12 CRM Features To Create Banks More Spirited

PostedOn: 2017-06-27 11:58:10

Customer Relationship Management software’s powerful features allow banks to connect with their customers and make lasting relationships that help set them apart from the competition. Let’s look at 12 of these features and how financial institutions can leverage them.

1.Cross-Selling Opportunities 

In many cases, consumers can benefit from balancing solutions to the ones they are already utilizing. With CRM, cross-selling is simplified with a centralized database and easily-accessible customer historical data.

2.Up-Selling Opportunities

A Customer relationship management solution will provide greater resources for tracking renewal periods and give reps an inside look at website traffic. With valuable data, up-selling becomes more practical for a bank and useful to a customer.

3.Manage Centers of Influence

Managing centers of influence require consistency and a structured relationship building and retention process. CRM provides the resources needed to consistently stay in touch with key influencers.

4.Sales Forecasting and Visibility

Like any industry, forecasting and pipeline visibility are crucial to successful sales and company growth. Having tools like pipeline tracking and total funnel visibility and reporting make it easy to track sales, forecast and create sales goals, and know where your leads are in the funnel.

5.Manage Profitable Lending Products

When it comes to commercial lending products, complex risk calculations and regulatory compliance requirements often come into play. Commercial lenders utilize CRM software to automate compliance and provide visibility into the complex regulations and loans that they handle.

6.Schedule Follow-Ups

Without a customer management solution, bankers must manually remember to follow up with customers and track the progress of a relationship. With one, they’re able to set up notifications and visualize conversations and touch points with the customer.

7.Track Sales and Activity

Besides customer relationship building and retention, CRM also excels at data tracking and visualization. Within your database, track sales progress and activities of sales reps by customer profiles.

8.Track Products/Services

You’re also able to track specific products or services, using that data to create forecasts and report on key sales metrics.

9.Marketing Management Tools

Email marketing and website visitor tracking can play crucial roles in making your financial institution stand above the rest. CRM comes fully-equipped with features like email designer and lead tracking forms to help your bank grow and retain its customer base.

10.Segment Commercial and Consumer Data

Financial institutions aren’t just working with one audience in most cases, banks deal with a variety of areas, including commercial, consumer, mortgage, and more. With CRM, you can segment these key audiences into their own groups, ensuring the two are distinct, important customer data is kept unique, and reps have targeted lists to work with.

11.Increased Customer Touches

When it’s easier to reach out to a customer and know the status of a customer relationship, you’re bound to do it more often. CRM increases the likelihood your reps will reach out to customers, whether that’s to up-sell, cross-sell, send marketing materials, or simply stay in touch. These touch points will help keep customers happy over time.

12.Customer Retention

No industry relies more on the power of customer and client retention than banking. Retention is often a major reason why businesses seek out sales, marketing, and customer service automation solutions. For a bank, it’s common sense. You want to retain profitable customers, and a CRM system gives you the tools you’ll need to do so.