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
2Ring Gadgets for Cisco Finesse
2Ring Gadgets for Cisco Finesse, offered in three bundles (standard, enhanced, premium), empowers supervisors and enables agents to become more efficient.
Supervisors are able to handle everyday tasks on their own from within Cisco Finesse: reskill agents, view detailed information about agents and customer interactions in real-time, receive alerts about important call center events (RONA, Calls in Queue, ..), send messages to agents, or even change wallboards on the fly. Be flexible to provide help when needed.
Agents gain all the features that they need to serve customers faster - repetitive tasks are automated, alerts about important call center events pop-up on top of all the appli...
Calls are received by the right person or department. The right corresponding information is shown to the agent which makes that appointments are handled quicker and more secure.
Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.
Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.
|4.)||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.
Contact Centre Services
We’re a specialist Contact Centre business and market leaders helping socially focused organisations deliver quality support to their clients and service users. We do this by providing 24/7 helplines, software solutions and consultancy services.
Since launching in 2006, we’ve operated at the sharp end of customer service, supporting some of society’s most vulnerable people. We’ve pioneered in our space to become a specialist in helplines, whilst using the most advanced communication and database technologies available.
Our social mission has remained a constant throughout, providing many meaningful career prospects and growth opportunities to people within our local communities and fur...
|6.)||Jointly International Inc.|
Front Office Solutions
Front office is your Company’s first line of customer interaction and serves as the mirror of your business. Focus on your core business and let our competent staff handle your various front office needs such as:
* Customer Service via chat, email or phone
* Technical Support via chat, email or phone
* Virtual Assistant/Receptionist
* Answering Service
* Lead Generation
* Appointment Setting
* Debt Recover, Collections
Contact Center Outsourcing
By catering valuable, usable and enjoyable customer service, businesses can increase their CSAT Score and Customer Retention Rate. We help organizations to provide quality customer service through varied channels like email, phone and live chat. Ensuring quality after-sales support is our USP and we rely on proven approaches to ensure quality customer service.
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.
*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
VADS Inbound Contact Center
VADS Inbound Contact Center Services provide live operators who answer incoming calls as you would yourself. A team of professional script writers is available to help you script a greeting and experience programmers will set up a time and money saving program. Our unique approach to call center services is client-focused, and takes each project’s unique needs into account to our client’s satisfaction. We offer solution as part of our service to keep you in touch with your client and drive sales.
- Customer Service
- Walk In Center
- Service Desk
|10.)||Tru29 Outsource Solutions Inc.|
Front Office Solutions
Any part of your business operations that requires constant end-customer facing task is an essential part of your business.
This task requires a good customer experience results for every customer interaction. Our extensive experience in handling Front Office related tasks can help you focus on your core business while being cost-efficient at the same time.
|Fixing Customer Experience Pain Points with CRM: A Leader’s Guide||November 14, 2018 5:00 AM|
|How to Get Buy in for Your CRM Project||January 18, 2018 5:00 AM|
|Voice of the Customer: First West Credit Union Tackles Operational Complexity with Doxim CRM||November 15, 2017 5:00 AM|
|Why CRM needs to be in your 2018 tech budget||October 31, 2017 5:00 AM|
|You Asked, We Answered: New Doxim CRM Release Q&A||October 27, 2017 5:00 AM|
|Successful CRM Implementation Starts With Strong Leadership||September 27, 2017 5:00 AM|
|Pop quiz: What’s top of mind for that customer over there?||December 2, 2016 5:00 AM|
|Want to keep your customers close and loyal? Climb out of the Customer Experience Gap.||November 7, 2016 5:00 AM|
|Client Onboarding: The Key to Advisor Productivity||July 7, 2016 5:00 AM|
|Reaching Today’s Empowered Customers||June 6, 2016 5:00 AM|