Orderliness, organization and high efficiency - this is how you can briefly describe what CRM is for in a bank. CRM (Customer Relationship Management) is an IT solution from https://diceus.com/crm-in-banking-choosing-best-option-for-business/ that increases the quality and speed of service through an individual approach to the client and automation of most of the processes. The experience of the bank operator himself fades into the background, so it is possible to make any division, even a very young one, a leader.
Main tasks
Not all banking products are of interest to a particular client. The implementation of CRM will help the employee of the financial department not guess what a person wants - the system itself will select the services of interest to him, analyzing gigabytes of data. It will be easier for the operator to interact with the customer who has addressed, having all the information in front of him. The manager will be able to see the general picture of the bank's work with details in the context of each process.
CRM systems for a bank are able to streamline work with clients, organize the selection of products and simplify control over processes, which will increase profits. CRM solutions can be divided into three types, based on the tasks:
• analytical CRM;
• operational CRM;
• front office.
Analytical CRM
Clients make various transactions that are difficult for the operator to keep track of. CRM analyzes all financial actions in order to understand what the client is more inclined towards - to take out a loan, put a deposit, etc. This forms his financial preferences, as well as the “client's image”, highlights more promising clients. The system allows building analytical models for classifying customers, predicting purchasing behavior and helping the bank to make a better offer to the customer.
The analytical system allows:
• plan targeted marketing campaigns;
• use mathematical models to improve the effectiveness of proposals (to more accurately determine target audiences, products, the most appropriate communication channels);
• send messages to various communication channels;
• track the effectiveness of marketing campaigns.
CRM uses open data for mailings, calls and campaigns to attract new customers. The statistics of the top-level leads of the sales funnel are generated. A strategy is also built to return past customers. CRM analyzes the reason for leaving, selects an individual offer that can be of interest, notifies the manager about questions from the user, conducts trigger campaigns.
CRM tools allow you to track the relationship between the use of some banking products and the location to use others. This helps to strategize proposals for maximum impact.
The manager receives statistics for the entire bank, each subdivision, department, employee. It becomes possible to highlight and reward the most successful managers, as well as motivate others.
Operational CRM
This is a complex of modules that collect and store data about customers and their financial actions to accompany sales in automatic and manual mode. The system allows you to work with both existing clients and potential ones. Users can sell banking products tailored to the characteristics of each customer. This helps in the initial communication to make the most profitable offer that achieves the goal of buying a banking product. Bulk sales are becoming more personalized and more profitable by meeting customer needs.
A mechanism for expanding the products used is selected. The client is motivated to put a deposit, take a loan, take out insurance, transfer payment of salaries, pensions to the card, connect relatives to the bank service, etc.
Front office CRM
The system streamlines work with existing clients. The quality of service is also improved due to an individual approach and reduced service time. The operator has access to the entire history of the client's service and the services he is interested in. Also, the front office can display pre-approved offers generated by analytical CRM, or request such offers in real-time mode. The system stores the relationship between the purchased products and subsequent actions (the user agreed to a loan, deposit, insurance, etc.)
Loyalty programs and individual offers are involved so that the client is as satisfied as possible and brings the bank new income. CRM plans contacts, learns the client's interest in additional bank products, reminds the personal manager of requests from the user.
With a CRM front office, it takes less staff and less time to interact with thousands of customers. Bank managers can be easily replaced - transferred from the branch.
Benefits of an integrated approach
The use of all CRM modules optimizes the bank's work as much as possible due to:
• creating a 360º portrait of a client;
• formation of unique personal offers;
• end-to-end use of data in different systems;
• an omnichannel approach that makes the solution of issues more convenient for both the bank and the client.
Integration of CRM into the current IT landscape of the bank
To implement a CRM system in a banking system, integration with related bank systems is required, such as:
• data warehouse for the formation of targeted marketing campaigns, reporting;
• an accounting system for obtaining up-to-date data on customers and their products, as well as for performing transactions;
• telephony, sms- and email-gateways for sending messages;
• BI-systems for uploading data and building end-to-end reporting on the results of the bank's activities;
Integration of all sources will allow you to use each interaction with the client as efficiently as possible, increasing the client's LTV and the bank's overall profit per client.
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