Stay close to your customers in the age of social distancing

Stay close to your customers in the age of social distancing

Automation, CRM, and other technologies can give you a better view of your customers, helping you spot risks and opportunities.

Stay close to your customers in the age of social distancing

As state-mandated economic shutdowns and stay-at-home orders have drastically affected companies’ ability to function, it’s increasingly important to get a technology-powered view of your customers. This is critical for three reasons:

  • You need to spot credit portfolio risks early.
  • You want to deliver better customer service.
  • You want to find efficiencies in your operations.

Understanding your risks requires an in-depth understanding of your borrowers, especially now. For example, a deferral request from one customer might not be all that surprising, depending on their line of business and geographic location. From a different customer, though, it might be indicative of major underlying problems.

Smart technology investments in areas such as automation, customer relationship management (CRM), and machine learning can help you better understand your risks more quickly, and the benefits go even further. These investments also can help your front-line staff deliver more personalized service and an exceptional customer experience.

One of the best ways to get a more thorough, individualized view of your borrowers is through automated solutions. Technology allows you to collect and have more information about your customers readily available. The customer details and preferences about your customer that technology can provide, as well as their history and banking behaviors, paint an individual view of each customer in a centralized and easily accessible location.

Additionally, having the right technology system in place supports various administrative and analytical tasks related to customer engagement. It’s important to have all technology and systems connected to get the whole story of your individual customers across a variety of touchpoints.

Getting that view of customers has two distinct advantages:

  • It facilitates risk mitigation by giving you a better understanding of your borrowers.
  • It can help you figure out how to better retain and grow your customer relationships by delivering exceptional experiences catered specifically to them.

The future of banking is online, mobile, and digital. The right technologies can help your organization manage relationships with customers and understand their unique issues. It also can help your customers more easily manage their lives and make better financial decisions.

The future of banking is now

Trying to get a better view of your customers? Our experienced team and sophisticated technologies can improve your perspective on risk, relationships, and growth.
Mike Percy - social
Michael Percy
Partner, Financial Services Consulting