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For institutions in the financial services sector, the past year was filled with significant efforts to achieve compliance in GDPR, MiFiD II, PSD2 among others. Now it’s time to focus on what actually matters: improving customer experience and advisor performance to strengthen growth.

In this article, we discuss the three most pressing challenges that businesses in the finance industry are currently facing when it comes to CRM and empowering your boots on the ground.

Take a moment to think about the following scenarios and how valuable achieving those would be in your organization. 

What if...

  • ...your staff shared the same 360-view of the customer to allow effective collaboration?
  • could free up your advisors to focus more of their time on customer interactions than administrative tasks?
  • …your customer interactions could be turned into more sales?

1. “We have lots of information about our customer, but it’s fragmented into multiple systems without a comprehensive view.”

Accurate data of the customer is the key to success. Still, businesses in the finance industry tend to have several siloed systems and data warehouses containing different (and sometimes conflicting) data of their customers. There simply isn’t any one place where all important information from mortgage details to credit cards can be viewed which only creates extra work for the advisors. When bank advisors share the same CRM solution, they share a holistic view of the customer and can better answer the customer’s needs. The holistic view enables better team work and thorough understanding of the customer. Modern CRM solutions provide real-time and up-to-date data, even when multiple advisors work on the same account. For example, they allow advisors to see the interaction between the bank and the customer, what kind of life events they have had and how those could affect their relationship with a bank in the future. From the customer’s perspective, the bank is one entity. It shouldn’t matter who is serving them, all advisors should have the same information.

2. ”Our advisors’ schedules are filled with irrelevant and manual administrative tasks which are not providing value”

Your advisors are expensive experts and it goes without saying that they shouldn’t be wasting their valuable time. Currently they spend a large portion of their day doing administrative tasks relatively manually. In addition to being time-consuming, these tasks are repetitive, boring and prone to human error. Today, it is possible to automate such tasks like screening mortgage applications, collecting and verifying KYC data and performing monotonous, click-infested processes like account closures. For example, many large banks still have dozens of FTEs focusing on relatively simple KYC compliance tasks. Automation can speed up regulatory and internal control processes dramatically and guarantee trustworthy customer data. Your advisors’ frontline efficiency can be improved with built-in functionalities like personal tasks and reminders which are linked to events on your customer records. Advisors should be able to focus on value-adding activities and handling a larger customer base. More time spent on nurturing existing customer relationships or developing new ones translates directly to more leads and bottom line, not to mention customer satisfaction.

3. “We are missing out on sales opportunities as we are not able to collaborate efficiently internally and thus not aware of customers’ preferences.”

A well-defined sales process on your CRM system guides your advisors towards successful sales. Advisors can see their personalized dashboards every morning and can easily identify their most profitable accounts and when to contact them. Your advisors receive reminders to contact customers, renew their contracts or monitor their activities online. It is already possible to have your CRM system even make suggestions for actions your advisors should take with their clients or which products they should recommend. When all insights are gathered under one roof, your perspective of the client’s life-situation, current assets and investments preferences will assist you in discovering new sales opportunities. With one shared view of your clients you can enable the valuable cross-expert collaboration between your customer teams which is key to premium customer experience. Ka-ching!

Sounds too good to be true? Not really, at BearingPoint we have strong expertise in advising our clients quickly identifying the most valuable business opportunities, supporting speedy implementation and setting up easy and flexible maintenance. Feel free to contact us:

Cloud Transformation Services:

Annukka Tirronen, Senior Manager
Nelli Peltola, Business Consultant
Otto-Oskari Lamminpää, Business Analyst