga helps financial institutions grow through improved customer experience and increased engagement. She is passionate about helping businesses choose the right technology to solve their challenges.
Publish Date: November 15, 2017 5:00 AM
2018 promises to be a year of both new opportunities and new competitive threats for community banks. In response to the ongoing emergence of FinTechs and digital banks, and the increasing expectations of tech-savvy customers, community bank leaders are seeking practical ways to improve their go-to-market strategies and their customer experience across all channels (including in-branch, phone, website, and mobile banking).
By Paul Abdool
Why are they doing this? Well, for the last five years, 54% of bank marketers have reported that cross selling and growing share of wallet is their number one priority, according to the 2017 Digital Banking Report. But despite this focus:
So, while the intent to grow is there, community bank marketers are being held back by a lack of actionable customer data and insights. And similar roadblocks are being experienced across the board by employees in customer services, sales – even finance.
This situation has sparked a resurgence of interest in customer relationship management (CRM). Today’s CRM solutions offer substantial benefits for everyone from executives down to front-line staff, and most importantly, for valued customers.
Here are four of the ways CRM can help any community bank become a more nimble, data-driven organization.
1. Streamlining sales and service processes
Cultivating strong relationships with your customer base is job #1 at every community bank. But if CSRs don’t have immediate access to the customer’s past information and history, it becomes very difficult for them provide a consistent, efficient customer experience and personalized financial advice.
Implement CRM though, and your CSRs will be equipped with the tools and information they need to interact with customers in valuable ways. They’ll resolve complaints faster, serve customers and fulfill their needs faster, and enjoy their day-to-day jobs more when they aren’t rooting for customer information across multiple disconnected systems.
2. Insight into activities and what it takes to engage with customers
Community bank Customer Experience teams are trying to keep up with the changing needs of customers, and it’s a complicated job. Just ten years ago, most customers weren’t even using smartphones, and now they do more online than anyone could have imagined. As futurist Brett King indicates, “…banking is no longer somewhere you go, but something you do.”
A CRM system can be used to track responses to customer engagement initiatives, serving as a springboard to test new ideas and determine what resonates with customers across both traditional and emerging channels. It’s a vital source of information to help Customer Experience professionals monitor behavioral and demographic shifts in the customer base, and adjust accordingly.
3. Granular reporting on targeted marketing campaigns
Modern marketers love data, which means a CRM solution that gives the CMO insights into in-flight campaigns is imperative. With access to CRM, marketing can pick exactly the right audience for each campaign, boosting response rates. And they’ll be able to track efficacy by instantly accessing rich data about opportunities and their lifecycle stages.
CRM takes the guesswork out of marketing. Once it is in place, marketers will know who buys what, how many interactions it takes to sell a given product, what types of interactions (phone calls, in person, in branch) are most effective for selling, and what percentage of marketing opportunities are actually in progress and which haven’t been touched yet.
4. Understanding potential pipeline for financial forecasting
For a community bank CFO, instant access to company data is essential. However, disparate legacy back office systems isolate information. Since the information can’t be easily accessed, it frustrates business units and slows their time to market, which in turn leads to the ineffective use of resources. A CRM solution acts as a central data source for activities like accurate financial forecasting, which rely on a complete understanding of the sales pipeline.
CRM puts data at the CFO’s fingertips, so they can understand changes in the market to allow them to respond quickly. And many CRM solutions today even make this critical data available in real time through executive dashboards, so the CFO, and other customers of the leadership team can make informed decisions that steer the community bank in the right direction.
The Future is Customer-Centric
By 2020, PWC analysts project that ““Customer intelligence” will be the most important predictor of revenue growth and profitability” at financial institutions. Community banks that build the technological capabilities to understand and meet customer needs will be ahead of the game, offering seamless and personal omnichannel experiences that help grow customer relationships. By implementing the right technology now, community bank leaders can ensure a bright future for their organizations, by meeting the trend towards increased customer-centricity head on.
CRM = substantial operational benefits + ROI.
