Sustaining Long Term Customer Relations on Threshold for Banks & Financial Institutions

By Hitesh Arora, Director Strategy & Customer Advocacy, CRMNEXT

Enterprises, especially large financial institutions currently face the damaging challenges of competition, rising customer expectations, deregulation of interest rate and ever shrinking profit margins. In these trying times for banks and other financial organizations, technology seems to be the only enabler which has and could become a disrupter leading to innovation, bringing customers & companies closer, reducing costs and giving an advantage to exceed sales, experience & engagement expectations in a highly competitive environment.

Liberalization and globalization has already transformed the workings of the financial and banking sector. In this scenario, customer onboarding/ acquisition and retention in an efficient and cost effective way is not just for thriving but for survival as well. With aggressive marketing and promotions by banks, customers quickly switch loyalty to gain new and advanced services along with better experience from competitive financial institutions. The sync between the technology and marketing departments of these businesses needs to be perfect, aiming long-term retention of customers and capture of the new customers through individualized marketing, cross selling, proactive engagement, re-pricing and customized service, leading the better brand experience.

An efficient Digital CRM makes up for an excellent business strategy, because it skilfully employs technology and the staff to get to know the behaviour of customers, so that enhanced value through Zero Touch process automations is provided, which is the only way a customer would have better experience and would remain with the brand. Advanced algorithmic modellers help the banks and financial institutions view enriched data, devise and deploy multiple types of strategies, create leads and build customer relationships, all in a single platform.

Instant fulfilment across all customer touch points which would otherwise have been considered too much of an ideal situation is now a reality with digital build solutions, through which designers have been able to completely abstract the complexity of building and wiring complex digital journeys and deliver radically enhanced customer experiences, across both assisted and self-service channels. In short, a digital platform can power codeless configuration of deep IP digital journeys.

We need to offer a complete, self-authoring, end-to-end digital build environment that contains designers which completely abstract the complexity of building and wiring complex digital journeys, delivering radical transformation of customer experiences, across both assisted and self-service channels.

When future performance is based on past and future sales are based on past, the current statistics will make complete sense. Imagine a tool, which auto calculates the required number of leads, campaigns, interactions and conversions on a daily basis and guides bank users to achieve their targets. With modules that are smartly based on parameters such as roles, products, time period, channels and revenue, the job of tracking performance and helping in course correction in marketing and sales strategies can be left to a modeller.

Not all customers are the same and their needs depend on their income, demographics and geography. The smart thing to do would be to segment the customers to form a group of five or ten customers from a size of millions of customers and then offer personalised services in this era of personalisation.

Making crucial business decisions for a bank’s campaign is difficult, because it means extracting valid, previously unknown and actionable knowledge from large databases. Data mining tasks such as dependency analysis, cluster profile analysis, concept description, deviation detection, and data visualization come in handy. Changing workflows and automating business rules as per requirements, will ensure process control and power right back in the hands of banks.

Yet, a digital CRM never looks only at maximizing profit for each transaction, but also looks at maximizing profits over the lifetime value of customers. These solutions are available on commutable cloud platform, offering freedom to choose private or public cloud, thus helping customers customize their application.

It is the scalable and agile solutions such as CRMNEXT that provide a 360 degree view, thereby creating an enhanced customer experience that every business desires. Its various modules such as CRMNEXT’s Vivid, CRMNEXT’s Trinity Cross Sell Modeller, Autoflow Designer and CRMNEXT’s Catalyst Performance Modeller bring greater capabilities to achieve the same.There are over one million users who manage more than 800 million customers on CRMNEXT’s Enterprise Digital CRM platform across 19 countries in Asia, Europe, North America, Middle East and North Africa, in industries like banking, insurance, finance, pharmacy and media. CRMNEXT has to its credit the largest banking Digital CRM implementation in the world with 325,000+ users, across 5,000+ locations.

With a Digital CRM platform, an achievement of customer engagement and efficient business growth is a given now and more than an ideal to hanker for.

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