Why every financial institution should have a CRM!

If you are working in a bank or financial company and you are still facing one or several of the following painpoints then this article is for you:
1. Scattered and hard to use customer information in several excel spreadsheet or physical database
2. High IT maintenance and upgrade costs
3. Still need to walk out of your desk ot bring paper documents to the different company department (for example the compliance department during KYC or any other process)
4. Low customer satisfaction and slow processes around customer request due to a lack of exploitable customer information or central database (thus asking several time the same info to a customer)
5. Lack communication channels with your customers ( no chat, no portal, no website forms etc.)
6. Customer document, information loss

CRM for finance

In the financial services sector, customer service is one of the areas that a business can focus on to obtain a competitive advantage. A 2014 study by JD Power revealed that poor customer service was the number one reason why customers changed banks. This demonstrates the importance that customers place on the level of customer service that they receive and therefore banks and other financial institutions need to make a concerted effort to ensure that their customers feel safe, secure and highly valued. The fact is that customers have choices and it is no longer sufficient to compete on pricing alone. Convenience, ease of doing business, financial accuracy, timeliness of transactions are some of the things that customers are becoming more and more concerned and adamant about. This is where having a CRM system may prove advantageous to a financial institution.
A CRM (Customer Relationship Management) system is the set of practices, strategies and technologies that a business would utilize in order to manage all the interactions between the business and its customers, as well as the management of customer data and information at every stage of the customer life cycle. The ultimate goal of a CRM is to improve the relationship between the organization and the customer and to foster loyalty and long-term relationships. It often involves the automation of several processes and aides in the accurate storage and retrieval of customer data and information.

Salesforce for finance

Salesforce is the best and more popular CRM system that allows financial institutions to gather and store customer information easily and seamlessly in one central location. This facilitates transaction speed as well as lessens the chances of data entry error since the data only needs to be inputted once and updates across all relevant information points automatically. Customer information is stored in the cloud which drastically cut the cost of software and hardware. It can be retrieved easily in real time from literally anywhere in the world. So a financial advisor who meets a client at his or her business place can easily access that customer’s information without the need to be physically present in the bank or financial institution. With a CRM system such as salesforce, banks can better satisfy their customers by bringing the business to them and thereby improving the quality of the relationship and the value that the customer places on that particular financial institution.
The larger the financial institution’s customer base, the more difficult it becomes to effectively manage customer information. Since customer data and information is usually shared among several different departments, it is important that the connection is seamless and free from bottlenecks.
Salesforce CRM is the ideal way to handle the customer database management needs of any growing financial institution. It leverages collaboration among teams, and helps the organization to capture customer data in real time. Finally, Salesforce is designed to grow as your financial institution grows without even changing anything. Indeed once your processes configured, all you need to do is add users in the system and they are ready to work, no more updgrades or costly software maintenance!

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