The customer’s mind and heart is a fortress. And millions of businesses are vying to be the champion that breaks open the door. The key is to use digital CRM solutions that significantly improve customer experience and assist the business in achieving desired outcomes. The platform aids in bringing innovative strategies that drive profitability and operational efficiency, all targeted towards coagulating customer loyalty.
To understand more, let’s look at the top trends in this space.
Mobility adoption: Companies are expected to drive adoption of mobile applications. Mobile adoption of Salesforce automation (SFA) tools inside CRM platform increases the execution of sales activities. With innovations like GPS tracking of team members and visibility of nearby leads, the sales teams are closer to their prospects than ever before.
Where the money flows: As companies are rethinking their core legacy systems, they will invest resources in new customer experience initiatives including self-buying service, wearable engagement etc. Companies will opt for a hybrid model where legacy and digital initiatives can co-exist, so those pricey early investments can be preserved.
Forecasting: Companies will utilize forecasting models inside CRM, to scan for new opportunities. The volatile nature of the present banking environment gives added impetus on using forecasting for market trends, performance etc. The intelligence garnered with the help of forecasting will help in better planning, execution and resource allocation.
Data is key: Big data will feature prominently in the execution of digital CRM activities, especially in the banking sector. Algorithms that make cross-selling and integrations easier will be given prominence over traditional activities. This will bridge the gap between sales and marketing by tracking lead conversions and ROI.
Analytics to power customer interactions: Artificial intelligence (AI) is taking human intelligence to new heights. This will greatly enhance digital CRM solutions by significantly improving lead quality and scoring. Smart chatbot technology will ensure that AI will be the first point of contact for customers. They will be smart, intuitive, and will be designed with a human mindset. The data garnered by these chatbots will be analyzed inside digital CRM solutions and inferences to customer preferences will be converted into actionable insights.
“Smart digital tools inside the CRM will automate back office functions. Robotic processes will hasten automation and be the ultimate owners of customer journeys, thus directly responsible for a fulfilling experience.”
Bringing innovation to the front end
Tweaking back-end processes can only take you so far. To attract and retain customers, you need to bring innovation to customer facing front end processes. Digital CRM, especially in banking, helps to harness innovations in the form of visual designers, smart analytics, AI etc.
Financial services majorly depend on documentation. Smart document management systems inside digital CRM use OCR technology to pre-fill fields and make documentation fast and hassle free. Innovation in the front end takes ideas towards execution and forces banks to be proactive rather than reactive.
Stand up to digital threats
Fintech seems to be taking over the banking industry. But rather than see it as a threat, digital CRM helps banks to harness its power. In this age of instant gratification, customers demand instant credit and other financial services. With the help of advanced data analytics technologies, digital CRM assists banks to deliver just that. For example, with seamless integrations with credit agencies, banks can automate loan process procedures, thus delivering instant credit.
Does your business need it?
Now that companies have started recognizing the power of digital CRM, let's delve into its true benefits for enterprises.
Better engagement with customers: Today experiences, rather than products, are the ultimate money maker for businesses. Digital CRM solutions help enterprises create a true emotional bond with its customers. This enhanced customer engagement translates into greater loyalty that results in increased and faster conversions.
Empowering customers to be self-reliant: A self-reliant customer is a happy customer. With the help of digital CRM, enterprises can offer customers complete profile access, product holding details, on-demand engagement channels in the form chatbots, call assistants, email etc. They can self-create a fulfilling journey experience on their own.
Faster service: The less time it takes to solve customer problems, the higher is the rate of customer satisfaction. A digital CRM will enable enterprises to achieve greater First Time Resolutions (FTRs) with superb accuracy. Thus, customers will become brand promoters themselves.
Increased customer reach: The power of digital CRM to deploy event-based campaigns with automated approval process based on catchment area and location intelligence can significantly boost customer reach.
Into the future:
Digital channels will become more holistic, thus diminishing the role of human intervention. Smart digital tools inside the CRM will automate back office functions. Robotic processes will hasten automation and be the ultimate owners of customer journeys, thus directly responsible for a fulfilling experience. Apart from reducing transaction costs, this will destroy silos as multiple departments across channels will align together to recreate processes.
Seamless digital CRM integrations with digital connectors like Amazon Connect will deliver smart voice interaction bots and eliminate call centers. As a result, there will be a fundamental rethink on security and compliance.
Digital CRM itself is a journey, not a sprint. Just implementing a digital CRM will not guarantee instant results. But it can help enterprises embrace change in an algorithmic world and become the ultimate customer champion.
The author is Director - Strategy and Customer Advocacy, CRMNEXT.
Disclaimer: This article is published as part of the IDG Contributor Network. The views expressed in this article are solely those of the contributing authors and not of IDG Media and its editor(s).