"The six keys to the success of CRM solutions in financial entities"

UCustomers get tired of talking with "many companies" when actually communicating with one or of being contacted by someone trying to sell them a product which they had complained about the day before, apart from having to tolerate that their countless complaints are not solved in due time and form.

What can go through the minds of customers who put all their trust and money in an institution that does not know them?

Which six key points should customers bear in mind when implementing a CRM solution in a bank?

1- As point one, CRM should be designed according to this market's specific needs. Both the financial market -one of the most complex ones- and traditional CRMs are general in nature. Especially in Latin America, banks are multiproduct and multiservice firms. Thus CRM should enable them to offer different products and services: insurance, product packages, funds, cards, loans. In short, each product or service is a different universe with its particular operations. Furthermore, within banks' business dynamics there are other universes and technologies which have to be integrated to scoring routines and different applications.
It should also be noticed that banks have Host and AS / 400 among others and that, when considering a contact center, CTI integrations must be taken into account.
.

2- As point two, it is worth highlighting the experience and the necessary knowledge of the implementation team that will have to know the products and services of the bank, i.e. know how mortgage loans, chattel credits, consumer credits, product packages and funds work. It is not an easy task and, in these cases, the lack of knowledge equals failure.

3- But, at the same time, this alone does not guarantee success: point three is the software's necessary flexibility. Banks are constantly reorganizing processes. This means being able to make changes to new marketing operations, claim circuits, etc.

4- And these changes must be carried out quickly. Otherwise, the system is no good as it is unable to follow the bank's pace. This is point four.

5- Point five: the solution must have an incorporated data clinic, data standardization (addresses, telephone numbers, e-mails, names, gender, etc), in order to avoid disrupting transactional systems. Guaranteeing data quality is essential to optimize customer relationship. Our statistical figures and tests have proved that TELESOFT e-CRM updates automatically around 60 percent of its data. This multiplies contact productivity and effectiveness, especially at those times when it is most needed. For example, in the sales department (up selling - cross selling) or in relation with collections, helping to speed up procedures.
Thus sunk costs are significantly reduced by avoiding sending letters that will never reach their destination or wasting productive time as representatives try to communicate with people whose phone numbers no longer exist or are out of date. The information handled by banks is especially delicate from the customers' viewpoint.

6- As point six, the bank must offer security in all its operations and technology is an essential aspect when it comes to safeguard customers' personal data such as financial statements.

The real importance of personalized attention in a bank.

Customers do not feel they get a personalized treatment. Banks' products and services can seem all alike.

The difference between two banks should be in their customer service: customers must feel the bank knows who they are, that if they go to a branch and then get in touch with the contact center both will share the same information. There cannot be different data islands.

It is important that banks generate value in each contact with their customers.
.

TELESOFT e-CRM guarantees a more efficient result generation optimizing customers' satisfaction.

When competition among banks is fierce, the need to stand out is compelling and the only way to survive is to have a CRM tool for banks enabling them to really know their individual and corporate customers.

Banks operating with TELESOFT e-CRM acquire the capacity of:

TELESOFT e-CRM contemplates integrating with phone banking, telemarketing, customer service, bank's website, workflows and the handling of arrears cases. Banks can neither carry out promotion or sales proactive activities with customers who have unresolved claims or bad-debt products nor can they offer them loans.

An increase in productivity and sales, a rapid implementation, plus a greater retention and a reduction of uncollectables add up to an increase in ROI.

Banks which do not implement these solutions run the risk of loosing competitiveness as they do not know their customers and this translates into less efficiency and increasingly higher costs.