Over 79% of U.S. consumers perceive their relationship with banks as purely transactional. And banks across the country are striving to change that equation.
Technology innovators entering the financial landscape and changing consumer expectations have changed the complexion of the banking industry.
There was a time when customers didn’t find any other redeeming economic value in depositing their cash into bank lockers than secure and easy money withdrawals. But in this digital age, consumers expect services and personalization from banks on par with other industries, like travel and retail. This swift change in customer trends is enticing tech giants like Amazon and Apple into banking services, which has the competition on a slippery slope.
The Time is Ripe for Disruption
Today, banks are struggling to achieve a customer-centric approach for their services. According to a report, in the USA alone, over 49% of banks are still using outdated technology, and 48% are heavily siloed. This leads to the inability of banking executives to get a 360-degree view of customer history. Banks need to invest in their internal work processes and database management systems to deliver consistently. A CX-focused digital transformation has become a necessity for over 70% of banks to withstand the competition in the market.
Don't forget to check out: Everything you need to know about Salesforce CRM
CRMs - Lighting the Way for More High-touch Services
CRMs assist banks in creating a centralized database. They help you convert leads into opportunities and keep track of customer history so your reps can pitch accordingly. The CRM records are useful in gathering relevant insights for formulating strategies and personalizing marketing communication across touchpoints.
Personalized Customer Relationships
A great benefit of utilizing CRM is the ability to personalize the customer experience. The CRM helps you track and follow up on each account holder. You can even monitor their activities to realize their needs and preferences without any difficulty. Such a centralized platform for all the desired customer information helps you boost sales and marketing.
Improved Customers Retention
Retaining customers is important for any business, and the banking sector is no exception. A well functioning CRM can help in boosting your customer satisfaction rates and increase customer loyalty in return. It has the ability to convert account holders into loyal and satisfied customers.
Effective Marketing Efforts
As stated in the above point, CRM helps banks market their services with effective marketing strategies. Its reports include customers’ data points, shopping behavior, engagement channels, and relevant personal information. Such a wide array of information helps your marketing team leverage every new marketing opportunity and effectively engage your customers. CRMs also provide customer segmentation to help you target any particular kind of consumer.
The centralization of the customer database lets teams spend more time strengthening their customer relationships than hunting for information in data silos. CRMs also reduce the need for manual interventions and eliminates repetitive tasks, which drastically improves your team’s productivity. This way, sales teams can handle more accounts in less time with better results.
Check out another amazing blog by Demandblue here: Top 10 Salesforce Winter ’21 Features for Sales Cloud that Amplifies your Sales ROI
We Help you Unlock Customer-first Banking With
DemandBlue is a Silver Partner and has extensive experience in technology. Our goal is to help you deliver personalized banking to your customers. We do it through expert implementation and customization services to make work for you from day one.
With, our experts can help banks to harness the power of transactional and historical data to identify future business risks or opportunities.
Together with our expertise and capabilities, we help banks navigate the financial landscape of the future. We enable them to explore new markets and personalize every aspect of marketing to win over customers.