In the present challenging economic environment, there are varied financial sector firms that are looking for ways to differentiate themselves from its peers. It has been often founded that price, products and also the disbursement models can be copied by the other vendors as well.
There are varied firms that are increasingly finding that one of the most efficient ways to lure and also retain the clients is by delivering top class client experience. It does not matter if you specialize in providing products for the different sub sections of financial domain such as banking, wealth management, insurance, only a good CRM has the ability to develop meaningful and efficient relationships with the clients while able to bring improvement in profitability and also operational efficiency.
Some of the top features to check out in a good CRM are as follows –
- Following a client centric approach
Creating templates and also taking advantages of the solutions developed for the financial services domain, boosted by a rich ecosystem of the industry partners. A financial services CRM tool should have the potential to take care of –
• Develop targeted offers, find high value customers and also raise the share of wallet with a 360 degree view of the client details.
• Easily win client loyalty and also enforce trust via personalized client services across various channels.
• Automating of essential tasks and also processes to enhance efficiencies to enhance core competencies.
• Ability to lower the overall cost of ownership and also extend value of IT investments via the customization tools along with simplified integration of the present systems.
- Capital Markets
An efficient CRM should be able to play the role of a trusted advisor to clients while helping to raise managed assets and also lower the administrative overhead.
• Developing long term loyalty by offering your advisors with the necessary tools along with real time client details that allow them to offer tailor made advice and accurate service.
• Help bringing improvement in people efficiency with desktop productivity features.
• Capitalizing on the cross selling opportunities and also enhancing client profitability by providing targeted offers to every client/household based on the profile, risk tolerance and also requirements.
• Seamlessly tracking of sales activities, isolation of essential trends and also finding the most valuable clients with powerful analytics and also real time dashboards.
• Enhancing the operational efficiency with the automation of important tasks.
- Banking domain
An effective and efficient CRM should be positioned to enhance profitability, enhance the client retention levels and also proactively manage the risk factor.
• Ability to cultivate profitable and enduring client relationships by equipping the front line clients with the full understanding of every client’s account details, requirements, preferences, interaction information and also product history.
• Streamlining of the essential banking processes like account onboarding, loan originator, case escalation along with automated workflows and also guided dialogs.
• Help raise the wallet share and also bring improvement in the profitability with the capitalization on cross sell opportunities and also by helping to make sure that banking and banking policies are aligned to the retention strategies.
• Better management of the exposure with the seamless integration of the key systems for identifying the risk elevating behaviors like late payments, low credit ratings, etc.
• Lowering of operational costs across varied branches, call centers and offices with the minimization of the administrative jobs with enhanced features.
- Insurance domain
Help making your company from policy-centric to client-centric, which will help people to be more efficient.
• Easy capitalization of the new sales opportunities and also improve the operational efficiency with the centralization of the policyholder details comprising outreach activities, interaction and also claim details – everything in one single repository.
• Help raise the customer loyalty and also renewal rates with handling of inquiry faster, streamlining of claims resolution and proactive approach towards client servicing.
• Bringing improvement in broker and also agent agility with the mobile solutions and tools that help lower busywork, freeing up of time to have essential and meaningful client conversations.
• Bagging visibility into the sales pipeline, agent/broker productivity, customer loyalty levels, claims processing and along with real time dashboards and also contextual analytics.
• Making sure that you are able to successfully meet the regulatory compliance with the use of strong workflow and auditing capabilities to automatically capture and also ensuring tracking of important data areas.
The article is also available at http://www.basearticles.com/Article/41838/CRM-making-significant-headway-in-financial-world.html
There are varied firms that are increasingly finding that one of the most efficient ways to lure and also retain the clients is by delivering top class client experience. It does not matter if you specialize in providing products for the different sub sections of financial domain such as banking, wealth management, insurance, only a good CRM has the ability to develop meaningful and efficient relationships with the clients while able to bring improvement in profitability and also operational efficiency.
- Following a client centric approach
Creating templates and also taking advantages of the solutions developed for the financial services domain, boosted by a rich ecosystem of the industry partners. A financial services CRM tool should have the potential to take care of –
• Develop targeted offers, find high value customers and also raise the share of wallet with a 360 degree view of the client details.
• Easily win client loyalty and also enforce trust via personalized client services across various channels.
• Automating of essential tasks and also processes to enhance efficiencies to enhance core competencies.
• Ability to lower the overall cost of ownership and also extend value of IT investments via the customization tools along with simplified integration of the present systems.
- Capital Markets
An efficient CRM should be able to play the role of a trusted advisor to clients while helping to raise managed assets and also lower the administrative overhead.
• Developing long term loyalty by offering your advisors with the necessary tools along with real time client details that allow them to offer tailor made advice and accurate service.
• Help bringing improvement in people efficiency with desktop productivity features.
• Capitalizing on the cross selling opportunities and also enhancing client profitability by providing targeted offers to every client/household based on the profile, risk tolerance and also requirements.
• Seamlessly tracking of sales activities, isolation of essential trends and also finding the most valuable clients with powerful analytics and also real time dashboards.
• Enhancing the operational efficiency with the automation of important tasks.
- Banking domain
An effective and efficient CRM should be positioned to enhance profitability, enhance the client retention levels and also proactively manage the risk factor.
• Ability to cultivate profitable and enduring client relationships by equipping the front line clients with the full understanding of every client’s account details, requirements, preferences, interaction information and also product history.
• Streamlining of the essential banking processes like account onboarding, loan originator, case escalation along with automated workflows and also guided dialogs.
• Help raise the wallet share and also bring improvement in the profitability with the capitalization on cross sell opportunities and also by helping to make sure that banking and banking policies are aligned to the retention strategies.
• Better management of the exposure with the seamless integration of the key systems for identifying the risk elevating behaviors like late payments, low credit ratings, etc.
• Lowering of operational costs across varied branches, call centers and offices with the minimization of the administrative jobs with enhanced features.
- Insurance domain
Help making your company from policy-centric to client-centric, which will help people to be more efficient.
• Easy capitalization of the new sales opportunities and also improve the operational efficiency with the centralization of the policyholder details comprising outreach activities, interaction and also claim details – everything in one single repository.
• Help raise the customer loyalty and also renewal rates with handling of inquiry faster, streamlining of claims resolution and proactive approach towards client servicing.
• Bringing improvement in broker and also agent agility with the mobile solutions and tools that help lower busywork, freeing up of time to have essential and meaningful client conversations.
• Bagging visibility into the sales pipeline, agent/broker productivity, customer loyalty levels, claims processing and along with real time dashboards and also contextual analytics.
• Making sure that you are able to successfully meet the regulatory compliance with the use of strong workflow and auditing capabilities to automatically capture and also ensuring tracking of important data areas.
The article is also available at http://www.basearticles.com/Article/41838/CRM-making-significant-headway-in-financial-world.html
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