What Is CRM In A Bank For?

Orderliness, organization and high efficiency – this is how you can briefly describe what CRM is for in a bank. CRM (Customer Relationship Management) is an IT solution that increases the quality and speed of service through an individual approach to the client and automation of most of the processes. The experience of the bank operator itself fades into the background, so any division, even a very young one, can become a leader.

Main tasks

Not all banking products are of interest to a particular client. The implementation of crm for banks will help the employee of the financial department not guess what the person wants – the system itself will select the services that interest him, analyzing gigabytes of data. It will be easier for the operator to interact with the customer who has addressed, having all the information in front of him.

CRM systems for a bank are able to streamline work with clients, organize the selection of products and simplify control over processes, which will increase profits. CRM solutions can be divided into types, based on the tasks:

• analytical CRM;
• operational CRM.

Analytical CRM

Clients make various transactions that are difficult for the operator to keep track of. CRM analyzes all financial actions in order to understand what the client is more inclined to do – to take out a loan, put a deposit, etc. This forms his financial preferences, as well as the “client’s image”, distinguishes more promising clients. The system allows building analytical models for classifying customers, predicting purchasing behavior and helping the bank to make a better offer to the customer.

The analytical system allows you to:

• plan targeted marketing campaigns;
• use mathematical models to improve the effectiveness of proposals (more accurately determine target audiences, products, the most suitable communication channels);
• send messages to various communication channels;
• track the effectiveness of marketing campaigns.

CRM uses open data for mailings, calls and campaigns to attract new customers. The statistics of the top-level leads of the sales funnel are generated. A strategy is also built to return past customers.

CRM tools allow you to track the relationship between the use of some banking products and the location to use others. This helps to strategize proposals for maximum impact.

The manager receives statistics for the entire bank, each subdivision, department, employee. It becomes possible to single out and reward the most successful managers and motivate others.

Operational CRM

This is a complex of modules that collect and store data about customers and their financial activities to accompany sales in automatic and manual mode. The system allows you to work with both existing clients and potential ones. Users can sell banking products tailored to the characteristics of each customer. This helps in the initial communication to make the most profitable offer that achieves the goal of buying a banking product. Bulk sales are becoming more personal, and by meeting the needs of customers, they generate more profit.

A mechanism for expanding the products used is selected. The client is motivated to put a deposit, take a loan, take out insurance, transfer payment of salaries, pensions to the card, connect relatives to the bank service, etc.

Benefits of an integrated approach

The use of all CRM modules optimizes the marketing automation for banks and bank’s work as much as possible due to:

1. creating a 360o portrait of a client;
2. formation of unique personal offers;
3. end-to-end use of data in different systems;
4. an omnichannel approach that makes the solution of issues more convenient for both the bank and the client.