Email: sales@simple.works
In the Financial Services sector, the level and effectiveness of products & services offered, along with strong branding, are the most important aspects of attracting, as well as retaining customers. Banks and insurance companies across the world have emphasized being digital over the past decade. It has been an essential part of their IT strategy, however, although it’s a well-known fact that digitization can lead to increase in productivity and much higher customer satisfaction levels, banking, and insurance sector efforts towards digitization have only partially succeeded since many organizations were reluctant to embrace digitization entirely across the board.
But, if there was ever any doubt in going digital, it should end now with the unique challenges posed by the black swan event of the coronavirus pandemic and the ensuing era of lockdowns. The coronavirus crisis has caused more than 3 billion people across the planet to stay at home. Moreover, it doesn’t look like this crisis will abate soon. In times like these, it is the technology that is allowing banks and insurance companies to keep offering their services to their customers, to look for new customers and to increase their business. That said, today, many financial services organizations are wondering how great it would have been if their level of digitization had been higher than what it is today.
All of this underscores the need for financial services organizations to prioritize digitization over anything else. Banks and insurance companies should encourage and support customers to use digital and virtual channels wherever possible. Companies need to enhance their current digital offerings by identifying additional functionalities that can be digitized. In the post-COVID-19 era, financial institutions in Italy, China, and India are already finding that many people are gradually and seamlessly moving towards embracing digital channels for their banking and insurance needs. Increased digitization will ensure that many services that still require any physical contact with customers can be easily shifted online, thus saving time, money, and other resources at the bank’s/ insurance company’s level or the customer’s level.
SimpleCRM is helping banks and insurance companies in their digitization efforts in multiple ways.
The process of Onboarding customers for Banks and Insurance companies alike is generally lengthy, and a well-defined step by step process is vital to ensure the right guidance is given to make it easy for the end customer.
SimpleCRM’s Digital onboarding platform is a simple wizard-like process that only takes a few minutes from converting a prospect to a customer, more importantly, eliminating the need for the customers to be physically present. It also provides many benefits such as enabling accelerated approval process, fraud detection, quick and accurate user verification, product suggestions to customers, and more.
Digitizing the entire flow also means it allows going completely paperless, allowing companies to take the initiative of going green and environment friendly. It also provides a stable platform to maintain a centralized data repository from the first touchpoint onwards, which is useful to keep a trace of the customers’ digital journey with the organization. OCR capabilities that come as part of the solution eliminates the need for manual data entry, making it easier and user friendly for customers.
The Solutions is coupled with AI and ML capabilities, which makes the prequalification process seamless and ultimately adds a confidence score to the auto qualified opportunities. Features such as Liveness detection, Fake ID detection helps to filter and onboard only genuine prospects and prevent fraudulent cases. The use of AI is leveraged further to automatically suggests customers the best-suited product based on his/her financial needs, making it a fully guided tour for the prospect and generate cross-selling and upselling opportunities from existing customers.
Interfaces such as the DAO/eKYC helps financial institutions to drastically reduce the acquisition costs and boost the conversion rate via digital channels and streamline critical sales interactions
Financial services companies can ensure minimal downtimes and increased productivity of their employees by enabling technology. AI-powered chatbots can automate services such as online grievance redressal, claims renewal, and a whole host of other benefits.
Digital Banking Success requires conversational engagement, and this is where SimpleCRM’s Ai powered cognitive bots come to the rescue with its feature-rich capabilities.
Chatbots in this day and age can be empowered to assist customers in walking through business processes and also handling complex transactional queries such as real-time balance inquires, view recent transactions, branch and ATM locators, Document submissions, scheduling of bill payments, Card blocks, fund transfers and even having a video chat to make them feel connected. The potential for such technology is endless, especially for the Banks and Insurance companies.
