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How CRMs help finance professionals to provide next-level customer service

For any business to thrive, customer service is vital. In the financial services industry, regardless of whether you work in banking, insurance, investments, or a related service, the support your customers get is the main driver of loyalty.

To put it simply, it’s the only way to guarantee repeat business. And for that, you need a best-in-class CRM.

Changing customer expectations

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Customer expectations have changed dramatically in the last few years, which is both highly positive for finance professionals and also presents unique challenges. 

When customers feel they are getting a good service, the rewards are substantial for any business. Statistics show that good customer service is the principal driver that turns one-time clients into brand champions.

For example, promoters of your business (those with a high NPS), offer a lifetime value 6–14 times greater than detractors. Likewise, 93% of customers will likely buy again from companies with top customer care and increasing retention by just 5% can boost profits by  25% to 95%.

The rewards of good customer service are certainly incredible, but what does it take to meet customers’ changing expectations?

In short, customers want quick replies to any question or query and on the channel of their choosing. This, of course, is much easier said than done and changes depending on the nature of their query.

With payment disputes or other complex financial interactions, customers generally prefer talking on the phone with a real person. However, they may have had many other interactions, whether through email, text message, social media, etc., before then. 

The customer service representative is expected to know the entire previous history of all the communications you’ve had up until that point. And, especially in more emotionally tense situations, if you get it wrong, you’re at risk of losing that customer. Business Insider claims that an incredible one third of customers say that they consider switching companies after bad customer service.

How CRMs help finance professionals

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Delivering on expectations and providing the service that your customers want requires a holistic approach that brings together multiple aspects of your business. But what exactly are these areas? 

Let’s look at them more closely. 

A more personalized service

As we mentioned before, customers expect you to know every interaction you’ve has with them. But that’s not all, personalization needs to be present at every point. If you communicate via email, SMS, or any other channel, you need to include their names or similar information. When trying to upsell, you need to understand their needs and habits and offer products that they may be interested in. 

Personalization has to be at the heart of every strategy for better messaging, retention, and upsells. By storing data in one, single location, CRMs make this possible. Reporting features provide insights and mean that you always know what to say or offer at the right time. 

Streamlined processes and collaboration 

Time is money. The quicker you can reply to a customer or help them with an issue, the more success you’re going to have. This is just as true when it comes to nurturing your leads as it is with providing customer service. 

CRMs help finance professionals by streamlining your processes so the more mindless tasks, such as data entry, are automated. Not only does this free up more time to talk to customers, but it also facilitates collaboration. At any point, your colleagues are in the loop and able to support each other. 

On-the-go access to information

The world has gone remote and you’re not necessarily always going to be in the office. Whether at an onsite client meeting, working from home, or traveling, you need to be able to provide the same service at all times. Any good CRM should have an app that accompanies it, allowing you to do everything you need to when away from your computer—including providing top-quality customer service.

Finding the right finance CRM

A man working out the cost vs. benefit of a CRM

The finance CRM you choose will influence how your company operates for years to come. It goes without saying that it is a massive decision and not one that should be taken lightly. 

When shopping for a new CRM to provide top customer service, that means you need to look for the best one for you. Begin by deciding which features are most important.

Here are some of the top features that you should consider when looking for a finance CRM (for providing top customer service and beyond).

User experience

The main reason for poor adoption of a CRM by internal staff is due to a bad user experience. If it’s difficult for your staff to add data or use the different features, they are likely to begin duplicating processes or even just avoid using the platform. Whatever CRM you decide to purchase, it’s vital that you and your team like the user interface and that there is good training available to leverage it properly. 

Automated emails

The next feature that you absolutely need is good automation capabilities, especially when it comes to emailing. Whether contacting leads, making pitches, or following up with old clients, automated emails are a must for finance professionals. 

Calling and SMS messages

Likewise, calling and SMS are vital for finance professionals. Features such as quick call transfers, ringless dialing, and team overview abilities will make the experience much smoother for your team. Of course, all messages and interactions should be stored in one place. 

Sales and marketing automation

Again, the quality of your platform’s automation should be top of mind when making a decision. All of the more mindless tasks that are part of sales and marketing can and should be automated with sophisticated workflows that save time and allow you to better connect with your target audience.

Reporting features

At the end of the day, results matter and you need to know where your team is doing well and where there’s room for improvement. When shopping for a new finance CRM, look at the reporting abilities of the platform, specifically how well it allows you to forecast future sales. 

Team collaboration 

Collaboration is essential for success and allows you to provide a more thorough, personalized, and streamlined customer service. Ask about the ability to communicate, whether through in-build project management capabilities, automated collaboration workflows, or how easy it is to leave notes for each other. 

Customer service is vital for professionals working in financial services—but it’s only a drop in the bucket compared to how CRMs help finance professionals in reality. Whether for data centralization, outreach, collaboration, or anything else, it’s essential to find a platform that works for your team and allows you to achieve unprecedented success. 

If you’d like to find out more about how Pipeline.so can help financial professionals to boost their ability to provide exceptional customer service, reach out to us today!

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