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 firstname.lastname@example.org or give us a call at +91 (80) 4110 5555