By: Mike Murphy and Ken Goebel
The expectations of banking clients are fundamentally changing. As more organizations across industries move towards a client-centric sales and service strategy, banks and credit unions must follow suit to meet changing expectations. As institutions and customers alike opt for electronic transactions and inquiries, traditional “high-touch” interactions are becoming the exception. Customized user experience now defines banks’ approach to personalization.
When full-service interactions do occur, banks must be prepared to maximize return on investment in staffing and capitalize on limited valuable face time with customers. To do so, they will need a comprehensive, on-demand view of the customer relationships—including financial data, prospecting data, personal information, and service history. While this challenge may be approached a number of ways, often the “easiest” way to attain this view is through use of a cloud-based customer relationship management (CRM) solution such as Salesforce.com. Gaining full value from such a solution, however, requires critical integrations and data exchange with other bank systems and applications.
A 360-degree view is becoming a necessity
Channel innovation across industries has focused on using technology to improve operational efficiency, meet shifting customer demands, and introduce new revenue streams. These trends have manifested in the banking industry perhaps more than any other sector, as online, mobile, and virtual banking solutions are now “table stakes” offerings to compete for customers. Furthermore, customers demand a personalized, technology-driven banking relationship that enables self-service all the time but full service if and when they need it. As high-touch interpersonal customer interactions decrease, each is increasingly more important and reliant on a 360-degree view of the relationship to:
But what does it look like?
When fully operational, this view must:
Cloud-based CRM solutions such as Salesforce.com and the Force.com platform can provide a 360-degree client/customer view. This type of solution establishes a foundation for a complete, constantly accessible client view for customer service staff that features:
Effective integration is imperative
While a cloud-based CRM solution provides an easily accessible client view, the key to ensuring that view is truly “360-degrees” is data exchange with other bank systems and applications. Key points of integration include:
As with every technology, designing a “right-fit” solution and managing the implementation is fundamental to a successful rollout. Establishing a 360-Degree view of the client via a cloud-based CRM solution requires engagement of impacted stakeholders, prospective users, technology resources and business owners.