5 Strategies for Digital Transformation in Banking

Ryan Plourde
| 4/13/2020
5 Strategies for Digital Transformation in Banking

As with most industries, the banking industry has its own set of challenges. At Crowe, we are finding ways to address these challenges through digital transformation. We know technology, and we know banking. Crowe works with more than 1,800 financial services organizations across the country, including about two-thirds of the top 100 U.S. banks.

Crowe CRM for Banking, an add-on solution powered by Microsoft Dynamics™ 365, is designed to help users meet the following five challenges:

Challenge 1: Improving the customer experience

Banks depend on profitable long-term relationships with their customers. Because of fierce competition, banks must attract customers quickly and nurture long-term relationships. All departments need to be engaged in the process and working toward the same goal.

Solution: Provide a 360-degree customer profile and valuable insights

Complete, organized customer profiles provide visibility into all of a customer’s interactions with the bank. Full details of retail and commercial accounts, such as outstanding actions, completed actions, upcoming milestones and meetings, and call center activities provide the insight needed to deepen customer engagement.

Challenge 2: Streamlining complex processes while elevating the customer experience

Customers expect banks to answer questions and solve problems quickly. Unfortunately, manual or partially automated processes create internal inefficiencies that can compromise the customer experience. Efficient follow-through and resolution of customer requests are important to retaining customers’ trust and loyalty.

Solution: Predict needs, provide information, and automate complex processes

Automating processes across sales, service, and marketing can free employees to spend more time talking with prospective customers and strengthening relationships. Crowe CRM for Banking provides dashboards that offer convenient access to information about interactions, meetings, upcoming deadlines, and current marketing offers.

Challenge 3: Optimizing opportunity management with a more relevant approach

To optimize customer acquisition across all channels, bank leaders need to set goals for sales, service, and retention and be able to segment, profile, and reliably track leads. Strengthening the customer experience starts with sales and onboarding.

Solution: Utilize social networks and proactively manage the sales and service process

To generate the best leads and identify the best targets, banks must interact with customers in their centers of influence. Crowe CRM for Banking enables users to provide proactive, personalized offers based on in-depth analysis and customer insights. Leads are scored and prioritized, which can help focus resources on those most likely to close.

Challenge 4: Building customer relationships through data and digital transformation

Banks need to be highly competitive and create sustainable advantages. A bank’s unique customer data provides a rich repository from which to draw. This translates into a significant opportunity to cross-sell and upsell products and services that are relevant to consumers.

Solution: Help users understand and engage customers

Crowe CRM for Banking provides rich data visualizations to help relationship managers better understand customers. Role-specific visualizations that bring together customer profiles, interactions, metrics, inferences, and predictions are designed to maintain security and privacy and can help uncover new insights.

Challenge 5: Modernizing and strengthening lead generation

Traditional “push marketing” for driving leads is becoming less effective. Direct mail, cold calls, and email can be intrusive and can cause a prospective customer to opt out of all further bank interactions. Social media selling, considered “pull marketing,” has become a valuable new lead-generation tactic. It often results in warmer leads that convert at a higher rate.

Solution: Introduce social selling into the bank’s lead-generation strategy

Referrals, including social networking leads, are extremely valuable in the prospecting process, and company news, recent posts, and promotions can serve as great icebreaker topics. The tight integration between Dynamics 365 and LinkedIn allows seamless access to LinkedIn profiles, prospects, and leads.

A versatile CRM solution

Crowe CRM for Banking helps banks score and prioritize leads, track referrals, monitor social insights, and record every customer and employee interaction in one place. Banks can use the solution to help improve the customer experience, streamline processes, optimize opportunity management, build relationships, and modernize lead generation.

Interested in learning more? Download “5 Ways Banks Overcome Strategic Challenges with Microsoft Dynamics 365.”

Visit CroweCRM.com for more information about Crowe CRM services for Microsoft Dynamics 365 software. Have a question or interested in evaluating the CRM functionality in Dynamics 365? Contact us today.

Microsoft and Microsoft Dynamics are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.

Contact us

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Ryan Plourde
Office Managing Principal, Westborough, Microsoft CRM Services Leader