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Why CRM needs to be in your 2018 tech budget - Doxim - ContactCenterWorld.com Blog

Why CRM needs to be in your 2018 tech budget

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:

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  • 32% struggle with delivering personalized, targeted messages
  • 28% struggle with audience segmentation
  • 30% struggle with understanding customer needs

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.

Source: https://www.doxim.com/blog/why-crm-needs-to-be-in-your-2018-tech-budget/

Publish Date: October 31, 2017


2022 Buyers Guide IVR

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
Computer Data Services, LLC

VIRTUAL PBX
Get the benefits of an expensive, on-premise telephone system without the high price tag and annoying maintenance.

- Never miss another phone call
- No more busy signals
- Feature rich
- Answer your calls from anywhere

3.) 
eGain Corporation

eGain SmartIVR
eGain SmartIVR is an over-the-top solution to modernize IVR systems. Businesses can offer smartphone callers an easy choice to resolve queries via digital messaging and intelligent self-service. And they can optimize the IVR experience with end-to-end analytics.

4.) 
Megacall

Virtual Switchboard
Megacall provides a fully customised Virtual Switchboard software for all companies (including IVR service). No matter the size of your business, our services adapt to the needs of each client.

Are you looking for a more effective way to communicate with your customers? Discover the advantages of using the IVR and how it can help in your communications.

5.) 
MightyCall

MightyCall's IVR that will increase your business’s efficiency at a fraction of the cost of a secretary. Your auto-attendant is designed to:
- Greet callers
- Deliver necessary information
- Forward calls to the appropriate extension
- Take human error out of the system

6.) 
Nuxiba Technologies

CenterWare
Provide your customers with an effortless self-service experience. Easily create menus using predefined or custom prompts and data dips and route customers to live agents when needed.

Enable your customers to make payments and access information 24/7 at their convenience. Request a quote or live demo today.

7.) 
OpsTel Services

SPEED
The SPEED solution solves for service level issues while cost optimizing the environment with automation.

Provides an enhanced way to speed up & optimize invoking temporary agent skills configuration changes into the contact center environment.

Speed allows you to schedule both future changes & temporary changes that auto-revert back to the original state when scheduled time expires.

Speed features:

*Automated / Scheduled Temporary Agent Skills Configuration Management
*Immediate Temporary or Reoccurring Schedule Skills Configuration Changes
*Easy to Use/Operations Administration Focused
*Descriptive Monitoring Activity Dashboard
*Detailed “End to End’ Audit Trail and Performance Monitoring

8.) 
PEC Telecom

Virtual Phone Numbers (DID) and Business VoIP Phone Service
Whether a customer is running a Call Center business, an IVR system to take phone orders or a voice mail service bureau, he still needs inbound lines and access numbers (DIDs). These lines and DIDs give customers the ability to call in and use the service. Traditionally, these lines and DIDs were obtained through the local telephone company (i.e. Verizon, AT&T or Time Warner) and a company could only purchase numbers with area codes in the region the system resided. With VoIP, this has changed.

DID Live is an IP DID service that allows you to accept incoming calls via VoIP as an alternative to standard digital or analog lines. The service provides the same quality of sound you expect from...
(read more)

9.) 
Teckinfo Solutions Pvt. Ltd.

IVR Edge
IVR Edge is a high performance, robust and scalable ivr system that works on various leading hardware such as Dialogic, Keygoe and Synway etc. It can handle the simplest of simple to the most complex of requirements to when it come to creating an IVR. Integration with any 3rd party database, be it for banking, telecom, insurance, travel, payment gateway etc can be handled with ease. Ideally suited to create Hosted IVR and virtual patching solutions with scalabilities that can range from 4 to 128 E1’s per setup with voice recording and CDR functionality. Integration with leading text to speech (TTS) and speech recognition ASR engines add to the flexibility and functionality.
 



View more from Doxim

Recent Blog Posts:
Fixing Customer Experience Pain Points with CRM: A Leader’s GuideNovember 14, 2018
How to Get Buy in for Your CRM ProjectJanuary 18, 2018
Voice of the Customer: First West Credit Union Tackles Operational Complexity with Doxim CRMNovember 15, 2017
Why CRM needs to be in your 2018 tech budgetOctober 31, 2017
You Asked, We Answered: New Doxim CRM Release Q&AOctober 27, 2017
Successful CRM Implementation Starts With Strong LeadershipSeptember 27, 2017
Pop quiz: What’s top of mind for that customer over there?December 2, 2016
Want to keep your customers close and loyal? Climb out of the Customer Experience Gap.November 7, 2016

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