The customers of today have changed. They want faster responses, personalised communication and a smooth experience.
They want to feel secure, appreciated and have access to your resources through any channel. These increasing demands place immense pressure on businesses as they juggle compliance, risk and customer satisfaction.
Staying ahead of tech trends can be challenging, but it’s far easier than playing catch-up. Get it right and you’ll win new customers from competitors that have fallen behind. Get it wrong and you could be on the losing team.
In this blog, we look at the top five ways your finance firm can improve on its business goals by harnessing new technology.
1. Improve communications
Like we mentioned earlier, customer expectations are changing. Advances in technology mean that consumers and business clients expect faster response times, quick onboarding and a personalised experience. On the other side of the coin are due diligence, cost management and external compliance pressures. Of course, communicating with your customers effectively while keeping their data secure, your overheads on budget and hitting your sales targets aren’t new challenges. But the way to resolve them is.
A core CRM helps you get closer to your clients, build trust and increase retention. The right solution will help you manage risk by applying your compliance policies to stringent automated processes. Meanwhile, you can reduce onboarding time without wrecking your bottom line. In fact, you could reduce admin costs by up to 35%.
2. Manage the customer journey
Without the right technology, passing customer information from one department to another takes time and resource. However, that internal reporting might require days, and new customers can get frustrated as you move them through your business processes. Introduce any human error, and those missteps could cost you the hard-earned trust you’ve built with existing customers.
With a Microsoft Dynamics 365, a single view of your customer streamlines the customer journey. Each member of your team can access customer data from any device, streamlining workforce mobility and the customer experience. Through one system, you can enhance acquisition, onboarding, pricing, compliance, reporting and billing. Eliminating fumbling between departments.
3. Improve customer personalisation
Retention is critical to financial services organisations. The cost of onboarding can be prohibitive for some products so keeping your existing clients happy is, for many, the primary business strategy.
Customers are more tech-savvy than you might give them credit for. They know that businesses have enough data to understand their needs and reward their loyalty. They’ve become used to more personalised communications and services from a range of organisations.
According to Accenture’s 2017 Global Consumer Pulse Research, 48% of consumers expect specialised treatment for being a good customer. A huge 33% of consumers who abandoned business did so because personalisation was lacking.
Customers can also see through the weak one-to-many communications that make it obvious you’re using automation based on broad data. You need granular information to make specific offers to retain loyalty.
The right CRM can harness feedback from your customers, analyse their buying habits and improve overall customer intelligence. In turn, you’ll create more effective marketing campaigns, drive up ROI and retain more of your ideal clients.
4. Create an omnichannel experience
How accessible are you as a business and do you know which communications channel each customer prefers? You know that enabling an omnichannel experience is important, that it makes for happier clients. But it’s tricky. Information can easily get siloed when you have separate teams working on the telephone, email communications, social text and web.
These days, your customers expect up-to-date, consistent information instantly, from a range of sources – email, text, web, social, phone calls. That’s where Dynamics 365 comes in.
We can help you become omni-channel experts - bringing all customer data together to create a single view, even from self-service applications. No more sifting through multiple apps to find information and faster resolutions for your customers. The result? Happier staff, delighted customers and a healthy bottom line.
5. Keep up with trends
Since the financial crisis in 2008, the financial services industry has been under intense scrutiny. On top of increased efficiency and customer experience, you can use Microsoft Dynamics 365 to better satisfy compliance. Risk management, governance, KYC processes and data privacy have never been more important.
Banks and financial services firms of all sizes need to be ready to run audits and tighten up processes to satisfy regulators and shareholders. Keeping up with technology that can lower your risk and enhance your compliance is a no-brainer.
In short, financial services businesses can’t afford to fall behind technology. Tackling the challenges head-on can turn threats and challenges into competitive strengths. Your leadership team is the driving force of change and technology is the vehicle. Are you ready to take advantage? Contact the Datacom team today!