Key Factors for successful CRM in Financial Services

Client Orientation and Focus

In today’s competitive environment, everyone knows the importance of being client focused, however, not everyone knows or understands how to put that into practise. For Financial Services organisations CRM solutions, tailored to your specific needs, are crucial to help you attain competitive advantage and increase customer profitability by capitalising on cross-sell and up-sell opportunities. Customer sales and service information must be centrally available, accurate, and accessible real-time by all customer facing employees. In addition, customer propensity modelling and next best actions are becoming necessary and even expected by customers, who are looking for organisations to anticipate their needs

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Regulatory Commitments

Tracking and meeting regulatory commitments is the biggest area of growth in CRM Finance. In order to manage these commitments, you need tools that are able to force and prove compliance. This is because companies are swamped with a growing number of regulatory changes. Research suggests that compliance professionals are predicting that their organisations will need to dramatically increase the amount of time and resources required to comply with changing regulatory requirements. Managers now spend an estimated 80 percent of their work time on compliance-related issues compared to 20 percent three years ago.

The advent of “Big Data” is further complicating matters, as companies struggle to decipher information previously buried in spreadsheets, emails and other documents. The complexity of today’s regulatory environment, the impact of regulations on an organisation and the penalties for non-compliance cannot be addressed without appropriate tools like Salesforce CRM to intelligently automate and manage those policies.

The Digital Workplace

Digital is the new buzzword. Even the most conservative organisations that target pensioners are beginning to consider the impact of missing this wave and being relegated to the stone-age. Omni-channel is beginning to replace multi-channel, it is becoming the norm for customers to switch seamlessly between channels and they expect organisations to do the same.

These shifting customer trends mean that Financial Service organisations are required to change products, process, and channels to attract new clients. A good CRM Finance system will help them by streamlining key customer touch points such as customer/client on-boarding, application processing and case escalation.

Advances in technology generate new tools of the trade and creates a demand within the industry for automated, self-service transactions through the internet. Moreover, the rapid growth of BYOD (bring your own device) means future platforms must be compatible with smart phones, and any other communication technologies, for both customers and staff.

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