5 Killer Ways to Increase Customer Retention in BFSI | Dynamics 365

5 Killer Ways to Increase Customer Retention in BFSI | Dynamics 365

Over the last decade, technology has transformed BFSI massively. The proliferation of smartphones has placed an unlimited supply of information at our fingertips. Customer expectations are changing at the speed of light, today anyone with a web-enabled device can compare rates, read reviews and open accounts in a matter of minutes. To remain sophisticated and competitive, banks should develop a customer-centric approach that incorporates data-insights, personnel training and added product value.

 

In this article, we will focus on how CRM can be leveraged by banks and financial institutions to increase customer retention.

 

Gain a 360° View

Dynamics 365 provides a 360-degree view of customer data including accounts, service inquiries and marketing segmentation. A well-designed system will give your sales team a deeper understanding of the customer’s situation and the roadblocks he is facing, allowing him to:

  • Help the customer in the best possible way
  • Make decisions based on data
  • Understand customer’s preferred communication medium
  • View recent interactions the customer has had with the bank.

 

Provide Outstanding service

There are multiple communication channels available to customers. Each point of contact provides an opportunity to address questions, complaints, or compliments. Ensuring all customer-facing personnel have access to CRM allows them to quickly capture their customer interactions, record follow-ups and provide fast resolution.

 

Since customers have embraced social media as a platform to leave reviews or vent frustrations, marketing departments have been looking for ways to identify and respond to customer sentiments. Utilizing Dynamics 365 to quickly identify and respond to customer posts will make a tangible impact on retention.

 

In fact, a recent Twitter study reported that customers who receive a response on Twitter are 30% more likely to recommend the brand and respond a full point higher on customer satisfaction surveys.

 

Identifying the Next Best Product

Leveraging the power of a CRM database, banks can make highly-educated product recommendations to customers. For example, Dynamics 365 can help bankers understand the most relevant product to offer a customer based on their demographics, current product mix, and life circumstances. Every bank should establish a formula for identifying the next best products for their customers. Storing the next best product for each customer in CRM will give employees a great source of referrals. Additionally, providing this tailored experience will result in a deeper relationship between a bank and its customers.

 

Execute Tailored Marketing Campaigns

Through integration with an automated platform, like MailChimp, marketing departments can create highly customized email campaigns to increase customer awareness, reinforce brand integrity, and inform customers of products and promotions straight from Dynamics 365. With the ability to segment, score, and analyze customer data, banks can offer targeted communications regarding:

  • Rate changes
  • New products
  • Products targeted towards specific life events
  • Rewards redemptions

Communicating targeted information, based on a customer’s life situation and current financial needs, increases the likelihood of engagement.

 

Listen to Your Customer

When it comes to retention, listening to and acting on customer feedback goes a long way. Surveys should be conducted regularly to maintain an understanding of the customer base, and the responses should be tied back to the customer record.

Dynamics 365 can equip banking and finance enterprises with a wealth of tools to comprehend their customer needs. An organized system can easily tell a customer’s journey to front-line representatives as well as back-office staff, leading to increased retention numbers and optimal growth

 

Learn more about how your organization can implement service innovation from cutting-edge AI solutions designed for the most complex enterprise scenarios to modular apps that let you tackle discrete business transformation processes one at a time with Dynamics 365. Contact one of our experts today to get a free consultation on how you can implement Dynamics 365 in your organization and find the perfect solution for your business. Write to us at info@sysfore.com or give us a call at +91 (80) 4110 5555

What can you expect from Dynamics 365 and LinkedIn Sales navigator with the Spring ’18 update

What can you expect from Dynamics 365 and LinkedIn Sales navigator with the Spring ’18 update

AI – powered by decades of research from Microsoft– is already infused throughout Dynamics 365. These new solutions are designed to tackle high value, complex scenarios – end to end. Cutting edge AI technologies are implemented on to existing Enterprise scenarios and tailored to your existing processes, systems and data. The first solution is focused on customer service. It includes an intelligent virtual agent for customer care, an intelligent assistant for customer service staff and conversation management tools, all powered by Microsoft AI.

 

The world’s largest professional network is also available at the fingertips of your sales organization, with the Microsoft Relationship Sales solution. Customers like Visa, Dolce & Gabbana and Chemonics are putting Dynamics 365 to work for their business.

