An Observation…

15 May, 2013 (21:35) | Blog | By: admin

By Alan Buhler, CoreTrac Executive VP

Like every other industry, financial institutions are witnessing a plethora of changes. Facing umpteen challenges, the industry despite its phenomenal growth, has witnessed a slump in some areas. The main reason? Changes, vast competition, increased costs, decreased efficiency, inadequate client relationships and poor sales processes. Something vital is needed to cut through the waves and make the sector boom again. Organizations need to better their relations with their customers in an effort to sustain them.

Holding onto traditional practices is something most financial institutions instinctively do. As a result, they tend to focus more on the product than on the customer. FIs need to focus their marketing efforts far more on the customer than on the product itself. Knowing and indulging your customer preferences can go a long way in securing and raising profitability.

Banking-specific CRM enables FIs to know their customer better. In addition, it helps uncover potential customers and improves overall service. It helps build an advantage over competitors by increasing your intelligence about the customer. CRM technology provides this information to almost every employee. Banking CRM endeavors to improve and encourage relationship building with existing and potential customers, the various departments within the organization, management etc.

To participate in this and other discussions on our LinkedIn Group- Banking CRM – Bridging the Sales Culture Gap– please click here.
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