Why the future of productivity in financial services is Customer Intelligence-based

The future of productivity in financial services is in flux. Today, financial services organizations are in an “arms race” of data. Every firm is on a mission to bring data sets together to deliver valuable insights that bankers and salespeople can use to take the next best action. 

But the question many firms struggle to answer is, “How clean is my data, and can I really trust it?”

Here, the user is often the weakest link in the chain because many CRMs require that people manually capture and input contacts, information, and account updates. And we all know that can be time-consuming and, well, just boring. So, most financial services professionals simply don’t update their data as regularly as they should (despite some firms taking extreme measures to encourage people to input CRM data, such as making it a prerequisite for their expense claims being paid!) 

When data is incomplete and/or inaccurate, it creates organization-wide distrust of the quality and integrity of the company’s data as a basis for strategic decision-making – which further disincentivizes the CRM solution’s user adoption levels.

Building the “Minimum Adoptable Product”

If they hope to clear CRM adoption hurdles, financial services organizations need to:

• Make the process of data capture as frictionless as possible for users
• Ensure their user interface is intuitive, simple, and mobile-friendly
• Design the user experience around their key revenue-generators—bankers and salespeople—rather than senior executives
• Optimize the CRM platform’s integration with other core enterprise systems and workflows 

Getting them hooked

Ensuring your CRM system’s design and interface are primed for maximum user adoption is just the beginning. The next step in the strategy is to start using the system to share nuggets of high-value information and insight of which people were completely unaware. Believe us… that will get them hooked!

Fortunately, now there are automated Customer Intelligence solutions available that can integrate seamlessly with firms’ CRM and work passively in the background 24/7 to capture, update, and analyze all the interactions taking place within the walls of a firm and beyond. They eliminate mundane tasks associated with daily data entry and serve up actionable, relevant, and accurate insights to the people who need them when they need them.

Introhive has built its business around the discipline of delivering real-time, data-driven relationship insights. Our Customer Intelligence platform tells people everything they need to know about relationships that exist between members of the firm and individuals in the organization’s extended client ecosystem.

Taking real-time relationship checks

Our AI engine assigns each relationship a score based on a variety of parameters such as the nature and frequency of interactions and the longevity of connections.

The beauty of the platform is that it goes beyond simply offering static, historical data and reports; it acts as a real-time relationship barometer.

Consider this scenario: A banking salesperson is keen to target an existing client with a new investment product. With just a few clicks on their CRM dashboard, they can see exactly who in the firm has had any contact with that particular client and where the strongest relationships lie. This makes it quick and easy for them to reach out to the right colleagues to gather more insights about the client or facilitate a warm introduction. 

Presenting a unified front

Enhanced inter-departmental collaboration and visibility is another compelling benefit of having access to real-time relationship insights. It allows the organization to minimize the chances of duplicate communications or inconsistent messages being shared with the same client.

More holistic solutioning is another advantage: with a 360-degree view of each client profile, firms can get proactive about positioning the most relevant products and services at precisely the right time.

Then there’s succession planning and continuity. When individuals move on from the firm, having a solid historical database of their relationships and interactions will ensure nothing falls between the cracks or is lost, potentially damaging the firm’s relationship with key clients.

Understanding when “they’re just not that into you”

Customer intelligence also allows bankers and salespeople to understand when they might need to adjust their strategies, refocus their efforts, or course correct. 

For example, a good relationship insights tool can flag relationships where the level of time invested in a particular opportunity over several months is failing to deliver the anticipated results. In such a case, the salesperson or banker would do well to refocus their energies on clients or prospects who are more receptive and responsive.

When your teams have a reliable compass to guide them and help prioritize, they’re more likely to make sound, forward-looking decisions that ultimately win profitable business.

Get ahead of the future of productivity in financial services

For more insights on the role of data and Customer Intelligence in financial services CRM, check out our on-demand speaking session from the FinJS stage where Introhive was in lock step with Barclays, OpenFin, and BMO.