While the way we transact has evolved, relationships are still at the core of banking.

Over 2,000 years ago, the Romans built lighthouses in Egypt to warn ships of dangers and to keep ships safe, allowing sailors to navigate treacherous waters and carry out their mission. Today’s banking lighthouse is the CRM platform.

If there is one takeaway from 2020, it’s the need to recognize relationship warning signals and opportunities that require personalized service. That’s hard to do without the ability to understand the customer relationship, respond to customer needs and support their financial goals on an enterprise-wide level.

Customer relationship management (CRM) captures conversations, monitors transaction activity, and displays actionable data so any staff member can connect with customers using relevant and personal communications. CRM utilizes customer data to build more engaged relationships through an integrated journey.

Financial institutions that incorporate CRM into their service develop stickier relationships with their customers. Banks leveraging CRM will experience an increase in sales. But this isn’t about dollars; it’s about an increase in connection. Better service leads to a stronger relationship.

“One of the key benchmarks for all financial institutions should not simply be to gain a deeper relationship with its customer base, but to position themselves as the ’go to‘ solution provider for all of the customers’ financial needs,” says Bill LaVigne, COO at The Bank of Elk River in Elk River, MN. “To accomplish this, you must present yourself at the right moment in time with the right solutions and the right advice, building trust and confidence. An effective CRM system provides the platform to deliver those opportunities. The rest is on you to execute.”

Most CRM systems don’t account for the nuances of the financial services industry. Generic CRMs leverage information on age, ethnicity, and gender without fear of compliance landmines. The situation is quite different for banks.

With the input of industry experts, Marquis created CallTrax NEXT, a CRM that uses terms tailored to the financial industry. This unique CRM integrates service, sales, and marketing automation with organized, actionable data. Marquis also helps to assess bank sales and service processes to customize a system that enhances both.

Given the rocky waters of 2020 and the unknown of 2021, you need to consider how to safely sail through the upcoming year. Let a CRM platform be your lighthouse and assist your customers in navigating their financial ship.

 

RYAN HOUSEFIELD is Senior Vice President of Sales at Marquis.

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