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

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

Ajith George

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

Ajith George

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: https://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

Dynamics 365: An AI led Customer Engagement Software

Ajith George

A few week’s back I came across this article “CRM Isn’t Enough – Here’s what next” by Forbes, which states that “CRM’s ability to deliver on its promise has stalled because it is not architected to address the challenges of today’s complex buying environment.” This statement makes us keep an ear to the ground and raise questions about modern topics on sales strategy on which active researches has been going on at Microsoft, Amazon e.t.c.

 

CRM, for majority of the organizations, has always been about sales and management and less on seller empowerment. To truly serve the modern customer, the current CRM model should be reversed. To put customer engagement at the center of a new modern selling engine, a research completed by Microsoft suggests that sales need to adopt a new hybrid sales model.

Empowering sales reps is more about helping engage with their customers, not efficiency through technology.

 

 

Better Engagement, Better Sales Quota

Companies need to revamp their sales strategy to concentrate more on a customer-centric model. One that blends digital journeys and highly orchestrated one-to-one engagement with our sellers at scale. When sellers precisely map the customer journey to the sales process, they attain a state of engagement. Microsoft research also shows that sales teams that emphasize engagement are 2.3 times more likely to achieve quota sales.

 

Big Data and Machine Learning

Better Customer engagement is not just about making a more dynamic sales process or adapting it to each buyer’s unique journey. Other functions within an organization also need to be inculcated, for e.g. orchestrating data, technology, people and automation to gain deeper buyer insights to coordinate the process of engagement

 

By utilizing a holistic customer views, a personalized experience can be created, driven by customer need at any point in their journey. big data analytics and machine learning can be leveraged to anticipate and dynamically deliver on those customer needs. Streamline the engagement process and deliver intelligent, hassle-free solutions that harness multiple channels to naturally engage customers when and where it is convenient for them using process automation.

 

Dynamics 365 Offerings

 

Dynamics 365 is uniquely positioned to offer the infrastructure, platform, business and productivity applications. Microsoft brings together disparate transactional and relationship data across your CRM and ERP, social networks, like LinkedIn, and your productivity, collaboration and email system with Office 365 to deliver customer-centered insights. Sellers can now deliver at scale, the authentic and personal engagement that today’s buyers demand.

 

Take the free readiness assessment for Dynamics 365 on our website

 

Sysfore offers exceptional application deployment and development support to enterprise organizations. Let us help your DevOps teams deliver applications quicker and with higher quality by providing self-service development capabilities that work within existing continuous delivery processes

 

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