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CRM for Banking

banking

In today’s competitive business banks realize the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers, retain existing ones, improve service quality, increase customer loyalty and maximize their market value. A close relationship with customers will require a strong coordination between various departments to provide a long-term retention of customers. To achieve these objectives a CRM will help to collaborate information with all the departments for quicker and faster service delivery. CRM can also help in analyzing the turnaround time for customer fulfilment which help in identifying the bottlenecks which in turn can suggest changes in workflow to faster fulfilments. Sage CRM help businesses drive revenue growth, increase productivity, and enable customer facing teams to become more efficient while delivering an exceptional customer experience.

  • Service Automation.
  • Customer Acquisition.
  • Collaboration.
  • Cross Selling and Segmentation.
  • Omni channel customer experience.
  • Back office Operations.

Service Automation

Sage CRM with its sophisticated workflow capabilities helps in the fulfilment of service initiation from customer facing touch points like branches, self-service channels like internet banking, IVR or from ATM. These workflows can be configured as per the bank policies with multiple maker/checker capabilities with the option for automated or manual request validation and approvals. Few of the requests which can be automated are

  1. New Account Opening.
  2. Cheque Book Request.
  3. Debit/Credit card replacement.
  4. Personal Information update.
  5. Card Limit Increase.
  6. Complaints/Feedback management.

With advanced customization and integration capabilities like ISO8583, WBQ Middleware etc Sage CRM provides straight through processing (STP) capabilities to avoid human intervention for service fulfilment and provide quicker processing of service requests.

Integration capabilities also provide alerts to customers at various stages through SMS, Email or by integration with Auto Dialers.

Customer Acquisition

Lead Management and Marketing automation being the core feature of the Sage CRM, banks can benefit by the following functionalities.

  1. Lead workflow for the Sales department from registration of lead to customer onboarding with back office integration along verification process.
  2. Execute marketing campaigns and measure profitability by the Segmentation of customers to help targeted product selling, cross selling etc. Execute and capture responses through direct emailing, Outbound campaigns etc. Integration with email marketing tool Mailchimp provides advanced analysis of campaigns and to track the customer responses.
  3. Integration with Document Management systems to facilitate quicker request handling by avoiding delay in document transportation from various locations.

Collaboration

Sage CRM provides synchronization and integration of customer interaction and channels of communications like phone, email, fax, web, social media etc. with the intent of referencing the customer communications in a consistent and systematic way. Automatic recording of interaction history not only reduces the interaction cycles and duration but also to increase and improve customer retention. Recording of interactions and the outcome also helps in first call resolution analysis and the quality of CSR interactions.

Collaborative CRM entangles various departments of organization like sales, marketing, CPU, Card Centre, Dispatch, Collection and other services to shares the customer information among them to highlight better understanding of customers. For example, the information of preferred communication channel could be shared with marketing department so that analysis can be performed in this aspect to provide preferred products to customers. The information regarding portfolio of customers can be delivered to CSR to do cross selling / upselling.

Collaboration also helps in reducing the Turnaround time of service requests by providing the complete details of the request and the customer information, required documents, application forms etc. This also helps in tracking the application status when requests are passing through various departments during request fulfilment.

Cross Selling and Segmentation

Segmentation uses customer attitudes like Nationality, Job Profile, Marital status etc. and is extremely powerful in bank cross-sell programs. There are an infinite number of ways to segment. There are several distinct segments that banks can incorporate using lifestyle segmentation variables integrated with a next most likely product model building process.

Once integrated with the customer facing channels it becomes easier to start the lead generation process. With all the modules available in a single application once a lead is identified for cross selling it is then assigned to the respective team to further process the customer interest and follow the workflow process of sales until customer onboarding.

Omni channel customer experience

With tight integration with the Voxtron Communication Centre and other major call center platforms Sage CRM provides out of the box integrations to provide an Omni channel customer experience. From Computer Telephony Integration to provide a 360-degree view of customer to Social Media integration to analyze the customer sentiments are available as standard integrations. With the integrated interaction history customer can benefit a opti-channel experience which is again enhanced by integrating with the self service module of Sage CRM and the Internet/Mobile banking channels.

Through Voxtron Communication Centre Sage CRM provides customer experiences through channels like, Face to Face, Voice, SMS, Chat, Social Media etc.

Back office Operations

With powerful workflow capabilities, Service Level Agreements, Escalations Sage CRM can be expanded to various back office operations like Legal Departments to manage disputes, hearing dates etc, Asset Maintenance to manage service interruptions and maintenance schedules, Internal help desk for supporting staff requests etc. where either customer related or infrastructure related requests can be tracked and effective managed. This helps in a single application solution to various internal process management with its advanced integration capabilities with 3rd party systems.