The importance of CRM in Banking Industries

Customer Relationship Management (CRM) is a tool or a system that integrates corporate strategy, business methodology, and technology to accomplish a myriad of goals for companies that want to operate in a customer-driven environment. Or in a simple word we can say that CRM is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal of CRM is simple, that is to improve business relationships. A CRM system can help companies to stay connected to customers, streamline the processes, and improve companies’ profitability.

        Banking industries is one of industries that relies heavily on customer’s trust. Therefore, the use of CRM is very important in a banking industry. CRMs is actually very important in every industry, but especially for Banking it can help organizations deliver more personalized customer experiences. According to a global study of financial service customers from Accenture, found that 67 percent of customer are willing to provide more information to banks if it means they will receive new benefits. And 71 percent said that they would use entirely computer-generated support for their banking processes. And because of the customer are willing to share their information to the bank, here are some benefits of CRM that can be achieved:

• Create a 360-Degree View of Every Customer

A banking CRM is a system that can integrate with other banking software to provide a single view of every customer account. From making a deposit at an ATM to requesting information about a certain type of loan, every pre-determined action a customer takes can be recorded in your CRM. This process will make it quicker and easier to gain deeper insights into their habits and personal preferences, which can help achieved financial goals.

• Improve Customer Retention

Gaining a new customer is very important for banks. In this intense economic situation, retaining the current customer gets vital to stand on this competitive sector. By using CRM, customers’ retention can be cultivated through improved consumer loyalty and devotion.

• Efficient communication

Bank call centre uses CRM software for many purposes. CRM automates communication and interaction with customers. A CRM also helps banks monitor conversations about their brand and products through various online media. It also helps with communication between departments.

• Better Customer Service and Experience

CRM provides deeper insights into customers’ data, as a result allowing more customer support service. It provides better customer service through a quick automated response to customers’ queries, facilitating services that relevant for them, and improving customer experience. CRM and banks together create better customer experience through assisting in knowing what customer desires, furnishing quick support, building personal relationship, and then maintaining an ongoing journey.

From that much benefit, an Effective CRM will enable a Bank to bond with their customers and build a long-lasting relationship, that will help them stand out from the competition. CRM is no longer optional for banks, but it is a must for their success.