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5 Reasons Why Customer Loyalty in Financial Services Depends on CRM

What does CRM do? Customer relationship management software monitors and manages the interactions between current and future customers of financial institutions. It provides an all-inclusive, 360 degree view of customer activity to incorporate all customer interactions, as well as lead management, opportunity management and campaign interaction.

1. The Competition Is Growing

Existing financial institutions offer a broad range of services, appealing to more individuals, while online banking has eliminated the need for geographic proximity to a customer. There are more virtual banks, more locations, more branches, more retailers and an overall cluttered and overwhelming marketplace. It’s easier than ever for a customer to shop around or seamlessly switch providers. CRM allows you to get to know your customers, anticipate actions and provide personalized experiences to all individuals.

Disorganized, disjointed and misused customer data makes it nearly impossible to nurture and retain customers.

2. Customers Expect a Personalized Experience

Overall digital interactions have heightened expectations for all online relationships. Customers expect that any future financial relationship will be able to predict individual needs and remain consistently accommodating, understanding and customized. As customers are spending less time in brick and mortar locations, financial institutions need to find ways to recreate personalized, face-to-face experiences online.

3. There’s Too Much Data

Disorganized, disjointed and misused customer data makes it nearly impossible to nurture and retain customers. Marrying internally and externally retrieved data creates a 360 degree view of your customer. Managing the customer lifecycle in your financial institution becomes more streamlined and logical as you generate segmented audiences, understand customer journeys, and create high-touch experiences.

4. Anyone Can Use It

CRM software will streamline inefficiencies within your current business processes, automate manual customer procedures and provide real-time customer information to anyone in your financial institution that has access, from management to call centers. Your CRM software will provide better visibility, streamlined functionality, integration with existing systems, and database alignment for a more comprehensive view of your customer’s actions.

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5. You Need to Convert Leads to Loyal Customers

In raising its benchmark rate last December, it seemed that the Fed was telling banks that they could go back to making money on interest. However, the current political and economic volatility has already slowed the Fed’s desire to follow this course. So, what to do in the meantime? Focus on your own customer base.

Financial institutions loyal need customers in order to survive, thrive and grow. Understanding and implementing an overall customer-focused strategy is key to securing long-term relationships, promoting customer loyalty and generating qualified leads. CRM will help you understand your ideal customer, providing a comprehensive view of actions and life events that define and mold a high-value customer. You’ll quickly nurture meaningful relationships, establish relevant content and better understand engagement, habits and satisfaction to create an overall optimized experience. Knowing what path a profitable customer will take will help maximize the lifetime value of all leads that become customers while increasing loyalty and decreasing churn.

Regardless of whether you’re new to CRM, or if you have an existing CRM package that you’re looking to get more out of, we can help. Contact us today.

Griffin LaFleur, Account Manager
Meet Griffin LaFleur, Account Manager

Griffin’s extensive background in client development brings invaluable skills and strategies to his clients.

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