In this blog, You will be getting an insight into Mobile Banking CRM and features of mobile CRM for banking.
The basis of it all!
Need of Mobile banking CRM
Today, as we are progressing towards more cashless transactions, the need for handling e-transactions is increasing. Which means having a seamless way to take care of our daily requirements. Mobile banking is one of the fastest growing technologies that take care of this.
Not only does it improve the quality of life of common man, but it also makes it easier for the customers to carry out the transactions like depositing a cheque or transferring money at their own convenience, whenever they want, without visiting the bank branch. Of course, there are many mobile apps today that aim to bring banking to the beck and call of the end-users. Yet, they lack the comfort of human to human interactions.
Although banking has been become convenient due to technological innovations, the focus has been mainly to get closer to the customer. But there is much left to be desired in terms of an awesome customer experience. Of course, with growing competition, banks need to gain an advantage by giving differentiated service of new banking formats, regulatory requirements, customer expectations, and increased competition.
Mobile apps do not help banks in understanding the customer and resolve their issues. The default approach still is to call the customer care or visit the branch. Calling a customer care service becomes annoying many times because of the waiting period which leads to cancellation of the service. Hence, banks are now working towards providing faster response, quick service by automating their operational process with mobile banking CRM.
The main challenges
Today the market is completely customer oriented, with so many options available at the tap of a button! Banks have now realized the importance of mobile banking and maintaining the customer relationships ever more than before in order to sustain loyalty and attract more. So the focus on stronger customer engagements is higher than even before.
It is imperative to scale the challenge of identifying the customer needs with abilities to meet (and surpass) those needs. One of the ways to meet these requirements is the implementation of mobile banking CRM process. The main advantage is to be able to identify customer needs, due to the intelligent analysis of the customer information from your own systems, thus tailoring solutions accordingly for higher buy-ins.
This aims at maximising existing customer value in the long term by focusing on the business processes, marketing, customer service, adding to the business growth.
Ways to go about
In recent years, CRM in the banking industry has been enabling banks in offering new services like loan details, bill payments, inquiry and opening a DEMAT account or issuing credit cards. Mobile banking is a niche segment and is rapidly growing across the globe, offering services of money transactions with mobility and on-the-go digital offerings.
New features of mobile CRM for banking like geo-location tracking, fingerprint sensor, touch screen capability are making the work easier for the banks to serve their customer better. Through features of mobile CRM for banking, banks can have the single 360-degree view of the customer across the various engagements with the bank, even across geographies and multiple timeframes.
The data can include personal details of the customer, demographic details, customer satisfaction surveys, online banking transactions carried out by the customer, and the customers’ most frequent activities. With the help of all these details, banks can estimate the customer’s life time value and identify the potential investment the customer is likely to make that can bring in most revenue to the banks.
CRM is a powerful tool for the banks that helps in creating a brand value and providing the customer with timely relevant information that can add value to the customers. Mobile banking CRM and solutions aid in providing the right service, at the right time by being dynamic and real-time around the customer. This helps in building a strong relationship with the customers.
All in all – the bigger picture
Though features of mobile CRM for banking are gaining important significance in the day to day life, the implementation is still in nascent stages and in pockets. Widespread implementation is still further away, leaving much scope for improvement.
Banks need to consolidate customer information with customer transactions from all the branches, for instance, and display it as one view consolidated customer record. This can be done by assigning a unique customer id with each customer. Banks can be benefitted by this by way of better risk assessment, accurate and quicker lending decisions, better customer understanding, and increased efficiency of customer service which features of mobile CRM for banking can provide.
The need for banking transactions will grow with the influence of mobile and internet technology and so it is anticipated that the need for mobile banking transactions will grow. More and more people are opting for mobile banking as it is very convenient, easy to use, and completely secure.
The path is long and the road is full of obstacles, hence the journey will take some time indeed! Yet, the sure pace of CRM adoption by banks shall allow banks to offer better investment options to their customers.