Leveraging the power of CRM to create extended loyalty for your bank

As of September 2016, there were 5,980 FDIC-Insured banks in the United States. While this number dropped from 6,270 FDIC-Insured banks in September of 2015, total assets actually increased from $15.8 trillion in 2015 to $16.7 trillion in 2016. Looking at this trend in the number of banks declining (whether they be commercial or retail) is enough for us to assume demand is increasing but supply has slowly dwindled.

What is more meaningful about this trend is that business is still thriving! Why? As financial institutions across the country begin adopting powerful CRM systems, we see a competitive edge come to the surface that didn't exist 20 years ago. As the banking consumer grows more loyal, they no longer use multiple banks for their various financial services needs. They now are placing their trust in one bank they view as a “one stop shop.”

If you have read our white paper “Becoming a Customer-Centric Bank,” you are familiar with the four jigsaw puzzle pieces to become customer-centric:

• Sales Fundamentals

• Consistently Remarkable Service

• Data

• Cultural Change

We will dive deeper on the Sales Fundamentals here, where the CRM system arguably leaves its greatest impact on the business and begins driving the customer-centric puzzle pieces to become whole. By implementing a successful Customer Relationship Management (CRM) System, we introduce one of the first technologies to convert a typical customer to a life-long customer.

By offering businesses and customers the ability to receive their billing information faster, we show we value their time and are willing to invest in our tools to ensure their time is well spent. By speeding up the sales process through automation, we show we value our sales team’s time and are willing to give them more hours in a day to spend investing in their customers’ concerns instead of in the administrative work behind their own jobs. On the back end, the time to revenue decreases when the sales team for B2B or tellers for B2C can quickly access information for an opportunity, prospect or current client. This brings in more revenue for your business in the long run.

When technologies from a bank’s past are able to integrate with its present and future, we develop a seamless process to deliver data and information in a timely and secure manner. With a strong CRM, you have the ability to keep track of multiple systems, thousands of products, and years of information on your customers – ultimately ensuring your relationship with each consumer does not skip a beat. This transparency gains the trust from a client, bringing the first of many competitive advantages of CRM to the table.

One of the most valuable assets to your Banking CRM is the ability to measure results within your Sales teams and overall business.  Inevitably, this data becomes the source of your consistently remarkable service and leads to a positive culture change.

Through automated and timed reports, interactive dashboards, and workflows that allow you to work smarter and not harder, you strengthen your bond within your own teams.  You have more accurate, relevant data on your business than ever before, only increasing the opportunity to improve day in and day out.   With a brand internally that is constantly improving with your efficiency, you grow with stronger employees, ultimately leading to a bold brand identity that cannot be beat.

So how do you choose the correct CRM or understand how a CRM could truly improve your bottom line? A first step that we recommend is to develop a roadmap to show you where you can grow, health checks to show where you stand in your market, and provides full implementation teams consisting of subject matter experts in both Banking and CRM.

With our uncommon blend of expertise, we help you connect the dots in a way that is most beneficial for YOUR bank. To dive even deeper on this topic, we invite you to download our white paper “Becoming a Customer-Centric Bank” here and begin your journey to complete your own jigsaw puzzle for a better business.