To learn more about how CRM pays its own way for community banks, check our free eBook “CRM in Community Financial Institutions: the Undiscovered Revenue Source”
About the Author
Paul brings 20 years of industry experience to his role as Vice President of Sales, Credit Unions (Canada). He has built a career helping clients develop and optimize their customer communication systems.
Publish Date: October 31, 2017 5:00 AM
Our 2017 release of Doxim CRM included an assortment of enhancements to the product. They were designed and implemented to meet the changing needs of today’s banks and credit unions and in close collaboration with our valued customers. The enhancements include new and optimized engagements and workflows, an improved, web-based user interface, a mobile app and integrated email marketing capabilities.
By Steve Castrucci
As part of the rollout, I recently presented at a webinar for current clients, explaining these new features. As is usually the case, we had many questions during the Q&A period, and I wanted to highlight some of them here on the Doxim Blog. Perhaps you’ve been wondering about some of these topics?
Overview Statistics on Customer Engagement
Q: As a Director, I am not involved in operational aspects of our engagement strategy but wonder if management can provide the board with overview statistics for our review and assessment?
A: Within Doxim CRM, you can get Engagement Pipeline and Completed reports that show the number and status of the Engagements, where they are in the Pipeline, and the <em based on actual sales and the probability of success. Depending on your needs, some of these reports are predefined within the CRM, and others can be custom created from existing data.
Email Opt-In/Opt Out
Q: Is there any specific integration with a software tool to ensure compliance with email preferences when communicating with customers?
A: The Doxim CRM is setup to support email opt-in and opt-out, email preferences, and to handle CASL (Canadian Anti-Spam Legislation) compliance. For example, here is a description of how the CRM works with CASL requirements:
The Solicitation Preferences settings can be used by our US clients to ensure that their customers are receiving communications through their preferred channels and that they remain in compliance with the CAN-SPAM act.
Integration with the Data Warehouse
Q: How will we integrate the information from the Doxim CRM cloud into our data warehouse?
A: The data stored within the Doxim CRM database can be made available through data extracts, and sent to you on a regular basis. You can then use this data to load into your data warehouse. This will ensure you always have access to the latest and most current information on your customers.
Q: How are staff authenticated to Doxim’s SaaS CRM?
A: To access our Doxim SaaS CRM, staff will have a user ID and a password, and log in to the system through the given URL. This user ID will allow them access to Doxim CRM and LOS (if applicable). Our strategic plan is to have one user ID that provides access to the entire Doxim Customer Engagement Platform.
CRM 2017 Reporting
Q: Do you have Reports in the CRM 2017 software?
A: Yes. Reports are available through the Reports icon. All the reports that were in earlier versions of Doxim CRM (formerly ACE) are still available.
Here are the reports, divided by area:
Q: How do I know that my data is secure in your data centre?
A: Doxim has been hosting the Doxim software for banks and credit unions for over 10 years. In Canada, we will be running the Doxim CRM in the same facilities as our ECM, we have state-of-the-art data centres in Ontario and British Columbia. In the United States, data centres are located in North Carolina, Arkansas, and Michigan.
Our data centres are SOC1 and SOC2 compliant, and they follow CSAE 3416 Compliance, which means they have been certified for security and privacy. We use HTTPS website security standards, and all new releases of our software undergo White Hat Vulnerability and Penetration Testing. For more details on Doxim’s data security processes and procedures, I invite you to download our Doxim Data Security Brief.
Do you have further questions about Doxim CRM 2017, and how an upgrade could work for your bank or CU? We’re always happy to chat, so feel free to reach out to Doxim and we’ll book time for a quick conversation and personalized demo.
Not a Doxim client? We have a sneak peek webinar coming up, during which we’ll showcase all the key functionality of Doxim CRM. Come see how you’d benefit from a CRM purpose-built just for banks and credit unions. The webinar will occur on November 2, at 2pm EST, and you can sign up here.
