Driving Financial Service Growth: Scaling Service Activities with CLM Systems
Key Points
- Cost Reduction and Success Rate: Reduction in errors during customer interactions, decrease in Average Handling Time (AHT), and increase in lead generation with streamlined processes, compliance management, and regulatory requirements by empowering staff with analytics-driven insights.
- Insights and Holistic Approach: Providing insights into customer behavior, facilitating the development of solutions tailored to changing customer needs to improve the customer lifecycle pipelines.
- Modern CLM Features: Modern CLM tools like Q-Buddy enhance customer interactions and streamline workflows, integrate with internal systems, and focus on external network data.
Banking operations are complicated, time-consuming, and often cost-intensive as they revolve around customers. The major focus on cost-saving processes has been associated with recognizing the customer journey using Customer Lifecycle Management.
Embracing an effective lifecycle management solution is essential for financial institutions, as it not only provides insights on cost-saving strategies but also drives company success rates by providing a frictionless customer experience.
Let’s explore how modern CLM features has become an integral part of the banking and financial service industry and recognize some of the modern solutions Conneqt applies in BFSI companies.
Changes in Expectations – Improving Productivity
The customer lifecycle is often addressed with the initiation of the customer onboarding process and compliance management in financial institutions. However, with the increasing complexity of financial crimes and the rise of remote financial services, ensuring security while delivering a high-quality digital experience has become a paramount concern for financial institutions and customers. CLM solutions play a crucial role in maintaining this balance. One of the most vital modern CLM features is that they regulate the time spent on onboarding processes, ensure compliance with regulatory requirements, and enable efficient customer feedback collection. By driving businesses towards competent and operative customer relationships, these solutions aim to improve customer lifecycle pipelines while addressing security concerns in remote financial services.
Getting attached to financial services that are widely remote has become a cause of concern for both financial institutes as well as customers. By implementing robust security measures such as encryption, multi-factor authentication, and transaction monitoring, financial institutions can ensure the integrity and confidentiality of customer data in remote transactions. This not only enhances security but also instills trust and confidence in customers, leading to greater satisfaction with the digital banking experience. With effective security measures undertaken, there is a clear focus on external network data to hold a clear understanding and mapping of connections among stakeholders avoiding any intangible risks in the future.
Furthermore, as financial institutions strive to deliver better experiences to customers based on their evolving needs and financial service growth targets, these solutions become even more essential. By gaining insights into customers’ past actions and behaviors, financial institutions can better predict their current and future behaviors. This helps draw attention to productivity and customer interaction management across the organization, leading to compliance departments being more inclined to utilize a complete customer view.
Modern CLM Features
From a customer and technology perspective, accurate CLM solutions must provide with smooth workflow capabilities, allowing financial institutions to define their work processes, assign responsibilities, and hold accountability for the same. Embracing such solutions, Conneqt has developed exceptional tools like Q-Buddy, an in-house application that identifies customer journeys and provides accurate customer information. By utilizing Q-Buddy, we have enhanced customer interactions and streamlined workflows, resulting in a 6% reduction in errors during customer interactions. Additionally, we have achieved an 8% decrease in Average Handling Time (AHT), enabling faster and more personalized resolutions to customer queries.
Conneqt has positively impacted employees and customers by applying these solutions. Through analytics-driven insights, our employee training has become more efficient, empowering staff with a better understanding of services and enabling them to employ cross-selling techniques effectively. Our employees are equipped with a mobile-based learning app – LOGO, allowing employees to undergo weekly quiz-based training, understand the process of handling customer queries with thorough monitoring, and promote effective group interaction and discussion around concepts such as process handling, resolution standards, cross-selling, and upselling. Thus, training the employees to understand individual customer needs with more precision also boosts sales, resulting in a 6% increase in lead generation from both new and existing clients.
Therefore, it is not wrong to say that our CLM solution will fit as an orchestrating layer to bring in seamless data transfer within organisations and across the overall data systems. Often the best practice consists of multiple modules to roll out as needed in accordance to the digital transformation roadmap that the financial organisation is already undergoing.
To Summarise
Complexity in financial service operations can often lead to a lack of clarity in customer purchasing intentions. To drive away such complexities, these services have been profoundly associated with gaining a 360-degree view of customers and integrating solutions within service operations accordingly. Looking down on existing and new technologies to upgrade these systems within financial institutions brings out the possibility of the best management of cost, time, and productivity and financial service growth.
Connect with us today & explore how our personalized solutions can empower your institution for success!