Anytime you can garner a twenty-percent-increase in profits from a customer base, regardless of the industry, that’s a positive. And when that occurs in the banking sector that figure is more noteworthy.
Let’s face it. Every since the 2008 financial debacle, banks have been more focused on finding ways increase their revenue streams, such as tapping their “most valuable customer segment,” according to a post on the Forbes/BrandVoice website where Chad Hamblin of Microsoft Dynamics drilled-down on bettering customer service through Dynamics CRM technology.
Before the financial meltdown of 2008, the banking industry enjoyed a more rewarding relationship with their customers. Then, the normal pattern of attracting and keeping customers was far removed from the competitiveness existing in today’s sector. Indeed, it’s become more demanding and “sophisticated” for banks to eek out a profit.
Now, the “new normal” for banks means operating “leaner” while meeting a raft of compliance issues:
“…they (banks) also need to provide a more seamless customer experience and meaningful interactions to retain existing customers and increase wallet share. Ultimately, banks need tools that help them drive more profitable customer relationships in this hyper-competitive world.”
By deploying Microsoft Dynamics CRM throughout mega-bank, MKB, notes Hamblin, the entity was able to cut service time in all of its branches, but also reduced “customer churn by 5%.”
What’s more their preferred customer segment generated a 20 percent increase in profits.
Sun National Bank, using Dynamics CRM software, was able to speed their time-to loan-approval by a whopping 80%. In addition, they saw an increase of 20% in their “cross-selling” opportunities.
Surely, banks today stand to benefit with more “robust workflow capabilities” aimed at increasing profits from their customer base while managing the compliance issues at the same time.
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