About the Author
“Steve Castrucci is a Senior Product Manager at Doxim. He has over 20 years of experience building and delivering software and services products for businesses and consumers within the financial services market place.”
Publish Date: October 27, 2017 5:00 AM
As customer interactions become fragmented across more channels than ever before, a CRM system may be your best tool to help provide seamless, insightful customer experience.
To get that all-important single view of the customers, you’ll need a CRM system that serves as a hub for data coming in from all channels, so you can capture all the bits and pieces of information that make up a modern banking relationship, and use them to engage customers, convert more leads, and create life-long loyalty.
Is your current CRM solution up to the task? If not, it may be time to plan for the successful future and build for the growth you seek.
Here are some of the steps you need to take to make sure the process goes smoothly. Remember, enterprise-wide CRM adoption is a cultural shift, so steps involving people are just as important as steps involving tech implementation.
1. Choose the right solution. The CRM marketplace is full of vendors offering “vanilla CRM” solutions, which claim to work for any industry and for any need of the staff. But these often don’t meet the complex needs of credit unions, who contend with complex legacy back office systems, geographically dispersed locations, and the need to keep business processes in compliance with rigorous legislation across all channels.
If you pick a purpose-built solution for financial services from a partner with industry experience, you’ll have access to features and functions designed to meet these unique needs. Plus, you can rely on your vendor to share best practices and real-world experience to make the implementation a success.
2. Select the right champions to lead change. Executive champions bring leadership and vision to your CRM project. But because CRM touches many departments and groups across your credit union, you’ll also need CRM supporters in every branch and location, at every level. And you’ll need to make sure that all champions have a singular vision of how the CRM implementation will benefit your organization.
3. Build and maintain a roadmap. Bring your stakeholders together to create a roadmap for your CRM project. Start by evaluating the gaps between the credit
union’s current state and its desired future state. Then consider how CRM capabilities can help you bridge the gaps. Identify key building blocks, from data migration to process documentation, and assign responsibilities for each.
4. Create a comprehensive messaging plan. You’ll need to communicate how the new CRM solution can help everybody do their jobs better without reorganizing their workflow, and listen to what everybody wants out of it. Be prepared for resistance – old habit die hard, and change makes people nervous, so you’ll need to be proactive about reassuring staff members that the CRM solution will help them meet their KPIs and make their daily lives easier. Make sure you have a mechanism in place for employees to share feedback with your CRM team throughout the planning, implementation, and rollout of the solution.
5. Plan to make training an evergreen activity. Peer-to-peer, role based training is essential if you want your staff to adopt CRM and use it correctly. You also need to recognize that ingraining new habits takes time, allocate resources to offer intensive training up front, then reinforce it later, and make inspection and coaching a perennial task as well. And don’t be afraid to incentivize CRM adoption, or use gamification and scoreboards to encourage CRM uptake at individual branches or locations.
6. Run through your CRM readiness checklist. At this stage in the game, your credit union is ready to go, with a roster of CRM champions in place, training, and communications plans ready to go, and key building blocks and KPIs mapped out. A final systems check can help you identify any last issues before you begin implementation. Your readiness checklist should include questions like these:
Plan for Success
As the saying goes, “failing to plan is planning to fail”. When a CRM project fails, it is often because the organization hasn’t’ done the groundwork to ensure adoption of the system. If you don’t create and monitor CRM KPIs, you may not even notice when adoption rate and usage drop and the project stagnates.
Conversely, if you take the time to select the right vendor, make a comprehensive implementation plan, build buy-in and rally the organization, you are well on the way to experiencing the enterprise-wide benefits of CRM.
Why is this process so worthwhile? Well, because significant organization-wide benefits of CRM include (but aren’t limited to), a better understanding of members, stronger member relationships, increased loyalty, and the opportunity to leverage member data to market more effectively.
Want more strategies to ensure CRM implementation success? We’ve drawn on over a decade of experience helping credit unions plan CRM projects to offer you some straightforward advice on important steps to follow. Read our eBook to learn more.
