As prospects of a double-dip recession fade, the size and pace of
Despite this recent progress, Retail Banks are still struggling with declining customer loyalty and brand image perceptions. A 2007 study from
Even prior to the rampant financial-overhaul legislation, banking customers demanded personalized service at a reduced cost that is available at all times and from any location. To deliver a better customer experience and achieve sustained customer relevance and loyalty, Retail Banks must create a customer-centric organizational culture and execute a firm-wide collaborative CRM strategy. Banks that leverage a top-tier CRM system, such as Microsoft Dynamics CRM 2011, will be able to capture greater knowledge on all customer interactions across every bank distribution channel and department. Retail Bank employees will no longer be disconnected or limited by non-integrated systems because all of the sales, underwriting, advisory, and service teams can collect and view consolidated comprehensive client data in one centralized location within CRM 2011. Having a unified 360° view of customer and account data and activities improves the quality and consistency of the Retail Bank’s service model across all distribution channels. As Retail Bank employees take advantage of CRM 2011, they can refer to the complete financial picture of the client’s situation. Now with more insights on their clients, Relationship Bankers can recommend more relevant products and services in terms of client goals and timelines, and deepen customer relationships. Instead of just quickly opening up one simple checking account, Retail Banks can place clients in a tiered account relationship package that rewards clients with lower and possibly even zero fees if used responsibly. The act of more effectively profiling the customer and addressing his needs with a better-suited set of solutions makes it easier to retain clients and cultivate trust. Moreover, by placing clients in appropriate accounts and offering improved client service with the help of CRM 2011, banks will produce more lasting, positive experiences with customers, regardless of the channel touchpoints. Thus, customers will be more inclined to do additional business with their primary bank, and they will have less incentive to be lured away by a limited-time special offer from a rival institution.
The utilization of CRM 2011 can also help Retail Banks lower their operating expenses. With CRM 2011, the barriers of organizational and product-centric silos can be eliminated, the intuitive user interface can be personalized and customized per
Customer Effective has tailored the Microsoft Dynamics CRM 2011 platform for top-performing Retail Banks, Commercial Banks, Community Banks, and Credit Unions to enable them to retain loyal, profitable customers, enhance customer relationships, and better meet client needs and requirements, despite mounting regulatory hurdles and challenging economic conditions. To learn more, please visit
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