By Carol Clagett
Head of Consulting
How bank priorities align with CRM Integration
In a recent survey by Jack Henry, 100 FI CEOs shared their organization’s overall goals for the coming years. Unsurprisingly loan growth topped the list, followed closely by optimization of operational efficiencies and the addition of more and faster digital products and services, including better ways to deposit checks and get banking done on the go.
Sure, loans are cool and all. But the second priority is by far the most interesting and far reaching. Boosting operational efficiencies can be accomplished in many ways. You can create better processes, innovative ideas, and provide more training. Or you can choose a customer relationship management (CRM) tool that integrates with all your systems. A functioning CRM makes all customer data accessible to and actionable by everyone in your organization.
Why does actionable data matter? Because it empowers your front-line staff to immediately manage customer requests, which makes customers feel appreciated and understood. It proves your bank is listening to customers’ wants and needs. If you have ever been dumped by a boyfriend/girlfriend, you know how the alternative feels.
In a recent article from The Financial Brand1, the customer experience is one of the best ways to build better, deeper relationships with those who want to borrow and save money at your FI.
Imagine a customer asking one of your people about today’s mortgage rates, either over the phone, via chat, video, or in the branch. They get the answer they need. At the same time, the teller alerts a mortgage pro within your organization, who then follows through with a personalized email. That’s the power of an actionable CRM.
The other benefit is employee retention.
Stop the Burnout
We all know employee burnout and being overworked are intertwined. In a study conducted at Boston University’s Questrom School of Business, it was discovered that employee output when working 80 hours as compared with a regular work week garnered almost no discernable benefits for the company. In other words, extra work, employee stress, and employer cost do not always have positive benefits. Workplace efficiencies reduce the time to complete specific tasks, all-but-eliminate task stressors, help employees achieve on-the-job satisfaction, and build confidence.
When employees are happy at work, they are less likely to look for other jobs, which can be a huge benefit to your organization.
If your bank wants happier employees as well as improved customer experience, CRMNEXT has all the answers and expertise you need.
Is Your Bank Ready for a CRM?
Customer Relationship Management is vital to bank growth amid an industry pushing for more loan origination. A CRM will help boost operational efficiencies and enable faster digital products and services.
Ask yourself, is your FI growing faster than your current employees can manage? Do your employees complain about slow processes and unrealistic expectations? Is your customer data hiding in several systems across many departments? And do you want to build a relationship with your customers?
Get to Know CRMNEXT
CRMNEXT integrates with your systems, consolidating data from multiple sources into one single platform. It’s all there, including 2-way communication with your core and a 360-view of every customer. Leverage our tools to enhance your data. It’ll make everyone’s job easier and more efficient.
1The Financial Brand, “Building a CRM from Scratch? Why That’s a Big Mistake for Banks.” November, 2021.