Spring ‘18 Updates

Customers familiar with LinkedIn and Dynamics 365 understands how Microsoft Relationship Sales is changing the way we connect with their customers, and Microsoft is going to make it even better. Below are a few of the improvements Microsoft are making to harness insights from LinkedIn Sales Navigator surfaced within Dynamics 365 for Sales. For a comprehensive list and additional details, please visit the blog from LinkedIn’s Steven Kaplan here.

  • To better elevate relationship insights, the user experience will be updated to move beyond a standard widget, and instead, offer fully configurable insights that take advantage of immersive experiences and intelligent business processes to allow for increased flexibility and adaptability to a seller’s unique sales process.
  • Soon LinkedIn InMails and messages can be sent directly from Dynamics 365 for Sales and these activities will be added to the Relationship Insights capabilities of Dynamics 365 for Sales. This will allow Relationship analytics to expand to include activities such as InMail and PointDrive interactions as well as all Relationship Assistant cards to be triggered with LinkedIn data.
  • Customers will be able to natively render profile photos from contact records in LinkedIn, enriching lead and contact data directly within Dynamics 365.

 

Making it easier for every business user to create, augment and extend business applications

From new AI solutions designed for the most complex enterprise scenarios to modular apps that let you tackle transformation one discrete business process at a time. We, Sysfore Technologies are building Dynamics 365 to meet you where you are, at every step of your journey. Contact one of our experts today and to learn how you can implement Dynamics 365 in your organization and find the perfect solution for your business. Write to us at info@sysfore.com or give us a call at +91 (80) 4110 5555

Enhancing Customer Engagement with Digital Transformation in Sales

Customer engagement for a sales organization is more than an influential action initiated by communication – it’s the cycle of everything that happens between personal and digital encounters. Customer engagement demands an organization-wide allegiance to building meaningful connections, establishing relationships, and nurturing those relationships to institute trust. Customer engagement drives every interaction, every process, and every decision—and it’s the key to driving sales.

 

Leaders across multiple industries ranked customer engagement the #1 driving force behind sales versus tactical drivers like automation and productivity

 

The top-performing sales organizations are leveraging digital transformation to unlatch greater revenue growth. They understand the need for technology to fully apprehend customer engagement, and they seek technologies that continually help them evolve their customer engagement capabilities.

 

Digital Transformation and Revenue Growth

To drive customer engagement, many sales organizations are embracing technology to some extent. Where they are in their digital transformation journey varies, depending on their views and behaviors regarding technology adoption.

Digital transformation in Sales

  • Skeptics: Organizations that have yet to begin a digital transformation journey are embracing technological tools that — while may seem rudimentary — are invaluable to their sales teams.

 

  • Followers: As organizations begin to evolve on their digital transformation journey, they look for technologies that will allow for deeper engagements. They start to see the benefits of moving beyond introductory tools and adopting technologies like customer relationship management (CRM) tools to increase productivity, reimagining the capabilities of their sales teams

 

  • Strivers: Organizations who reach this point in their digital transformation journey are committed to evolving their customer engagement capabilities. This is where organizations start to see a cultural shift in the way they view and approach technology, with sales leaders prioritizing digital transformation as an organization-wide initiative—garnering support from the top-down.

 

  • Drivers: Sales organizations in this stage know there is no definitive end to the digital transformation journey. Drivers constantly experiment with advanced technologies and seek every opportunity to engage customers and gain a competitive advantage. Even when technology fails them, they continue to invest and experiment.

 

Turns out that there may be a direct correlation between digital transformation and revenue growth.  You’ll see in the following graph that organizations from the May 2016 Microsoft survey identifying as technology Drivers enjoyed a 50% increase in revenue growth:

Digital transformation in sales_2

Digitally transforming your sales organization is an evergreen journey. It’s an ongoing process that needs to become part of your organization’s culture, and it requires commitment and initiation from sales leaders.

 

To see how Microsoft Dynamics 365 for Sales, part of the next generation of business applications from Microsoft, can help your organization successfully navigate transformation, take this free readiness assessment: http://www.sysfore.com/sysfore-D365-offerings.aspx

 

Learn more about how your organization can pursue service innovation with Dynamics 365. Contact one of our experts today and to learn how you can implement Dynamics 365 in your organization and find the perfect solution for your business. Write to us at info@sysfore.com or give us a call at +91 (80) 4110 5555