In the banking world, relationships and networking are the two keys to succeed, thrive, and win the hearts of your customers. Every bank across the world needs to maintain and advance customer relationships. The longer a banks maintains a good relationship with its customers, the more trustworthy and reliable it is deemed. Since the conditions have dramatically changed this year, your CRM Strategy also needs to evolve to get the best out of that relationship in 2021.

Here is how your bank can evolve its CRM strategy along with its customer relationship.

1. Personalize Your Interactions with Customers

Digital Banking is the ultimate solution to provide more personalized services to your customers than ever. A Banking CRM is The Most Powerful Tool to Manage Your Customer Relationship as it allows you:

• To use personalized dashboards to provide instant visibility into the most important data
• To overview opened and closed accounts to evaluate branch activity
• To know how your customers opened their accounts and if they were walk-ins, referrals, or have found you through your website
• To learn whether your customers prefer to bank in person, online, or by phone to better understand your customers
• To see the new accounts, volume, type of accounts, and bank’s operating profit
• To use operational dashboards for planning and managing activities and tasks, such as upcoming calls or appointments, created work items, etc.
• To see the effectiveness of a marketing campaign
• To see all the information of a customer you need
• To set relationship assistant signals and actionable alerts for upcoming important events and tasks
• To display the history of all bank’s products and services that have been accepted by each customer

2. Acknowledge and Address Your New Customers

When a potential customer becomes an actual customer of your bank, don’t forget to acknowledge that. Try to make each interaction as personalized as possible. This includes giving special attention and asking them about their needs, expectations, and preferences. Find out as much information as you can so that the next time they interact with you, you can address them in a way they feel that you know them.

When your relationship is building up with a new customer, you need to present the offers, schemes, and policies that can benefit them and fulfill their needs. Otherwise, your customer may get disappointed and may soon start looking for other options.

3. Categorize Your Customers to Tailor Messages and Schemes

Once you have the needed information about your customers, categorize them to serve their needs better. No banking customer wants to feel neglected or ignored. To avoid your customers feel this way, categorize them to ensure that you send them the right offers, deals, and information while designing marketing messages and newsletters. Though you want to keep earning new customers, you would never want to ghost your existing customers. Stay in touch with each of your customers in different ways.

4. Engage Your Customers and Show That You Care for Them

You need to keep your customers engaged and aware of the new schemes they might benefit from. If they feel you want the best for them, they might even consider extending the relationship and showing interest in more of your schemes. Apart from this, sending birthday cards, asking to participate in a survey, listening to what they want to say, showing appreciation for their support, and resolving their queries promptly and properly are some of the effective ways that allow a bank to take the customer relationship to the next level.

Using the right Banking CRM allows banks to overcome the challenges that they face with their customers and maintain a smoother relationship.

Image Source: https://cloudblogs.microsoft.com/

Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.