The term CRM has gone from being a relatively obscure acronym to an industry buzzword. It’s even been a question on Jeopardy. Every business that has yet to integrate a CRM system longs to add and understand its benefits. For those who have already experienced the wonders of CRM, there’s always room to know more about this form of personalized banking and member journey. In a unique CRMNEXT way, this brief article will explain what a CRM is, why your organization could benefit from one, and how it could make you a hero (minus the atomic superpowers).
The ultimate goal of every bank, credit union, for-profit, and non-profit organization is to improve member/customer experiences and become more intertwined with their daily lives. In other words, you want to improve sales and/or product and service penetration to help more people make better-informed decisions that then integrate them further into your organization. You want to answer their questions before they ask them, deliver information before they need it, and make them your advocates.
If they feel so loved and listened to by your organization that they’re willing to tattoo your logo on their skin, you’re doing something right. That kind of devotion takes a truly robust CRM system.
Here’s how it works: A CRM system takes teamwork to the next level with intelligent cloud-based software. When put in place, this software creates a centralized hub where all of your organization’s customer/member data lives. That data, which may include contacts, profiles, interaction history (email phone calls, chat, and branch visits), projections, customer-service and sales-team notes, as well as reminders and analytics, can be accessed and updated by anyone in an organization. When we say anyone, we mean anyone — from the front line staff to the CEO. The goal is to streamline and automate processes to improve efficiencies for your organization and the customer/member.
What it Does
With the right CRM features, your organization can easily keep track of every interaction, automate follow-ups, personalize messages, as well as manage opportunities and relationships. From the first time a customer or member visits your website to their initial product or service, you’ll have the opportunity to track every move and listen carefully to their wants and needs. Not in a creepy, stalker kind of way, but in a helpful, gently nudging kind of way that can propel their financial future.
In other words, CRM in banking offers perspective into the lives of your customers/members and makes everyone within your organization aware of it. Your people will have the tools they need to serve the customer/member better and strengthen the organization and their careers.
What it Doesn’t Do
A well-integrated CRM doesn’t let leads fall through the cracks, doesn’t miss the chance for a follow-up, and doesn’t attempt to keep everyone on the same page — it succeeds.
Realistically, a financial services CRM cannot fix every communication and organization issue. What it can do is tie everything together to provide a holistic experience for those on the inside and outside. And unlike HAL-9000 from Arthur C. Clarke’s Space Odyssey, you’re 100% in charge of it all.
Why You Need CRM
Overall, a CRM helps you focus on those you serve. The end result is an increase in sales, improved retention, better analytics, enterprise-wide knowledge distribution, and added transparency. You’ll make it easier for your people to do their jobs and help customers/members feel more understood and appreciated. That’s when tattoos happen.
Need an example? Let’s say a young family applies online for a home loan late Sunday night. Why are they up late? Do they have work in the morning? They’re young. They’ll be fine with less sleep. The point is, the CRM knows they have been banking with the organization for a few years, and already have an auto loan and a credit card. An automatic email is sent to the couple inviting them to come into a branch or chat online to talk about their application. The email shares a few times a rep is available. When they arrive or login, the mortgage rep will already know their extensive history, all of their next-likely products and services, and how to best help them close on their mortgage loan — cementing them as customers for years to come.
Get to Know CRMNEXT
Our CRM platform is built specifically for your industry. We understand what makes your organization work and what gets in the way. Together, we can help you retain employees (those people who keep things afloat), improve productivity (the thing that keeps people motivated), boost customer/member experiences (which equals growth), and drive profitability with consolidated data, workflow integration, sales management, goal tracking, account opening and retention, as well as reports and dashboards. Let’s talk about your needs and how taking the CRMNEXT step can help.