Are banks able to tip the scales in today’s digital marketplace?
The global financial crisis and incredible advances in digital technology have shaken up many industry sectors, including the financial services marketplace. So much has happened since the early 2000s and banks still seem to be struggling to regain traction in this new era. Understanding today’s consumers and the competition through modern technology is the only way banks will be able to survive and thrive in today’s digital marketplace.
According to “The Battle Lines for the Consumer Have Been Drawn,” posted by Derek Corcoran on TheFinancialBrand.com, three notable factors have impacted and are continuing to cause disruption in the financial marketplace – a digital revolution, global financial crisis and increased regulations over banking practices. The increasing reliance on smartphones and digital services has put pressure on banks to improve online services or provide more digital banking services.
After the financial crisis stemming from 2007-2008, many consumers were frustrated with the banking industry and mistrust has left traditional big banks in the dust as newer startups, specifically fintech, thrive in this new digital era. Increasing regulation over lending practices and capital reserve and reporting requirements have also forced banks to make additional changes. These changes have been good for customers and can be just as good for the banks trying to regain their footing in this fluctuating marketplace.
Banks Can Provide a Strong Customer Experience with ERP and CRM
Customers are looking for a simple, seamless banking experience. A good experience across all touchpoints, whether digital, mobile or in-person will improve customer retention and lead to greater customer growth. Modern technology is necessary in this digital era and many banks are replacing outdated software with enterprise resource planning (ERP) and customer relationship management (CRM) solutions.
A robust ERP solution streamlines internal operations, such as the consistency of financial and accounting practices and other common tasks, thereby improving productivity. Dashboards, business intelligence features and powerful reporting offers detailed insight into operational data that banks can use to streamline and automate both internal and customer-facing activities. Similarly, CRM offers an efficient way to improve customer relationships. Insight into customer preferences, risk tolerance and product history supports front-line employees as they provide customer services and work toward strengthening relationships and improving retention.
Tip the scales in your favor by replacing outdated software with modern ERP and CRM solutions. Contact AKA Enterprise Solutions for more information about these powerful systems that will help you thrive in this digital era.
By AKA Enterprise Solutions, a Microsoft Dynamics CRM and ERP Partner for Financial Services