What’s more beneficial is that all such services are made digitally available 24/7, with modern consumers spending most of their time online, they would naturally expect the same from customer support departments, and that’s where chatbots excel. They are digital assistants who can tirelessly serve around the clock, which eventually give banks a competitive advantage. Its inbuilt 2-factor authentication mechanism ensures that the customers are served in a highly secured manner to protect data against fraud and unauthorized access.
SimpeleCRM’s chatbots allow a natural language humanoid interaction that uses the combination of pre-developed NLP engines as well as in-house developed ones to cater banks with what suits them best. Chatbots are not to be restricted to via a single channel and can be exposed on the company’s existing web channel and be seamlessly plugged into other cross-platforms such as mobile apps, Facebook messenger, WhatsApp, Google Home, Alexa, Skype and a lot more. It also makes real omnichannel experience possible that gives a consistent and unified experience to the end-user.
Overall, the usage of chatbots can improve productivity immensely, whereby helping to cut back on time which employees spend on tasks that can be automated and allocate them to mission-critical and advisory roles, which in turn adds more value to the business as a whole.
It is a known fact that people tend to remember how you made them feel. It is why providing an impactful customer experience is instrumental in facing the long term challenge of improving customer retention and Customer Lifetime Value (CLV) for any organization. It is indeed more impactful for service-oriented organizations such as Banks and Insurance companies who are compelled to focus on improving their customer experience in every possible way to avoid selling off their customers to its competitors.
Is the company able to retain most of its customers after acquiring them? Well, the answer depends on how well their contact center is equipped to serve the customers. With a variety of digital channels now available for customers to reach out for service requests, inquires and complaints gearing the contact center with an omnichannel platform is arguable the best way forward.
SimpleCRM’s contact center automation solution provides a heap of functionalities who look to leverage these channels and serve the customer with a seamless experience regardless of how the customer decides to reach out to have them served.
SimpleCRM has a history of successfully integrating the platform with renowned call center solutions such as Avaya, Cisco, Aspect, Genesys, Asterix, and many more, which auto-populates the customers’ profile generally known as “Customer 360” based on their calling number.
The Customer 360 dashboard is powered with detailed information about a customers relationship with the organization, their primary details, recent service requests and Complaints, their product holdings/purchased, banking & ATM transactions, Calls, SMS and meetings held and even a product suggestion engine to empower service agents with cross-selling and upselling capabilities.
The dashboard is enhanced with data that resides in various 3rd party systems, and with the use of modern integration techniques SimpleCRM platform is capable of consuming them and making navigating fun and easy with an intuitive UI. Its inbuilt sentiment analyzer also specifies the customer’s natural sentiment based on their interactions and gives support agent an indication beforehand for approaching unhappy customers.
Call center agents can create tickets with a click of a button, and its consolidated nature makes registering of complaints quick and easy with minimal data entry. Thereafter complaints are managed via the inbuilt workflow engine that routes it automatically to the relevant department to act upon; the automatic allocation is based on skill, language, or location, as configured while keeping customers, informed real-time on the status of the ticket along the way.
The BPM capabilities help organizations to keep abreast of their SLA, especially banks and insurance companies who strive to and ensure the customer queries are attended promptly.
SimpleCRM ‘s platform’s readily available extensive social listening capabilities can be incorporated into the company’s social media handles such as Facebook, Twitter that auto-captures complaints and leads based on the keywords.
No customer service cycle is complete without listening to their experience of being served. SimpleCRM solution enables us to capture customer feedback and ratings and keep track of the Customer’s CSAT score through their lifecycle with the company.
Having such a useful stack of information allows servicing customers over all possible channels, and consolidates communication in one central place, which helps in providing a consistent customer support experience.
Digital marketing helps to develop brand awareness by having a strong presence on social media. Also, online conversations enable marketers to identify current BFSI trends as well as consumer behavior.
As the number of digital channels is continuously expanding, digital marketing solutions are revolutionizing how the BFSI sector interacts with their current and potential customers. Through modern digital marketing platforms, companies are readily reaching both existing as well as prospective customers via these digital channels.
