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Author's profile photo Olivia Diaz

Key Banking CRM Features To Prioritize For Business Success

Hello readers, recently I saw a tweet where someone posted a photo of a reputed national bank and asked his followers to tag the banks that provide lousy customer services. Of course, immediately that tweet was retweeted thousands of times, and hundreds of people commented about how lousy customer service their national bank provides while tagging them.

The comment section of that tweet was almost looking like a complaint box against all the national banks. And as long as I have scrolled down that comment section, I can see that not just almost all the national banks have been tagged but they have been tagged over and over again almost 10-20 times by different people for their lousy customer service. Well, if you have ever visited a bank you would have known how lousy their customer service can be because, in that comment section, you can see the name of every national bank you have ever heard of.

Now, the most notable thing here is that whenever a bank was tagged by their customer, below that comment, the banks had now come to repair their damaged reputation. The official Twitter handles of the tagged banks were now seen replying to their customers about how sorry they were for the inconvenience and how they should mail or message them about their specific problems so that they can work on solving the issues.

It was obvious that such an uproar by the customers on Twitter would get the attention of their banks. And what banks did there, can be considered as a part of their customer services. But the fact here is that they were too late for that. The damage was already done. Customer services and relationship management are important parts of the business not for managing the inconveniences that customers face while using their services.

Customer relationship management is about knowing your customer well enough to understand their preferences so that you can offer the best deal on your products or services that they could ever wish for. Believe me, we all know that it wasn’t just this one incident, such things happen more often on many online platforms. So, if you do not want to end up like those banks, then you must develop or buy a suitable CRM system for your organization. And it must be empowered with features that are essential to understand your customers and serve them better.

Banking CRM features

Complete Customer View

The major reason why CRM solutions are implemented is to gather and manage information about customers so that businesses can know their preferences and offer them products and services accordingly. In a banking solution, you must find and keep all your customers’ information, such as their name, address, phone number, and email address.

The complete customer view lets you capture all this information from your desktop or mobile device. You can then store this data in your CRM database so that it’s available for use throughout your business.

You can filter by any field, group, or region, identify opportunities, and more. In short, when it comes to the customers, you will have all the necessary data just a few finger-taps away.

By understanding your customer’s needs, you can develop marketing strategies that engage them with your brand, product, or service offerings. The tool also enables you to segment your audience by product type for more effective targeting of different products or services.

Lead Management

Lead management software helps your company identify and manage the leads that are generated from various marketing activities. It also allows your sales team to follow up with those leads, collect more information about them, and qualify them for sales opportunities.

With lead management software, you can create different lists for different purposes. For example, you can have one list for customers who have already spoken with a salesperson, another list for those who haven’t yet been contacted by your sales team, and so on. You can also create lists based on customer interests or behavior patterns to optimize your customer relationship management efforts.

Lead management can be used for all types of businesses including e-commerce companies as well as B2B firms that have a large number of customer contact points (such as phone calls and emails).

Workflow Automation

In the case of banking, workflow automation means making it easier for customers to complete their transactions and move on to other tasks. This includes automating the customer journey from when they visit an online banking site to when they make a payment or view their statement.

For example, if customers want to transfer funds from one account to another, there are several steps involved — from logging into their account, clicking on “transfer” and entering their routing number and account number, all the way through to verify that everything is correct and providing additional information such as a PIN. Automating this last step can save time and ensure that customers don’t have to wait long periods before being able to move money around.

Automating your business workflow not only enhances your productivity but also helps you reduce errors and improve customer satisfaction rate. It also helps streamline workflows which can save time and money for businesses.

Marketing Campaign Coordination

Marketing campaigns are the lifeblood of any business. They’re essential to generating leads and turning them into paying customers. But they are not enough to put ads on social media platforms like Facebook or cold mailing all your customers.

You have to be able to manage all the different channels — from email to social media, to billboards and television so you can hit your targets effectively.

Banking CRM helps you do this by providing a single interface that integrates all of your marketing channels into one unified view. You can use Banking CRM to:

  • Track all of your marketing campaigns, including their metrics and performance
  • Monitor all of your social media campaigns in one place
  • View analytics for every channel in one place

Analytics and Reports

Analytics and reporting are crucial to any CRM system, as they allow you to track, analyze and measure business activities.

Analytics can be used for many purposes, such as helping you find out how customers interact with your website, identifying trends on a specific product or service, and determining the effectiveness of marketing campaigns. In banking, analytics are used in various ways:

To identify customer needs and requirements – One of the most important aspects of analytics is to determine what kind of products or services customers need. You can accomplish that goal by doing thorough market research and asking customers for feedback about your products and services.

To improve customer satisfaction – Analytics can also help you strengthen customer loyalty by giving them real-time updates on their transactions and interactions with your website or mobile app.

To improve customer experience – By analyzing data from different sources, you can identify problems with your products or services and use this information to make improvements so that they don’t happen again.

Integration Support

When it comes to integration, your banking CRM system needs to be able to work with all of your other systems. You should be able to integrate it with your accounting software, marketing automation software, and any other system that you use. This will allow you to pull data from multiple sources and then use it in a way that makes sense for your business. It will also allow you to manage all of these different systems from one place, which saves time and effort.

Integration support is available for a wide range of third-party solutions, including but not limited to:

  • Integration with internal systems, like ERP or accounting software
  • Third-party applications, like, Zoho CRM, Sage 50, or SAP
  • Other CRMs and ERPs

Final words

I hope you understand the importance of having a CRM system at your disposal. Because it allows you not only to gather critical information about your customers but also helps you understand their preferences. Also, this enables you to access any relevant data within a few seconds. This may seem like a lot of work for professionals but the best thing about CRM systems is that they can be easily automated. You can automate the entire workflow of your business from lead generation to marketing. CRM systems are also known to keep track of all the important analytics that have been called for and send regular reports with valuable insights in them. When you start using a CRM system, you can better manage both your business and your customers.

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