Publish Date: September 27, 2017 5:00 AM
Many community banks and credit unions have a general sense of what many of their customers want. Few can drill down to identify an individual customer’s priorities. The trouble is, that’s what really matters. It helps to know a customer is part of a given demographic group, but that’s not enough. People move in and out of life stages at different times. They skip steps. They mix up the order. Unless you can drill down to find out what’s top of mind for that customer, the one over there, you can’t personalize the service you deliver.
And personalizing is the name of the game in a world where non-financial businesses like Amazon, Uber and Airbnb are setting the customer experience bar high, fintechs are rapidly developing innovative solutions that bypass traditional financial institutions (see “3 things you can learn from fintechs”), and big banks are actively mining their vast stores of customer information to gain market share. But where is a community financial institution to begin?
You have lots of data—every organization does these days. In that mass of names, addresses, balances and transactions, what can help you get to know each customer better so you can target offers and provide exceptional service?
The first step is to take stock of what you know. With a comprehensive inventory of the data you have, you can identify questions to ask your customers to fill in the data you need.
Mine your data
Do outgoing bill payments suggest a loan held at another financial institution? Does a name change following marriage mean a mortgage on a new home is coming soon? These are opportunities for one-to-one marketing messages that reach the right customer at the right time.
Technological tools such as business analytics can help you transform your data into meaningful, actionable insights, as well as enable you to anticipate future needs.
Your customers are telling you what they need all the time. With customer relationship management (CRM) solutions, your customer service representatives can gather information and spread it across your organization. Your marketing team, for example, can then access that data to send each customer relevant messaging through their preferred channel.
Put it all together and you can digitize to personalize—building wallet share, cementing relationships with new customers and minimizing client attrition. Just how important is digital engagement to your bottom line? As one indicator, consider that it may mean the difference between your average customer holding 2.7 products and 4.4 products. That’s wallet share, that’s loyalty — and that’s revenue.
Find more insights into fintech strategies in “The Experience Gap: The real threat facing community banks and credit unions” or call us at 1-866.475.9876.
 RFI Global Intelligence, Cross-Sell Report, 2016.
Publish Date: December 2, 2016 5:00 AM
The financial industry is feeling the effects of digital disruption. Smartphones, tablets and wearable tech have forever changed customer expectations – and many banks and credit unions are finding themselves offside when it comes to customer loyalty. Instead of delighting customers with digitized customer experiences that are on par with retail stars like Amazon and Starbucks, they have fallen into the “Customer Experience Gap” – the chasm between what customers have come to expect from their service providers and what they actually experience.
Overcoming the Customer Experience Gap is especially challenging for many community banks and credit unions because they don’t have the deep pockets of big banks or the innovative applications of fintech startups. But they tend to know their customers better than larger competitors. This knowledge, coupled with a fresh approach to digitization, can help community financial institutions build the capacity to climb out of the Gap. That’s important because a new CEB report shows that a satisfying digitized customer experience is exactly what consumers are looking for.
In “The Digital Tipping Point”, CEB points out that just three years ago, over 1/3 of consumers preferred to bank via personal channels. By 2016, that number had dropped to less than 20%, with nearly a quarter wanting to do their banking exclusively via digital channels. The rest (58%) also preferred digitized services but still saw value in having access to a bank employee when they needed it.
In the “good old days”, customers naturally went to their PFI to obtain a loan, open a new savings account or conduct other banking business. Consolidating all that activity with one institution was the easiest way for them to keep track of their personal finances. But here’s the rub: as customers’ digitized experiences grow and evolve, these same consumers no longer see the need to turn to a single financial institution for all these services.
Now, they can use their digital devices to easily manage multiple accounts with different institutions or service providers. There are apps for almost everything, and consumers are using them to build their own information and resource networks. So, while your customer is browsing Zillow for a bigger home he may come across an ad for the perfect mortgage. Or maybe when she’s looking for a new SUV online, a great finance deal pops up, accompanied by an ad for an easy to use digital loan process. As a result, these customers are making major financial and life decisions without your bank or credit union even knowing they had a need. By making sure they know that the same great digital experiences are available from their PFI, you can go a long way to ensure they choose you rather than a third party supplier when it comes time for that new mortgage or car loan.
