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Impact of CRM Software in the Banking & Financial Sector



Impact of CRM Software in the Banking & Financial Sector

Meeting client expectations is one of the particular problems of commercial banking in a digital environment. You can’t simply have a terrific checking account or loan conditions, as most retail consumers can.

You must provide competent financial counsel. And in the information era, it means knowing each customer’s industry inside and out, developing a customized strategy, and doing it all faster than ever before. Your business clients want goal-based planning, proactive insights, tailored outreach, and other services.

Business banks should follow suit as fintech build seamless, frictionless, tailored experiences for clients, particularly in the banking arena, or risk falling behind in the competitive market.

A good banking CRM may help any organization to promote new clients, close deals, and offer exceptional customer care, but the advantages of a CRM in business banking are extremely valuable.

Here are some of those advantages, as well as how you can use the proper banking CRM system to become the bank your clients love.

How does cloud-based banking CRM helps the finance industry

Bankers understand what banking CRM is and how it works. However, not everyone recognizes the importance of CRM in banking and does not include such systems in their operations.

It appears that your bank may be profitable even without a CRM, but don’t be fooled; customer-focused solutions considerably improve everything linked to the engagement process.

Here are some points that tell you why banking sectors must have a CRM system to deliver a superior customer experience.

1. Smooth customer service

Effective and timely communication will help you to better serve your consumers. CRMs eliminate all communication barriers between banks and their clients by enabling bank executives to get the information they want with a single click. This enables the bank to provide consistent service to both satisfied and disgruntled clients.

 2. Tailored customer experience

When communication obstacles are broken down, the Customer Experience improves. How does a CRM solution accomplish this? Simply put, by providing you with client data when and when it is required to boost total customer retention.

3. Better lead management

There are so many leads, but which ones are worth following up on? Another million-dollar question is how banks can reach out to prospects as quickly as feasible. Both are addressed by a CRM solution! The majority of banking customer service software systems include complete lead management. Bank CRM solutions conduct the aforementioned duties with agility, from successfully gathering leads to converting and nurturing them.

4. Improved sales

Banking CRMs have a larger role in increasing sales. Sales and earnings will undoubtedly increase when leads are adequately handled or nurtured, in addition to clients receiving the standard CX (Customer Experience) they need.

5. Enhanced team productivity

As previously said, one of the most significant concerns for banks is increased operating expenses. Banking CRMs help businesses save money by automating repetitive and time-consuming procedures and optimizing everyday operations. Bank staff become more productive and can focus more on essential areas when operations are simplified and automated.

6. Detailed insights

Bank CRM systems are heavily utilized to collect real-time data and thorough reports that assist key decision-makers in making the best projections. Banks may strengthen their decision-making abilities while also polishing their commercial efforts with the important insights provided by a Finance CRM.

Challenges faced by the Banking industry

On a daily basis, the banking industry encounters roadblocks. While some obstacles are unexpected and extremely unusual, others are predictable and an unavoidable part of any bank’s daily battle. Let us see the difficulties-

1. Fierce competition

It goes without saying that the corporate world is ruthless and cutthroat, something that banks, like any other industry, must cope with. Traditional banks’ main competitors are FinTechs, and the disruptor would be crypto currencies or digital money.

2. Increased customer expectations

Customers nowadays are more technologically savvy and financially aware than ten years ago. Banks face extremely demanding consumers, with the catch-22 that there is little customer loyalty because customers have a choice of options and may switch bank accounts with a single click.

3. Legal challenges

The government establishes new financial laws, and banks must follow them or risk legal ramifications.

4. Security breaches

According to Reserve Bank of India (RBI) data, India recorded 229 banking frauds each day in the fiscal year 2020-21, with just 1% of the total amount being recovered at the time. Cyber security is one of the most pressing worries or difficulties for both banks and their clients.

Banking CRM helps the finance industry in streamlining the entire customer relationship process. Automation saves employees time by eliminating repetitive tasks. Implementing a banking CRM can help you in delivering the best customer service to your customers.

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Before Deciding Where Your Content Team Reports, Pay Attention to This



Before Deciding Where Your Content Team Reports, Pay Attention to This

When a brand creates a new content marketing or content strategy team, they often ask, “What function or department should the content team report to?”

My answer? “Yes!”

Now, I’m not trying to be a smart aleck. (Well, I am a little bit, do you even know me?) But seriously, my yes comes from years of helping implement content teams in dozens of businesses. My affirmative response indicates the most important thing isn’t to whom content reports; it’s that content teams report to the business.

When it reports into a function, such as brand, marketing, sales enablement, demand gen, PR/comms, or even (yes, really in one case) finance, the business acknowledges content marketing is a real thing with real responsibilities, power, and capabilities to affect business outcomes.

“What outcomes?” you might ask.

Well, that depends on where content marketing reports.

Now you have the real conundrum.

