Why your Financial Institution needs Dynamic 365 CRM system?

Nowadays virtually every person owns a smartphone or at least a computer. And thus, it is not a mammoth task for anyone with these smart gadgets to read reviews online, compare rates, or even open accounts in the least possible time. Hence, it has become pretty challenging for banks to remain competitive. Today, they are highly required to create this customer-centric retention approach which includes personal training, added product value, and data insights.

So, how do they make all this possible? Well, simply by incorporating a well-crafted Dynamics 365 solution, which serves as a foundation for this much-needed transformation.

Here, in this blog, we have focused on most valuable CRM implementation considerations that can be used by the banks to boost customer retention.

It offers a 360-degree view:

With Dynamics 365 CRM, you get a 360-degree view of the customer information and data, likewise service inquiry, accounts & market segmentation. A well-crafted CRM system offers an at-a-glance view of each customer, thus allowing the employees to make more informed decisions, understand the customer perspective, like how they are keen to communicate, offer faster service to them, and view the recent customer interactions with the financial institution.

Best-quality service:

With Dynamics 365, customers can benefit from the multiple communication channels provided to them. Every contact enables them to address complaints, questions, or even compliments. By allowing all customers to have access to their CRM system, the financial institutions would be able to easily capture the customer interaction, record the follow-up, and offer a quick solution.

Today with most customers being on the social platform, they have a platform to write reviews or to vent out their disappointments, this is why it is crucial for the marketing team to find a way to recognize and respond to the customer sentiments. By using Dynamics 365 as a tool, the financial institutions would be able to identify & respond to the customers’ posts and this certainly would bring a huge and evident impact in the customer retention.

Tailor marketing campaigns:

By integrating with automated platforms, marketing team would be able to craft customized email campaigns which result in enhanced customer awareness, reinforced brand integrity, & informing customers about products & promotions straight from the CRM. By being able to segment, score, & analyze the customer data, banks would be able to offer targeted communication, in terms of, reward redemptions, new products, rate changes, and products targeted towards the particular life events. This certainly would lead to increased customer engagement.

Promotes Reward system:

Dynamics 365 system enables the customers to have a sneak-peek into the customer reward balance, be it statement credits, available cashback, or travel miles. Customers who leverage the reward programs gain a valuable relationship with the bank and they are less probably to switch to a competitor bank.

Promote the idea of self-service:

These days financial institutions adopt this innovative approach of offering more opportunities to the customers to easily submit queries/issues online, access knowledgeable articles, interact with chatbot or a customer service representative. Using the self-service portal, customers would be able to access the self-help resources, communicate with the bank, view the data stored in the CRM system, like their account summaries, contact information, and service inquiries. This way, portals are effective in reducing the time-span that personnel is required to spend acknowledge basic customer inquiries.

All in all, Dynamics 365 CRM is a great system that financial institutions can benefit from, as they offer wide-ranging tools to understand the target audience and what they are expecting from a bank. In order to incorporate a Dynamics 365 CRM system for your financial institution, get in touch with a Dynamic 365 service provider!!!