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

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

How to tackle the 4 common pain points for sales with Dynamics 365

As a sales head, sales manager, VP or director, you might be wondering

“what is stopping your sales experts from getting new business?”

“Is my team reaching their full potential?”

“What is stopping them from being more productive or closing more sales?”

 

Like numerous business software, a CRM platform can create vital positive changes for its users. Employees need to adapt to the modern CRM systems to get the best return on investment possible.

With that in mind, let us talk about the common pain points for salespeople and how to overcome them.

A lack of understanding and planning

To make the most of CRM, an in-depth comprehension of the entire sales process – from initial contact to the final payment from a customer is necessary, even if a company is using CRM software for the first time or switching to a new system.

Dynamics 365 might not be a cure for all. But, it can turn piles of data into actionable information.

When CRM is used in sync with an effective system, it helps turn piles of data into actionable information and allows users to take better and prolific actions. Dynamics 365 should be viewed as an acolyte of success, not as a covering for inefficient recordkeeping and training, to be unquestionably useful.

Only using traditional measures

In-depth analysis of sales data would require a significant amount of time and labor when done manually. Dynamics 365 does the reporting, allowing users to concentrate more on the major element of their job.

Instead of simply recording sales results, businesses can track communication with prospects and existing clients on the departmental and individual levels.

With this wide-ranging approach to measurement and tracking through Dynamics 365, it’s easier for a company to correct faults and redundant processes.

Not emphasizing customer experience

Dynamics 365 can offer customer-facing advantages if leveraged properly.

Businesses that are too focused on internal improvements can overlook the importance of better interactions with clients and all of the associated advantages.

Through the more involved tracking of customer history, attributes and activity, it’s easier for sales teams to offer relevant information that spurs a new sale or simply keeps customers engaged.

Not placing enough value on vendor quality

The right Dynamics 365 partner will help an organization throughout and after the implementation process.  A top vendor draws on past experiences to help suggest improvements to the software and offer advice to help make implementation as easy as possible.

Poor vendor selection as one of the top reasons for the failure of a new software system

The best vendors will be able to objectively demonstrate why Microsoft Dynamics 365 for example, offers specific advantages that will benefit operations at a specific business.

 

MS Dynamics 365 for Sales is adaptable, versatile, extensible and scalable. It gives smart bits of knowledge to help sales representatives offer more in less time, wiping out a significant number of the diversions that can shield deal experts from concentrating on their actual needs. In short, MS Dynamics 365 can enable you to develop your business and increase your profitability by closing deals faster and more efficiently while simultaneously nurturing your relationship with each customer.

Contact one of our experts today and we will help you find the perfect solution for your business. Write to us at info@sysfore.com or give us a call at +91 (80) 4110 5555.