According to CEB analysts, the vast majority of consumers now take digital convenience and access for granted. Yet they continue to value banks and credit unions that understand their needs, respond with relevant information and help them stay on track with their financial goals. By building out your digital infrastructure you can start to bridge the Gap, moving from routine customer interactions to extraordinary customer experiences – every time.
Need help getting out of the Gap?
Download our latest eBook:
“The Customer Experience Gap – the real threat to Community Banks and Credit Unions”.
Publish Date: November 7, 2016 5:00 AM
This week, we’re delighted to feature a first-person perspective on the benefits on onboarding automation from our VP of Product Development & Chief Technology Officer, Adam Zimmer:
Firms often approach me to ask how they can automate (more) of the client onboarding process. In some cases firms have been reluctant to embark upon any automation of the process as they are worried about technology adoption rates. In other cases firms have a first generation automated onboarding process but they are still getting too many manual applications as their staff members prefer not to use the first generation system, finding it clunky and complicated.
In both cases, the key to getting advisors to adopt and consistently use new onboarding technology is the same. You need to know who your advisors are and what they need, and show them how onboarding automation can make their day to day lives easier. Of course doing this means recognizing the diverse nature of your advisor population, and the different ways they open accounts.
For simplicity’s sake, I think about three different advisor “use cases” and the value they can derive from onboarding software when I discuss onboarding. Here they are:
Case I: New Advisor
This advisor typically will not have an assistant so will be doing most of the paperwork him or herself. However younger advisors are generally comfortable with technology. They are also often out visiting clients so they are very concerned about mobility (e.g. tablet support) and avoiding unnecessary client visits to correct forms. These advisors will be the early adopters of the onboarding solution as it saves them time personally. One advisor once told me our onboarding solution might just save his marriage. Previously, he had needed to make two visits to each customer: once to fill in the forms, once to fill in the forms that were incorrect or had missing data. Using our system he was able to cut onboarding down to one visit which freed up two weeknights that he could spend with his family.
Case II: Advisor and Team
The advisor with a team typically has a larger book of business and one or more assistants to support him or her. Customers will come into this advisor’s office to sign up for new accounts. However they will most likely work with the assistant to open the accounts. The advisor’s assistant is the primary user of the system. Typically we find that assistant and advisor are both very excited about being able to reduce error rates with onboarding software, as it reduces their administrative workload. Office-based advisory teams also really appreciate the ability to save an account in progress, for instance if a customer has forgotten a key piece of identification and wants to return at a later date without starting the account opening process from scratch. Collaborative account opening also is attractive to these advisory teams. In this approach to client onboarding, the assistant can start the onboarding process at the office and then provide the customer with a user id and password and send them an email link to complete the application from home.
Case III: High Producer
This advisor typically is focussed on securing high net worth accounts, and does so at the client’s home or place of business. The advisor will have an assistant prepare the paperwork in advance then print out the forms to complete at the customer site should the customer prefer paper forms. Once completed the forms will be scanned in and recognized by bar code. The assistant will in turn transcribe the information from the forms which are now stored as images in the system. Even when this advisor uses paper forms, he or she benefits from onboarding technology, as it makes preparing the paperwork a breeze, and confirms that the assistant has filled in all mandatory fields when transcribing the data, reducing error rates.
As you can see, onboarding software can increase the efficiency of a variety of different advisor types, as it reduces administrative burdens on the advisor and their support team. The key to driving the adoption of your onboarding software is let your advisors know you understand how they work, and you’ve chosen software that will offer them real improvements in efficiency. The improvements have to be visible not just to operations but also to front office staff including the advisor and their support team.
