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What are the benefits of CRM? 

A. For Employees:

A potent CRM actually simplifies work for your workforce and help them work effectively . According to research more than half of all businesses expected their CRMs to boost their workforce performance. CRM software can help in taking out the guesswork out of planning and targeting. A data-driven, high impact workforce strategy can be easily created along with the tools to execute and measure performance accurately.

Following are the 5 ways a CRM helps your workforce:

1. Superior digital customer engagement –

Customer engagement is bread and butter for your business. Your employees needs to understand customers and get actionable insights into a customer’s current preferences, buying patterns, previous transaction, interaction history, current cases etc. in a single window. A CRM platform provides a complete customer 360 profile overview in a single screen, eliminating the need for multi-window hopping, manual entries etc. It helps in delivering the most relevant product information with personalized flavor on the preferred touchpoint or channel. All this boosts the conversion rates. A CRM tool also enables relationship managers to deliver instant gratification to customers for routine queries and request with quick action links with straight-through processing. It gives guided next best actions that deliver improved customer service and engagement with the help of AI and machine-learning applied to customer data.

2. Intelligence Driven Customer 360

A great CRM creates a unified, insightful customer view by collating and massaging data from different systems. This empowers users to view a real time display of product holdings and transaction using web-mashups. Relationship managers has real time access to product holdings, facilities and account intelligence. Ready connectors available for integration with third-party sources delivers ready-to-use, verified profile information. CRM solution builds immensely rich customer profiles with interaction, engagement analysis and real time customer intelligence for superior product targeting, service that created enduring profitable relationships.

3. Digital buying journeys

Journeys help in improving customer experience, by providing omnichannel continuity. These journeys empower customers with omnichannel sales and support engagement. CRM system can design, create and deliver simpler and faster digital buying and process journeys by using codeless visual journey designers. This is a big deal as it eliminates the need for coding knowledge, tech experts or heavy R&D and can be done by a layman.

4. AI-driven lead management

AI driven CRM software match the right lead with the right rep and establish the right connects with smart automation and AI. It quickly filters through a massive database and discovers the most relevant sales by using Robotic Automation with AI in a unified CRM platform. This builds a single lead profile that captures position, location, industry, company size etc. It also uses a quality score to filter junk leads with AI and smartly allocate leads with rules pertaining to parameters like; skill set, experience, catchment areas, location etc. Businesses such as banks can use intelligent analytics like conversion rate efficiency, conversion ratio, responsiveness, activity level etc.

5. 360-degree Sales Action Center 

The needs of sales team are different. They need to get holistic lead/opportunity intelligence through integrations and web mashups. This enables the sales team to get actionable insights on their pipelines, leads, contacts etc, with the platform that fetches data in real-time through multiple channels. This further enhances mobility through intuitive navigation and data entry screens thus boosting field force productivity. All this eliminates weaving through multiple sources through seamless integrations, thus saving time, costs and efforts. Relationship Managers (RMs) need to be provided with real-time notifications and alerts of milestones which helps in setting up quick follow up meetings.

B.For customers:

As long as customers are satisfied with your products and services, your business will continue to excel. In the current digital era, customers expect companies to give them the appropriate support and great experiences with instant fulfilment across all channels anytime, anywhere.

Following are the 5 ways a CRM helps your customers:

1.Personalized offers & loyalty rewards

CRMs combine customer information distributed across multiple systems to identify patterns from customer purchase history, current financial transactions, and online behaviour. It helps in understanding brand loyalty by analyzing an individual’s buying pattern based on demographics, financial product holdings and user response. Banks can then match offers with customer needs by using the combination of big data, behavioral analytics and frequency scoring. They can have a tailor-made customer loyalty programs, meet customer expectations and thus have happy customers.

2.Revitalize relationship-enhancing activities

Businesses can plan and smartly execute strategies to exceed targets using the aid of AI-driven contextual sales guidance. They can guide sales reps to increase meetings, follow up calls, webinars etc with performance modelers. This empowers sales reps to increase their high-value engagement activities with greater customer intelligence. CRMs help in boosting customer engagement activities and get the maximum life cycle value from old customers which is cheaper and far more cost effective than new ones.

3.Enabling customer self-service

It’s important to add a personal touch to real-time interactions through executive interaction and self-service resources and thus provide instant results. All this assists customers to get spontaneous replies to their queries with Chatbots with their inbuilt algorithms using AI & analytics. It reduces the service cost with a well deployed customer self-service which further results in revenue growth opportunities. Businesses can then enhance the cross-channel customer experiences by finding the right combination of process, people & technologies resulting in higher retention rate.

4.Assess customer feedback

CRMs aids busineses in getting effortless customer retention by improving the existing processes to be more effective. Reviewing the customer feedback on one single dashboard further focuses banks on the weaker segments in terms of service or product. Resolving customer issues at the priority through regular feedback mechanism helps in restricting them from switching to any other competitor. Your business thus better understand customer’s life cycle from inception to product buying, omnichannel communication & related feedback with a well-equipped platform.

5.Faster Customer Servicing

Delivering faster customer service through straight-through processing workflows boosts the First Call Resolution (FCR) rate and increases customer satisfaction. There is minimum data entry with guided form filing through auto-population and the availability of more than 300 different communication templates. Banking CRM can take care of end to end dispatch tracking as well.

CRMNEXT enables businesses to keep consumers at the heart of every decision, reduce product turnaround time by at least half, foster innovation-led culture, break the silo style of working between functions and invest with long- term vision.

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