The global CRM(customer relationship management) market is expected to grow from $58.04 billion in 2021 to $128.97 billion in 2028 at a CAGR of 12.1% during the 2021-2028 period, according to the analysis of Fortune Business Insights. The role of CRM in Banking has significantly increased across all sectors during recent years due to plausible reasons, like the pandemic outbreak, increased customer demands or expectations, and mass-scale adoption of digital technology.
In today’s blog, Talisma Corporation will give you a detailed overview of how CRM solutions hold a higher magnitude in the banking sector. Keep reading to learn more on the subject.
Snapshot of what’s below:
- The main challenges hampering the growth of the Banking Industry
- CRM: Key Takeaways
- Top benefits enjoyed by banks post CRM deployment
- Talisma Finance CRM: The “Enabler” of Digital Evolution for Commercial Banks
The main challenges hampering the growth of the Banking Industry
The banking sector deals with stumbling blocks on a day-to-day basis. While some challenges are unknown and rarest of rare, a few of them are expected and an inevitable part of any bank’s daily struggle. Let’s understand those challenges.
Aggressive Competition
It is needless to say that the world of business is relentless and cut-throat, something even banks have to deal with like any other sector. The biggest competitors of traditional banks are FinTechs and the disruptor would be cryptocurrency or digital currency.
Increased Customer Expectations sans Loyalty
Customers today are digitally smarter and financially literate than they were ten years ago. Banks encounter super demanding clients with catch-22 being absent customer loyalty as the customers have a variety of options available to them and can switch their bank accounts in a click.
Legal Compliance
The government comes up with new financial rules and banks must obey the same or else they will have to face legal consequences.
Security Breaches
As per the data provided by the Reserve Bank of India (RBI), India reported 229 banking frauds per day in the financial year 2020-21 with only 1% amount successfully recovered at present. Cyber security is one of the greatest concerns or challenges not only for banks but also for their customers.
CRM: Key Takeaways
Presenting some key statistics to authenticate the value of CRM Solutions in business banking.
- For every dollar spent, the average ROI on CRM is $8.71. [Source: Nucleus Research]
- Productivity is one of the major benefits businesses have encountered with CRM technology – [Source: Nucleus Research]
- Sales teams spend around 18% of their time utilizing CRM – [Source: Forbes]
- 47% of users reveal that CRM improves customer satisfaction. – [Source: Capterra]
- Customer satisfaction and retention are both heavily influenced by the CRM – [Source: Capterra]
Top benefits enjoyed by banks post CRM deployment
What happens when banks become digitally smart? Well, for starters, improved customer journeys and higher revenues. Banking Customer Service Software or a Bank CRM System helps banks serve their customers in a better way with the least effort. Incorporating CRM in the Banking Industry ensures the following benefits.
Seamless Customer Communication for Crm in Banking
Effective and prompt communication will allow you to serve your customers in a more effective manner. CRMs remove all communication silos between banks and their customers by allowing bank executives to accumulate the information they need with a single click. This enables the bank to serve both happy and dissatisfied customers with coherence.
Personalized Customer Experience
When communication barriers are dissolved, the Customer Experience eventually improves. How does a CRM solution do that? Simple, by giving you the customer data as and when needed to improve the overall customer retention rate.
Effective Lead Management
So many leads but which ones are worth following up? Another million-dollar question would be how banks can connect with their prospects as soon as possible? A CRM solution answers both! Most banking customer service software solutions provide end-to-end lead management. From effectively capturing leads to converting them to nurturing them, bank CRM systems perform the mentioned activities with agility.
Sky-high Sales CRM in Banking
Banking CRMs have a bigger role in improving sales figures. When leads are managed or nurtured well in addition to customers getting the standard CX (Customer Experience) they deserve, sales and profits will surely skyrocket.
Augmented Team Productivity
As mentioned previously, one of the biggest challenges of banks is higher operational costs. Banking CRMs cut down business expenses by automating repetitive and time-consuming tasks and streamlining daily activities. When tasks are streamlined and automated, bank employees become more productive and can focus more upon critical aspects than before.
Inch-perfect Business Forecasting
Bank CRM systems are intensely used to acquire real-time data and detailed reports that help key decision-makers set the right projection. With a Finance CRM’s valuable Insights, banks not only improve their decision-making abilities but also polish up their business efforts to stay one step ahead.
Talisma Finance CRM: The “Enabler” of Digital Evolution for Commercial Bank
Talisma Finance CRM is a high-quality and avant-garde digital solution to help financial institutions become digitally efficient. Let’s look at some of the noteworthy features of Talisma Finance CRM as mentioned below.
✓ Cloud-enabled System – Talisma Finance CRM is powered with Cloud Technology to offer on-demand data availability to banks without any additional IT infrastructure.
✓ Customization – Our CRM solution can be scaled to suit the needs and preferences of different banks.
✓ User-friendly Dashboards – Ease-of-use is one of the core highlights of Talisma bank CRM systems. With clean user-friendly control panels, bank executives can serve customers in seconds.
✓ Mobile Support – With hybrid work culture being the new norm, the banking industry is too allowing flexibility to their employees in which Mobile CRMs play a vital role. Talisma Finance CRM offers complete mobile support for better work efficiency.
✓Third-party Integrations – Talisma CRM for banks can seamlessly be integrated with the choicest third-party applications.
✓24/7 Chat Support – Our CRM solution has built-in Live Chat Virtual Assistants that allow banks to provide round-the-clock service and support at once without missing precision.
We’ve established the role of CRM in the banking industry and understood how Talisma Finance CRM is the ultimate digital transformer for commercial banks.
Now it would be a good idea for you to introduce digital efficiency in your organization sooner than later. Opt-in for Talisma CRM solutions to enable 360° digitalization in your business. Connect with our support team to request a FREE software demonstration.
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