Skip to main content
  • About us
    • Our Company
    • Our Values
    • Awards & Recognition
    • Management Team
  • Resources
    • Product Brochures
    • E-books & Whitepapers
    • Videos
    • On-demand webinars
    • 1:1 Assessment
  • News & events
    • News
    • Events
    • Press
    • Newsletter
    • COVID-19 Response
  • Jobs
  • Contact
    • Contact us
    • Our offices
  • en

Search

Home
Mobile menu expand icon Menu Close
  • Browse by SOLUTION
    • VeriChannel
      • Digital Onboarding
      • Mobile Banking
      • Internet Banking
      • Branchless Banking
      • Personal Finance Management
      • Merchant Portal
      • Contact Center Banking
      • Chatbot
      • Mobile Payments
      • Digital Offboarding
      • VeriChannel as a Service
    • VeriTouch
      • Sales & Prospect Management
      • Customer Enrollment
      • Single View of Customer
      • Role-based tablet applications
      • Cross - upsell
      • Next Best Action
      • Marketing & Campaign Management
      • Contact Center Solution
      • Complaints & Service Requests
      • Loyalty Management
      • Customer Insights
      • Know Your Customer
      • Apps for MS Cloud for FSI
    • VeriLoan
      • Digital Lending
      • Digital Collections
      • Retail Loan Origination
      • Retail Loan Servicing
      • Corporate Loan Origination
      • Corporate Loan Servicing
      • Extending MS Cloud for FSI
    • VeriBranch
      • Conventional Branch
      • Branch Teller
      • Branch Seller
      • Branch Advisor
      • Digital Branch
      • Universal Banker
      • Self-service
      • Assisted Service
    • VeriLink
      • Integration Layer
  • Browse by INDUSTRY
    • Retail banking
    • Corporate/SME banking
    • Private banking/Wealth
    • Insurance
  • Customers
    • Success Stories
    • Global Customers
  • Partners
    • Technology Partners
    • Implementation Partners
    • Become a Partner
    • Partner login
  • Blog
  • Request a demo
  • About us
    • Our Company
    • Our Values
    • Awards & Recognition
    • Management Team
  • Resources
    • Product Brochures
    • E-books & Whitepapers
    • Videos
    • On-demand webinars
    • 1:1 Assessment
  • News & events
    • News
    • Events
    • Press
    • Newsletter
    • COVID-19 Response
  • Jobs
  • Contact
    • Contact us
    • Our offices
  • en

Search

Header_customer centric banking

Moving from transactional banking services to customer-centric experiences

24 March 2020
Selim HASAN

Breadcrumb

  1. Home
  2. Blog
  3. Moving from transactional banking services to customer-centric experiences
360 view
Customer Experience
KYC
Very often, when people interact with their bank, they have a purely transactional experience. They probably get to choose their channel of communication such as mobile, online, call center or branch. But that's about it. Whether they apply for a loan, open an account or dispute a credit card transaction, customers expect to be able to move seamlessly across devices and channels. They also demand to be treated as unique individuals and expect engaging interactions that fit their connected world.

Most banks don't tend to think about being timely and engaging because they have been built on product or function silos with each department executing its part of the transaction.  Typically, customers get in touch with their bank through their preferred channel, make a specific transaction - and then leave. But this transaction-based banking model is changing fast.

How can CRM help banks to differentiate?

With the right CRM solution, banks can become more customer centric. When someone makes a transaction on his/her mobile app for instance, the CRM system could check if there is a relevant next best action for this individual customer. 

Let's say Emma is using Personal Financial Management (PFM) and sets a goal to save for a special holiday. When she credits her designated savings account, an effective CRM system could automatically send her an offer for a travel insurance or discounts from relevant third-party brands.  Crucially, the CRM system shares this transaction information across the bank, with online banking, call center and branch teams. This way, everyone in the bank becomes aware of Emma's target and can help her to reach her goal as quickly as possible.

It's almost impossible for branch staff to build meaningful relationships when they are unaware of customer transactions on other banking channels. But with a single view of the customer they can transform their transaction-based services to customer centric experiences. As well as improving customer satisfaction this also creates cross-selling opportunities, such as Emma's insurance offer.

Single view of the customer also means all channels in the bank can see Emma's current situation and full transaction history.  If Emma decides to call an agent at the customer service center, she doesn't need to repeat her story. Instead, she enjoys a seamless and engaging customer journey.

Banking on CRM to transform processing efficiency

At VeriPark, we put CRM at the center of our banking clients' digital transformation plans. This enables banks to provide uninterrupted connected journeys across all channels with a single CRM system that becomes the central repository for all customer data and transaction histories. This CRM unified front end is available to all teams across all channels.

This is a highly efficient way of working. It allows for faster turnaround times as well as reduced error rates with less data inputting replication. It also improves customer service, as even complex Non-Straight Through Processing (Non-STP) enquiries can be handled more quickly.

Customers love the convenience, personalization and speedy resolution of such enquiries. For example, Emma may want to book an appointment with a Relationship Manager or make an international money transfer. Often, these enquiries are placed in a queue or there's a lengthy approval process. 

With a CRM solution, banks can manage these Non-STP processes much faster. And ensure they add value by offering the right services to the right customer at the right time. For example, if a customer has recently made a complaint, all call center and branch teams will be aware of the issue and know that this is not an appropriate time to attempt to cross sell to the customer.

Meeting ever more demanding customer expectations is a big challenge for banks in a digital world. You can't just have great products. A CRM solution is critical to your success because it gives you the in-depth customer knowledge that enables efficient services and tailored offers.

subscribe to our blog
E-bbok: Your bank's digital journey starts with the customer
E-book: Your bank's digital journey starts with the customer
24 March 2020
Selim HASAN
360 view
Customer Experience
KYC

Share

Facebook
LinkedIn
Twitter
Print
E-mail

Related blog items

Blog_bridging the gap between branch and digital banking

Bridging the gap between branches and digital banking

16 March 2023
Read more
Blog Digital Offboarding optimized for retention

How retail banks can turn offboarding into a customer engagement opportunity

20 February 2023
Read more
CRM-based loan origination

Using CRM-based loan origination to personalize lending

28 October 2022
Read more
Blog-connected-journeys_CRM-IB

Every online banking login is an opportunity to know and serve your customers better

20 September 2022
Read more
5 Trends that will shape tomorrow's omni-channel banking landscape

5 Trends that will shape tomorrow's omni-channel banking landscape

23 February 2022
Read more
8 tips to create onmichannel insurance journeys

8 Tips to create the best Omni-Channel journey for insurers

16 December 2021
Read more

Company info

Logo Veripark

Enabling Financial Institutions to become Digital Leaders with our Intelligent Customer Experience Suite.

Contact us

Social media links

LinkedIn
Facebook
Twitter
Youtube

Company

  • About us
  • Offices
  • Jobs
  • News & Events
  • Sign up for our newsletter

Products

  • VeriChannel
  • VeriBranch
  • VeriTouch
  • VeriLoan
  • VeriLink

Industries

  • Retail banking
  • Corporate/SME banking
  • Private banking & Wealth
  • Insurance

Copyright

© VeriPark 2023

Footer

  • Sitemap
  • CMMI Certificate
  • ISO 9001 - ISO 14001 - ISO 27001
  • Privacy Policy
  • Cookie Policy
  • Cookie Preferences

Powered by Dropsolid

Powered by Dropsolid