The Power of CRM in Finance: From Transactional to Customer-centric interactions

Following the 2008 GFC, the financial services industry has undergone a period of significant changes.

Simultaneously, the advancements in technology and changes in buyers’ behaviour have put additional pressure on financial firms.

According to the Microsoft report “Delivering Amazing Customer Experiences with Microsoft Dynamics CRM” there are 4 key trends in the financial services industry;

• Changing customer landscape. According to the report traditional customer satisfaction and loyalty initiatives are no longer enough. Financial services firms need to go beyond these to focus on customer experience as a whole.
• Struggle for profitability. Achieving sustainable growth remains one of the key challenges for financial companies. This is due to a number of factors such as low interest rates, shrinking margins, increased competition and more.
• Growth of consumerised social and mobile technologies. Today’s customers expect and omni-channel experience from their financial providers. In addition, the proliferation of mobile technologies and social media has affected the way financial firms work internally.
• Increasing regulatory compliance. Capgemini highlights the importance of regulatory compliance for financial firms. According to the analyst firm, a significant need exists for auditing interactions across channels, storing data, streamlining regulatory-required processes and more.

In today’s economic environment many financial services firms are leveraging the power of Customer Relationship Management systems to overcome key challenges. Microsoft Dynamics CRM helps financial firms develop meaningful relationships with their customers to enhance operational efficiency and profitability.

With Dynamics CRM, Microsoft has helped many firms transform their engagement model from transactional to a more strategic customer-centric. This means being able to provide better customer service, powered by deep insight.

NatWest, a retail and commercial bank in the United Kingdom, is a great example. The firm turned to Microsoft Dynamics CRM for a solution to meet growing business and consumer needs. The financial services organisation implemented Dynamics CRM to capture more customer data and enhance the level of service to its customers.

NatWest leveraged Microsoft Dynamics CRM to take its level of customer service to a whole new level. The new system also empowered the organisations with new capabilities to stay in control of customer interactions.

Microsoft Dynamics CRM can be customised to serve the needs of financial services firms and to provide a system upon which to grow.

Whether you specialise in banking, wealth management, insurance or other financial services, the best way to enhance profitability is to become the trusted advisor and build long-term relationships with your customers. Microsoft Dynamics CRM is designed for this!

Learn more about Microsoft Dynamics CRM or contact 1300 303 388.