You can’t figure out where content marketing and content strategy should report without knowing the expected business outcomes, and you can’t know the business outcomes until you know where they’re reporting.

The most important thing isn’t to whom #content reports; it’s that content teams report to the business, says @Robert_Rose via @CMIContent. Click To Tweet

It’s tricky.

Content’s pervasiveness creates the challenge

Content as a strategic function in business affects almost everything. That pervasiveness means nearly any function in the business could “own” content as a strategy.

For example, we recently worked with a company about a year into its enterprise-wide digital transformation strategy. They have a content team, and we were to help them assemble a governance and operational approach for their website content.

When we determined the right operational processes, we got into trouble. A content team leader asked, “What if someone proposed a new AI chatbot as part of this digital transformation for the website? Is it a content project with a technology component or a technology project with a content component?”

The question isn’t semantics. Instead, the answer determines the process for development, the team owning implementation, and the measurement by which it’s deemed successful.

Knowing where a #content project is assigned determines its development process, implementation owner, and success metric, says @Robert_Rose via @CMIContent. Click To Tweet

It’s not just a technology challenge, either. The company also wanted to create new brand content guidelines for the website. Is that a content team project informed by the brand team or a brand project in consultation with the content team?

Given content’s pervasiveness, you can argue it is part of any meaningful communications initiative the business takes on. But sales’ needs are different from marketing’s, and HR’s requirements are different from the demand-gen team’s. However, to achieve consistency in content and communication, it doesn’t make sense to let each function determine its content strategy.

To achieve the balance between an enterprise-wide content strategy and the unique needs of every function in the business, the leaders and practitioners must decide to whom content reports. Again, the agreement is important, not the where or what of the agreement.

3 key attributes to identify in the decision-making process

As you and the leadership ponder how to balance the enterprise content strategy and where it should sit, consider these three key attributes that play an essential role in success.

1. Develop a content operations backbone

I don’t care if you have two people and one blog and a website or a team of 50 who operate on 35 content platforms across multiple channels. A content operations infrastructure creates consistent success across your digital content experiences. Content operations is an enterprise-recognized set of integrated and shared systems (meaning technologies), standards, guidelines, playbooks, and processes to ensure reliable, consistent, scalable, and measurable content across the business.

Content operations acts as the backbone – the foundation – to ensure the content is created, managed, activated, and measured the same way across whatever audience and whichever channel the brand presents to.

2. Connect with the audience across platforms

You can no longer expect to create one optimal experience that makes up for a bunch of sub-optimal ones.No matter your size, it’s not good enough to have your blog subscribers separate from your marketing automation database and all that separated from your CRM system. This goes for all of your audiences – from new employees to external parties such as analysts, journalists, partners, vendors, etc.

In this approach, the goal is to engage, build, and develop relationships with audiences. Thus, connecting audience behavior with insights on how to communicate better is not a siloed functional need; it is an enterprise need.

3. Build an accountability framework

This attribute in one word? Standards (and a team to keep them.) In a truly fascinating way, one of the earliest activities in building a content strategy makes the biggest impact on larger businesses: Come to terms with what words around content strategy and marketing mean. What is a campaign? What is the difference between a campaign and an initiative? What is an e-book? What is an article vs. a blog post? How long should a white paper take to write? Most businesses assume these things or create meanings based on contextual needs.

At a recent client, one group expected the content team to produce white papers within a week of the request. Another group expected them to be delivered in six weeks at double the length that the other group thought.

An accountability framework – and its ongoing evolution – presents clear ownership and coordination of content standards (roles, responsibilities, processes, types) across the enterprise. This model should not detail the definitions and standards but identify how they will enforce them.

Start your content decisions by deciding together

Where should you begin?

Well, just like in the beginning, my answer is yes. Independent of where you start, the critical point happens in the deciding of the elements. To be clear, these are institutional decisions, not simply “what you think.” In other words, it doesn’t matter what you believe the definitions, roles, or processes should be if the other parts of the organization don’t know, believe, or care.

A great first step is to create that accountability framework and make people care about its existence. At first, it might create a language of content that everybody in your business understands. When someone says, “I’d like to do a campaign,” or, “I think we should write a white paper,” everyone understands what that means and what it takes to do it. Then, the benefits of an accountability framework will start to become clear.

It makes the case for a team assigned to lead this consistency easier. And that enables the team to connect those experiences and audiences in a way that makes sense for everyone.

In the end, you have found determining the where, how, and what of a content strategy implementation isn’t the most important. The act of deciding is.

It’s a strange combination. In isolation, the reason for deciding seems straightforward. So why wouldn’t anybody want a clear definition of what a campaign is or a single source of the truth when it comes to the tone of your content?

But stacked together, those decisions feel like they are bigger than the content team and really should involve the entire enterprise. (Spoiler alert: They do.)

If you want any desired consequence, you had better decide on all the things that would help create it.

It’s your story. Tell it well.

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Cover image by Joseph Kalinowski/Content Marketing Institute

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