The dynamics of marketing for service-oriented sectors such as BFSI has changed drastically changed over the recent years and requires modern solutions to keep ahead of the competition.
Here’s why the SimpleCRM digital marketing platform is a game-changer for those looking to adapt to the changes in the Digital marketing arena.
Multi-channel campaigns – It is essential not to be too dependant on a single channel, with new-age prospects being available on various platform, shifting with the trend, Banks can now easily plan and execute digital marketing campaigns with the visual initiative builder for their push campaigns such as email, SMS and pull campaigns such as Social media and landing pages.
Intelligent lead nurturing & Scoring – Defining rules for intelligent nurturing allows the prospects to keep receiving periodic preference or action based content and helps the marketeer to nurture quality leads with less effort.
Landing Pages & Email Templates Builder – It helps to configure intuitive landing pages and email templates through a drag & drop visual editor for a uniquely customized customer interface. Especially banking and insurance companies have to create visually appealing content every time a new product/service is being introduced, and thus a platform with such features is highly beneficial.
Dynamic Content Builder – Inbuilt content builders can help personalize the customer experience by displaying dynamic and strategic content based on real-time engagement data such as their interests, investment decisions, location, and other demographics.
Robust Reporting – Reports give complete visibility into the lead’s engagement journey, and these are important for the BFSI sector to make decisions and approach them with customized solutions that best suits their financial needs.
Digital marketing gives the ability to reach a large number of audiences compared to conventional marketing; hence various types of consumer’s needs can be addressed at a personalized level that significantly increases the chances of converting a prospect to a customer.
The culture of sales in the Banking sector has come a long way where you see more street on the feet agents now striving to onboard as many customers as possible. However, prior to getting to the stage of onboarding, the process of managing the prospects has not been disciplined. With prospects showing interests via different channels, sales agents are finding it challenging to keep a close check on them.
As for the stats, Sales reps who make 12 contact attempts (instead of the average 8) perform 16% better!”. Without a tool to manage these interactions, opportunities will be missed, and leads fall thorough cracks, which allows other competitors a chance to approach your potential prospect and ultimately lose the deal.
Having a proper sales automation tool such as the SimpleCRM not only increases the chance of winning a deal, it also compresses the time taken close it with faster turnaround times.
SimpleCRM offers a range of features as part of the sales automation solution to fastrack the customer onboarding process such as Lead & Opportunity mgmt, Funnel management, activity mgmt, automated notifications & reminders, quote generation, etc.
Given the current COVID situation, the industry predicts that there could be an increase in savings products and SME lendings for banks and endowment products for insurance companies alike.
With SimpleCRM’s Sales Automation solution, the otherwise cumbersome sales process becomes much more straightforward, quicker, and accurate. Automation systematically eliminates the data transcription errors that existed between the core banking system and the new account opening requests, thereby enhancing the data quality of the overall system.
The results are the elimination of an error-prone, time-consuming, manual data entry process, and a sharp reduction in TAT while maintaining complete operational accuracy and mitigated costs.
BFSI is an industry where SimpleCRM predominately focuses on, and being an enterprise-grade platform by itself allows automation of various sales tasks crucial to the lending process, including loan initiation, document processing, financial comparisons, and quality control. As a result, the loans can be approved much faster, leading to enhanced customer satisfaction. It also unburdens the employees from doing manual tasks so that they can focus on more high-value tasks for better productivity.
SimpleCRM’s configurable platform is flexible for accommodating multiple processes not just for lending but also for FD, credit cards, and processing of other applications.
The financial sector was one of the first to begin collecting consumer data and, as a result, is a goldmine of customer information. However, this data has very little value without the analysis and interpretation that can turn it into a valuable business asset. Through extensive use of AI-powered tools in data analysis, banks and insurance companies can gain a significant advantage over their competitors.
Having an enterprise-grade platform like SimpleCRM allows an organization to maintain a quality customer repository and can eventually be the golden customer copy, which they can refer to as the go-to source for customer data.
