7 Ways Financial Services Firms Are Using CRM to Create Competitive Differentiation

The implementation of a CRM system has helped countless companies better serve their customers and make their internal processes more efficient – saving them both time and money. Financial services firms are no different in that they can benefit from CRM implementations as other companies in all different sectors have done.

In this blog post, we explore in detail what the specific benefits of Microsoft Dynamics CRM are to financial services firms and how they can best utilize CRM to their advantage and the advantage of their clients.

1. Creating Personalized Experiences for their Customers

Young Couple at Financial Services Company

With increasing competition on all fronts, customer service has become more important than ever to keep your clients happy and ensure timely, relevant communication.

In the case of financial services firms that manage a client’s assets or investments, the customer service aspect is arguably even more critical than in other industries. That’s where a platform like Microsoft Dynamics CRM can help – providing a more personalized experience that makes the client feel like they are being personally cared for; not only when issues arise, but throughout their entire lifecycle with the firm.

With a CRM platform, financial services firms can better identify and cater to their client’s needs on an individual basis.

2. Maximizing Customer Value

Microsoft Financial Services White Paper

Read the White Paper: Delivering Amazing Customer Experiences with Microsoft Dynamics CRM

In order to best serve their clients, financial services firms can’t just focus on customer service issues as they come up. They need to continually promote relevant, targeted offers to their clients to not only enhance their relationship, but to make available products and services in which a client may truly be interested.

Microsoft Dynamics CRM offers enhanced marketing capabilities to financial services firms that can help to automate targeted, timely offers for different products and services, all dependent on a client’s individual needs.

3. Constant and Rapid Innovation

Financial services firms are always growing and changing. Whether that means expanding into a new territory, growing their employee base or offering a new service, financial services firms need to have the ability to adapt and meet their growing needs. Having multiple, dated software programs that are difficult to upgrade or enhance won’t allow them to make the changes they need in a timely manner.

With a CRM platform such as Microsoft Dynamics CRM, financial services companies will be at the helm when it comes to innovation. These platforms are built for growth and adapt very well to change – putting their owners in the driver seat when the time comes for additional capabilities.

4. Utilizing Mobile and Social Capabilities

Mobile Capabilities

Business is no longer done solely behind a desk or over the telephone. Both employees and customers are mobile, always on the go, and they need to be able to communicate effectively while doing so.

Microsoft Dynamics CRM offers enhanced mobile and social capabilities that will ensure your employees can collaborate on multiple devices and platforms. On the other end, your customers can receive communications and interact with your business services through multiple devices in different formats.

5. Gaining a 360-Degree View of Clients

Utilizing multiple software platforms to gather data on specific clients is a cumbersome process, at best. If financial services companies are forced to compile data from different software vendors and platforms, they’ll not only be spending more time on what should be simple tasks, it also means they’ll have less time to serve the customer. Furthermore, by not having all customer data streamlined in one view, there is a greater chance that opportunities to enhance the customer relationship may be missed.

With a platform like Microsoft Dynamics CRM, financial services firms can enjoy a 360-Degree view of their clients – that is, a holistic view of all key metrics, financial data, client information, client history, analytics and more. This will help lead to more profitable, timely and targeted interactions with clients.

6. Automating Workflow and Increasing Operational Efficiencies

Automating Workflow and Business Processes

If your employees have to spend time learning how to use multiple pieces of software and manually complete tasks that should be automated, they’ll be spending less time focusing on their specialties. Software should be making their jobs easier, allowing them to focus on delivering amazing experiences to their clients, not bogging them down with daily, menial tasks that eat up time and productivity.

With Microsoft Dynamics CRM, employees of financial services firms can have their workflow automated. This will help them to streamline critical daily tasks that would otherwise have to be done manually. Operational efficiency will be maximized as a result of workflow automation, leading to lower IT costs and increased productivity.

7. Better Onboarding Process

Keeping customers happy is critical in any business, but it’s especially important at the start of a new relationship. Getting new customers into the system shouldn’t be a cumbersome, inefficient process that leads to missing data and lost opportunities.

Microsoft Dynamics CRM excels at making sure the onboarding of a new client is streamlined, efficient and as automated as possible. Financial services firms are taking advantage of Microsoft Dynamics CRM onboarding process to not only cement a strong relationship early on, but to ensure that it continues that way for years to come.

Related Content

Microsoft’s Financial Services White Paper: Delivering Amazing Customer Experiences with Microsoft Dynamics CRM

Case Study: Why Did a Financial Services Firm Replace Salesforce.com with Microsoft Dynamics CRM?

By | 2017-10-17T19:05:40+00:00 April 25th, 2016|Sales & Service (CRM)|Comments Off on 7 Ways Financial Services Firms Are Using CRM to Create Competitive Differentiation
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Contributor: AKA Enterprise Solutions

AKA is comprised of professionals with deep experience in business, technology, and their respective industries. Our team members regularly share their knowledge and expertise through blog articles. We hope you find them helpful, and we welcome your comments.