66.7% of interviewees believe that CRM solutions can assist them in overcoming their challenges.
In February 2023, Incloud conducted a market survey with financial services executives across Canada to uncover their challenges and objectives in times of disruption and recession.
While revenue has always been a driver for any organization, this year’s focus is customer experience, system security, and robustness.
It’s all about re-inventing the process so that the client experience will always be the highest priority.
Here are the top business objectives for this year
1. Increase revenue generation opportunities
💡93.30% of financial services executives identified this as their first priority.
But how can CRM increase revenue generation opportunities?
– Improving Customer Retention
One of the primary ways in which financial services executives are using CRM to increase revenue is by improving customer retention. CRM systems allow businesses to track and analyze customer behavior, preferences, and needs.
This information can be used to develop personalized marketing campaigns that are designed to engage customers and keep them loyal.
By improving customer retention rates, financial services executives can increase the lifetime value of each customer, which can lead to significant revenue growth.
– Cross-Selling and Upselling
Another way in which financial services executives are using CRM to increase revenue is by cross-selling and upselling to existing customers. CRM systems allow businesses to identify customers who may be interested in complementary products or services.
For example, a financial institution may identify a customer who has a savings account but does not have a retirement account.
– Streamlining Sales Processes
By automating tasks such as lead generation, lead scoring, and lead nurturing, financial institutions can reduce the amount of time and resources required to close a sale.
This, in turn, can lead to increased revenue growth as more sales can be made in a shorter period of time.
– Improving Customer Service
CRM allows businesses to track customer interactions across multiple channels, including email, social media, and phone. This information can be used to provide personalized and timely customer service, which can increase customer satisfaction and loyalty.
Additionally, by resolving customer issues quickly and effectively, financial institutions can prevent customer churn and retain more customers.
2. Improve customer experience and service delivery
💡86.70% of financial services executives identified this as their second priority.
But how can CRM improve customer experience and service delivery?
CRM allows businesses to track and analyze customer data, including behavior, preferences, and needs. This information can be used to develop personalized marketing campaigns, tailored product recommendations, and customized service offerings.
By providing personalized service, financial institutions can increase customer satisfaction and loyalty.
– Omnichannel Engagement
Another way in which financial services executives are using CRM to improve customer experience is by providing omnichannel engagement. CRM systems allow businesses to track customer interactions across multiple channels, including email, social media, and phone.
This information can be used to provide seamless and consistent customer service across all channels.
By providing omnichannel engagement, financial institutions can meet customers where they are and provide them with the service they need, which can increase customer satisfaction and loyalty.
– Efficient Service Delivery
CRM systems also help financial services executives improve service delivery efficiency. By automating tasks such as lead generation, lead scoring, and lead nurturing, financial institutions can reduce the amount of time and resources required to provide service.
This, in turn, can lead to faster response times and more efficient service delivery.
And also, CRM systems can be used to identify service issues early, which can prevent larger problems from developing.
– Proactive Service
By analyzing customer data, financial institutions can identify customers who may be experiencing issues or may be interested in new products or services.
This information can be used to proactively reach out to these customers and provide them with the service they need.
3. Better address fraud and risk management
💡83.30% of financial services executives identified this as their third priority.
But how can CRM help better address fraud and risk management?
– Monitoring Customer Behavior
CRM systems allow businesses to track and analyze customer data, including behavior and transaction history. This information can be used to identify patterns and anomalies that may indicate fraudulent activity.
By monitoring customer behavior, financial institutions can detect fraud early and take steps to mitigate the risk.
– Automated Fraud Detection
By using machine learning and other artificial intelligence technologies, CRM systems can analyze large amounts of data and identify potential fraud in real-time.
This can significantly reduce the time required to detect fraud and allow financial institutions to take action more quickly to protect themselves and their customers.
– Integration with Anti-Fraud Systems
By integrating CRM with anti-fraud systems, financial institutions can create a more comprehensive fraud detection and prevention strategy.
This integration can help financial institutions detect fraud more quickly and accurately, reducing the risk of financial losses and reputational damage.
4. Invest in infrastructure upgrades
💡46.70% of financial services executives identified this as their fourth priority.
Here are 5 reasons to invest in infrastructure upgrades in 2023:
Companies that invest in customer experience and CRM systems see a 242% increase in revenue over a five-year period.
For every $1 spent on CRM systems, companies earned an average of $8.71 in return.
78% of financial services executives believe that technology investment is a top priority for their business.
56% of financial services customers are willing to switch to a competitor if they feel that their financial institution is not meeting their needs.
Companies using CRM systems saw a 37% increase in customer retention rates, a 44% increase in lead conversion rates, and a 45% increase in sales revenue.
How Incloud can help
With extensive expertise in the financial services industry, Incloud understands the
complex processes, pain points, and day-to-day operations of financial advisors.
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