This post is contributed by Limesh Parekh, CEO of Enjay IT Solutions
Customer Relationship Management or CRM has already proved itself instrumental in various sectors, not only transforming consumer experiences but also offering multifaceted solutions to drive growth and building business. The vast and dynamic BFSI segment has also been implementing CRM techniques to reap the benefits; however, it has been a half-hearted effort where the significant results are yet to be observed, merely due to the lack of an integrated, holistic approach towards this software.
While the top Banks and financial Institutions in India have been relying on software and systems like ERP to manage their massive consumer database, their functioning remains largely segregated, compartmentalized by product and service offerings. And whatever miniscule presence of CRM there is, in select areas, fails to generate desired results due to lack of integrated approach.
Listed here are a few benefits of CRM that, when implemented at a holistic level, can help transform the BFSI segment from the current chaotic and annoying sector infamous for their clueless ‘telemarketers’ to an intelligent, supportive and relevant system that is as intuitive in consumer engagement as it is in driving profits.
- Manage Consumer Profile – With multiple product offerings across segments, most consumer profiles are duplicated and appear multiple times under each category. With CRM, it is possible to create a centralized consumer profile database which is helpful in mapping the consumer consumption patterns and documenting his relationship with the company, while creating an intuitively understanding corporate relationship with the consumer. This ultimately helps to increase business opportunity, offer enriching consumer engagement and build loyalty.
- Understand the evolving profile of consumers – A well designed CRM, with its updated consumer profile database, can be instrumental in keeping a tab on the evolving profile of their consumers, over a period of months or years. Social CRM –the use of social media platforms to connect, manage and collect consumer information, plays a vital role in gauging the tastes, inclinations, spending patterns and power etc. of a consumer, this drawing up an updated profile on a regular basis. This is particularly significant as it allows the banks and financial institutions to be able to offer the most relevant product offerings which mirror the consumer’s evolved position and tastes.
- Manage all consumer interactions – With a scattered database, a single consumer is often featured and reached out to numerous times through multiple lists of potential leads, for multiple products. This, in turn, results in duplicity of efforts on part of the company, while strong annoyance on part of the consumer. A well-managed CRM database that is integrated across product and service platform, allows for a transparent and well organized consumer outreach, such that more meaningful and relevant interactions can be designed to benefit both the company and the consumer.
- Effective marketing approach – With the perfect database, perfect intuitive understanding of the consumer needs and an intelligent system to manage consumer interactions, driving growth through accurate upselling and cross selling is the next step forward for financial institutions. The insightful predictive analysis gained from CRM can help shape up a well informed and accurate marketing strategy to reach out to select target base, thus catapult growth with minimum effort.
- Leverage benefit of mobile CRM for mobile banking – Mobile CRM – a more precise and user friendly software that can be adapted to smart phones, can benefit the marketing field staff largely by leveraging real time data, especially ahead of an important closure meeting or during the final rounds of negotiating a loan/ insurance or funding needs.
- Enhanced consumer experience – A well-designed and integrated CRM system can enable banks and institutions to gather an accurate understanding of the consumer, offer the most relevant product offerings, engage with intelligent and organized interactions and support with timely and competent customer service. This enhanced consumer experience can in turn transform the company image and drive growth powered by consumer loyalty.
BFSI is one of the most dynamic and fast evolving segment, directly linked to the economic prosperity of the individual consumers and the economy at large. Despite this, the segment remains largely ‘unorganized’ from a technological point of view. CRM offers a huge potential to integrate and channelize the current chaotic functioning of this sector and provide more meaningful and fulfilling business results.