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4 Ways CRM Automation Technology Helps Banks Cultivate Client Loyalty

A recent retail banking industry study by Gallup shows that when banks demonstrate that they are looking out for their clientele’s financial well-being, 84% of their clients become fully engaged with them. Even better, none are actively disengaged.

But here’s the rub: A mere 25% agree that their bank is looking after their financial well-being.

This indicates that there is opportunity in the banking marketplace. If you prove to your clients that you sincerely care about their financial health, you’re going to nurture intense loyalty in a fickle financial marketplace. This will pay off handsomely, considering it costs as much as 30 times more to attract a new client than keep an existing one.

CRM automation technology can make showing clients you care simple by:

1. Giving your client-facing professionals a complete, accurate, up-to-the-second view of the client including:

  • Previous and present accounts
  • All client interactions, including emails and meeting notes
  • Relationships within the organization
  • Potential opportunities, and more

This is packaged so it’s easy to understand in the formats your team uses most, such as Word or Excel. It’s delivered via email on the platform they prefer, whether that’s mobile, tablet or laptop. There’s no navigating across a CRM system to gather and analyze data, in fact, they don’t need to log into the CRM system at all. Everything they need to know is at their fingertips.

2. Providing information that’s critical for the highly personal service that makes clients take notice. Before they meet with a client, your team will receive a profile of them including all of the information detailed above. With just a click, your client-facing professionals will have what they need to know to build rapport with the client, proactively mitigate issues, and effectively recommend solutions. Simply, your team will have the intelligence to automatically provide the service and value the client wants most. No matter how large your institution, they’ll feel like they’re your only customer.

You will be able to overcome, once and for all, the concern that Jim Marous, Publisher of Digital Banking Report, reveals in his article, The Future of Banking: Talk is Cheap.

“Why, after decades of discussing the importance of customer relationship management, 1:1 marketing, and the removal of silos can’t most financial institutions know that I have a small business account if I walk into a branch with a question about my personal banking relationship?” he asks.

“For that matter, why do insights around my mortgage loan and credit cards also reside in separate silos and not part of an overarching 360-degree view of my relationship?” he continues. “Without this overarching view, consumers are forced to start from scratch each time they want to expand their relationship at most institutions, providing information that already resides on the organization’s database.”

3. Enhancing customer trust. CRM automation provides the information that your team needs to ensure all of the necessary steps have been taken to move a transaction forward. This can ensure this that your bank never has to deal with controversies faced by other financial institutions.

4. Identifying what matters most to key clients and act fast to give it to them. CRM automation can be set to notify you when clients are at risk or when they may be ready for new solutions or services.
Best of all, this can be achieved without any data entry whatsoever. CRM automation automatically aggregates information from internal and external sources. There’s no room for inaccuracy or gaps that can happen when people are expected to enter information manually. Often, the insights found by an automated CRM are some that your team may not have identified themselves.

If you’re curious about how this works, invest 15 or 20 minutes in a demo, your return could ultimately be the kind of unwavering client loyalty that ensures your bank outperforms at least 75% of your competition.

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