Advisor time is an especially precious (and expensive) resource. If advisors can spend less time on paperwork they can spend more time selling and managing client portfolios. And if you can show your advisors that your onboarding solution can meet their specific needs, and increase their revenue by getting assets faster and increasing referrals, then you’ll find you have no trouble getting them to adopt your new onboarding technology.
Doxim’s flexible, configurable Client Onboarding solution might be just what you need to keep your advisors happy and productive. Give us a call if you have any questions about how it could work for your firm.
Adam Zimmer, VP of Product Development & CTO
Publish Date: July 7, 2016 5:00 AM
There’s a lot of talk these days about how transforming the customer experience is the only way for financial institutions to survive and grow. And the truth is, today’s financial services customers are different from their predecessors, and financial institutions need to keep pace with their changing expectations.Transforming the customer experience means rethinking your customer service approach across all channels. Here are three places you could start:
A cost-effective omni-channel approach to customer experience excellence starts with the right tools and strategies. Contact us to learn how we can help!
Publish Date: June 6, 2016 5:00 AM
How prepared is your firm to take advantage of the changing world of wealth management? Do your advisors have the tools they need to interact successfully with today’s clients? Most firms need to find ways to increase advisor productivity and overall efficiency, says one recent study. The report, from SEI Investments Co., suggests that advisors spend up to 40% of their day on low value administrative tasks. That’s a tremendous waste of potential!
This dismal level of productivity isn’t the fault of the advisory teams. Many of them are contending with baroque business processes and outdated back offices that make efficiency next to impossible. One simple example of a business process that is ready for reinvention at many firms is client onboarding.
Advisors who manually input and re-input data are doing so at the expense of the client relationship. They can’t focus their full attention on uncovering and attending to client needs, and this has an effect on the firm’s bottom line.Once firms recognize this, the case for onboarding automation becomes immediately clear.
Today, your advisors have an increasingly complex job to do, as the industry moves towards a more holistic advice model. They need to deepen existing relationships, prove their value to new clients, offer meaningful, timely recommendations, and make connections to heirs before generational wealth transfer begins in earnest. Top-tier advisors can make all this happen, but only if your firm removes every outdated technological roadblock from their paths and helps them be as efficient as possible.
For wealth management firms, the time to digitize business processes and get enabling technologies in place is now, before generational wealth transfer begins in earnest. With an investment today, wealth management firms with visionary leaders will be well positioned with the tools they need to benefit when wealth starts changing hands. Will your firm be among them?
Book a demo of Doxim Client Onboarding
Publish Date: May 11, 2016 5:00 AM
We are excited to announce the acquisition of DigitalMailer Inc. of Herndon, Virginia. For complete details, we invite you to read the related press release.
Founded in 2000, DigitalMailer serves more than 200 credit unions and community banks across the US. The company provides a suite of digital customer communications products and services that empower financial organizations to connect with customers via their preferred channels, by targeting messages to each individual’s interests and needs.
Doxim looks forward to introducing all current DigitalMailer clients to the Doxim Customer Engagement Platoform (CEP), which provides an omni-channel solution for financial institutions who want to deliver a consistent, digital, communications experience across the entire customer lifecycle. DigitalMailer solutions will be integrated into the Doxim CEP, so all Doxim clients can benefit from enhancements to the platform’s communications capabilities. They will also be made available to Doxim clients on a stand-alone basis.
With this acquisition, the reach of Doxim clients now extends to more than 16 million consumers. The acquisition also expands Doxim’s U.S. presence, adding two new office locations (in Herndon, Virginia and Charlotte, North Carolina), to its existing office in New York City.
Publish Date: May 2, 2016 5:00 AM
The costs of paper-based process are huge, and if you work in a financial institution, you probably have an appreciation of this fact. Traditional paper based form-filling imposes costs in a number of ways, and many may not see its true cost for what it is. Handling client paperwork in this physical medium not only requires paper and printer toner to produce documents, but also implies a number of ancillary costs to support. For example, maintenance of printers and scanners, costs to transcribe or scan-in paper to digital storage, or even warehouse storage of the paper itself, are sometimes hidden costs not directly seen as part of the paper world. Additionally, there are opportunity costs such as lost business as clients wait for unnecessarily drawn-out processes, and time spent that could be otherwise allocated to new business or improving the client relationship.
