Across the nation, banks are aggressively evaluating and rolling out upgraded and consolidated technology systems in an effort to make their LOs, AEs, and RMs more effective and efficient. Due to the sluggish economy, mounting competition, increased compliance costs, and, more recently, declining mortgage origination and refinancing revenues caused by interest rates trending upwards, Banks have no choice but to adapt to fluctuating marketplace conditions and focus on achieving operational excellence with the help of better technology, such as CRM. It has become quite clear that disjointed spreadsheet dependent processes, duplicated data entry, and manual workarounds prevalent in many financial institutions are not the recipe for growth and success and certainly not sustainable over the long haul. That’s where Microsoft Dynamics CRM and the industry-tailored Customer Effective: Banking solution come into play.
By integrating the Customer Effective: Banking CRM platform with Core Banking, LOS, and BI tools, Banks can equip their sales staff with more centralized, accessible, and cleaner client and account data. Rather than spending so much time on redundant administrative tasks and inefficiently searching for data, frontline producers can instead work with CRM directly within their Outlook, over the web, or on their preferred mobile device to maximize their time prospecting, performing due diligence and credit analysis, cross-selling, and expanding loan portfolios. Overall, the consolidated, enriched data in CRM gives Bankers and Branch Managers one single version of the truth and better positions them to deliver exemplary client service, uncover and pursue the cross-sell, and segment and target more profitable relationships. In short, the operational efficiencies attained with CRM leads to superior service levels and sales performance.
Customer Effective: Banking CRM platform also better mitigates risk for the Bank. Since Bankers will have more actionable intelligence into their consumer and commercial clients’ products and services, account values, maturity dates, interest rates, call reports, and key documents, they will be far more prepared, informed, and in tune with the overall state of the client relationship. At all times, LOs, AEs, and RMs will be able to quickly pull up a client’s profile and get the latest risk assessment info, such as:
- What is this client’s full exposure with us?
- Has the client violated any loan covenants?
- Are there currently any past due loans? If so, how many and are they 30, 60, or 90 days late?
- Are any potential emergency credit line increases on the horizon?
- Are there any upcoming step ups or step downs?
- When is the next renewal date?
Moreover, rules-driven CRM workflows can even be developed to alert Loan Officers and Credit Analysts of the aforementioned at-risk values or upcoming key dates on an account, such as the loan maturity, renewal, or rate adjustment date. Having this valuable information front and center along with critical reminders ensures that Bankers will be able to plan effectively to add value, expertise, and quality service to help their clients attain these critical milestones and achieve their financial goals.
As the 2013 U.S. Microsoft Dynamics CRM Financial Services Partner of the Year, Customer Effective is on top of the current trends and risks facing Banks and Credit Unions. Our solution has accelerators designed to help financial institutions optimize their employee productivity, boost client retention, reduce operating risk, and improve financial performance.
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by Customer Effective
It’s a really great and wholesome overview of what a CRM can do in Banking. Just wondering if there are any opportunity to get insights into sales force performance as well? Say, if a sales executive could have access to some analytical/reporting tools built in a banking CRM and track work-related metrics (a number of sales per months, new customers acquired, etc)? This is something that would definitely do for retail and commercial banks.