The secret of success for any business is “Happy Customer”. And if you know how to succeed in enhancing the customer journey, then the sky is your limit. Gone those days when consumers use to take the back seat and business growth was the only goal to chase. Today, the most crucial aspects of any business are enhancing and smoothening the customer journey and make sure that not a single touchpoint is missed.
So, to build a strong customer loyalty process every customer touchpoint is addressed whether they are looking for a new service or financial product, scheduling a loan appointment, or checking statements, etc. But at the same time, make sure to enhance operational efficiency, productivity, and control costs.
Digital Transformation Taking the Front Seat
Today the financial business is witnessing huge challenges. Customer expectations are increasing by leaps and bounds. They are looking for a provider that gives them something extra in terms of some financial advice, better interest rates, etc.
With the unprecedented access to information and growth in technology, customers have innumerable options to choose from and it is paramount that organizations enhance their CRM systems to engage with customers more often, make their interactions personalized, and make every experience delightful to enhance customer experience, build loyalty and improve customer retention.
Banks and financial organizations have realized the fact that to be ahead of their competitors and to provide a seamless experience to their target market, they have to revolve their business function around it.
Customer Relationship Management (CRM) solution is no longer optional. It needs of an hour. A rightly implemented CRM can help financial institutions and banks in acquiring new customers, close the deal, and provide excellent customer service. As CRM holds the core customer data, these data are utilized for better handling of problems, providing info on the best product and service, communicate with customers at right time, and to extend customer service across multiple channels.
Source: Deloitte
The above infographic clearly shows that disruptive forces are taking center-stage in customer service strategy. As per a study conducted by Deloitte “Organizations must begin pro-actively reaching out to customers with information, advice and where appropriate, forewarnings. Acting as a partner to your customer and advising them how to make the most out of your services and reduce costs for themselves are high-value services that will single out your organization from the pack”
New Capabilities for Customer Services – Siebel CRM
Till now, we have understood that why CRM is no longer an optional choice for banks, but the question arises on how they can achieve maximum top-and bottom-line growth?
Here are some of those benefits and how you can become the bank that customers love with the right banking CRM solution.
- It can help you in establishing a need-based, customer-centric business model
We all agree that it costs twice as much to acquire a new customer as to keep an existing one. Especially the in case of banks were losing one customer or acquiring a new one can be a huge financial burden. But with the help of a robust CRM system, banks can segregate customers based on their account information, demographic, engagement history, the types of services they use, etc.And based on this information campaigns can be built with tailored-made offerings. Competition for customers is high, so relevant offerings and cross-sell opportunities are crucial for keeping existing customers engaged.Oracle’s Siebel Open UI is a power-packed next generation UI framework, built with modern web standards (HTML, CSS & JavaScript) to simplify the overall user experience. With Siebel Open UI, you can easily digitize your traditional UI to a much more intuitive user interface. - It can help in delivering digital-first engagements
The right CRM solution can help financial institutions and banks in delivering a digital-first banking experience to their millennium customers. We all know today customers are looking for services that can be easily accessible at their fingertips. And dealing with these types of customers you need to empower your sales and field agent with apt and real-time access to customer’s information, history, reports,and more, over your smartphones, tablets, and any other devices.Siebel CRM mobile solution offers pre-built mobile applications such as sales mobile and service mobile, which can be configured and integrated with the Siebel CRM applications. That means, your customer-facing team is fully accessed with customers’ information anywhere anytime. - It can increase banker productivity
What’s the first thing comes to your mind when we talk about the banking process? It simple “Paperwork and Repetitive task”. Numerous processes that need manual handling and involve lots of paperwork. These outdated banking process systems make bankers less productive due to the procedure’s vulnerability to errors.But these concerns are no more cause of concerns for bankers. With the help of Robotic process automation (RPA) banks are now automating their business processes, thus reduces manual mundane tasks. Moreover, banks can complete their back-end tasks more accurately and efficiently without completely overhauling existing operating systems. - It can help in personalizing customer relationships at scale
Digitalization has elevated customer loyalty and incentive programs to a new height. It requires you to build trust without any human interaction, which means customers want a flawless experience with the services they are using. So, how to recognize your loyal customers without spending thousands of dollars on ads, setting up expensive retargeting on custom development?
With Siebel loyalty management, you can personalize the way you want to interact and engage with your valuable customers. Furthermore, you can acquire and leverage rich customer insights and embedded best practices to deliver innovative and differentiated programs that drive behavior and build value, offer great customer experiences across channels, and adapt quickly and cost-effectively to improve competitive advantage.
Conclusion
Though you can reap endless benefits with CRM implementation and can build a robust customer relationship strategy especially in the banking domain which is now a customer-driven world. Experts believe that banks that understand and serve customized offerings are more likely to succeed, while those who still believe in traditional ways will lose market share and fade away.
As it is rightly said that “It is never too late to adopt innovations and new ways of working”. And it is important to keep in mind that we need to fundamentally change how we operate and deliver value to your customers. This can only be possible if a strong infrastructure foundation and well chose team collaborate.