What does it take to remove this impediment to your business? The answer lies in paperless processing. This is the trend in financial institutions today, and has significant real cost savings advantages. A paperless process does not have printed forms to fill out by hand, but rather uses digital processing such as a web-based questionnaire to gather information. Rather than photocopying documents or identification, it can be scanned in and stored in a digital repository. And when it comes to providing authorization, electronic signatures are growingly becoming as defensible as their pen-on-paper wet signature alternatives.
Imagine not having to pay for wear and tear on printers, or for paper and toner, or for large facilities to store reams of paper-based contracts. This can be accomplished easily, and to the delight of your clients. And, as an added benefit, you can demonstrate your institution’s commitment to your green initiatives by shifting from wasteful to wasteless electronic client onboarding, loan origination, and customer communications.
The transition is happening now. Don’t wait until your business is at a disadvantage – bring paperless customer engagement into your organization today.
Phil Roberts, Product Manager
Publish Date: April 21, 2016 5:00 AM
It’s a challenging time to be in the lending business! Lending prospects, particularly younger ones, are growing ever more demanding. Today, they expect to be able to apply for a loan outside of branches, and outside of normal business hours.
Doxim staff working with credit union and banking clients often find themselves in conversations about how to meet these changing customer needs. Our clients are acutely aware that if their lending isn’t up to snuff, they risk losing customers to digital loan disruptors and financial institutions with more developed online and mobile offerings. On the other hand, if their products and services meet the needs of digital customers, the opportunities for profit are very enticing.
In response to the banking sector’s changing needs, we’ve recently rolled out new SaaS-enabled Doxim Loan Origination, and we wanted to let our blog readers know a bit about it. Designed in conjunction with our bank and credit union advisory board, this exciting new product is an all-in-one digital lending solution. It incorporates all their must-haves, including the following new features:
If you’d like to see Doxim Loan Origination in action, click here for a free demo.
Publish Date: April 15, 2016 5:00 AM
No CRM project is a success until staff adopts the tool and actually uses it. Sounds obvious, doesn’t it? But the truth is, high CRM adoption rates don’t just happen – and to get the highest ROI, you need a group of confident, properly trained users who are comfortable with your system. In our experience, a great training program can do wonders. To help you on your way, here are four tips to get your user training program up and running:
Showcase Your Executive Support
It’s always wise to remind your end users of how important universal CRM adoption is to your credit union. One simple way to do this is to have your executive sponsor offer some introductory remarks at the start of training. This starts the training session off on the right note, and it’s a great chance to share success criteria, adoption goals, and any incentives you may be offering the staff for using the CRM correctly.
Don’t Underestimate the Power of Hands-On Training
Hands-on training offers you a chance to directly show your member-facing staff how easy CRM can make their jobs. Don’t economize on this part of the training, and avoid the temptation to partner people up on training machines, because following instructor-led examples directly helps trainees retain information better. Also, make sure staff members are using your environment and your data to train on, so the training will be immediately applicable to their day-to-day lives.
Help Staff Ask the Right Questions
Want to keep your trainees engaged and make sure they understand the training material? Ensure you’ve set aside time at the end of each session for a Q & A period, and include opportunities to ask questions during particularly complex bits of training. Try setting aside a portion of the whiteboard to document questions that can’t be answered immediately – the trainer can take these questions away and get answers before the next training day.
Give Trainees Some Useful Takeaways…
… but don’t hand out multi-page manuals which will only ever be used as coasters. Instead, limit handouts to a few pages outlining key processes, or even a one-page “cheat sheet” with your top tips for CRM usage and contact information for CRM support in case your trainees need help.
Publish Date: February 22, 2016 5:00 AM
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