CLM for Financial Industry: Adding Direction and Momentum
The economic storm that wrecked the financial industry in the US and the rest of the world still is not over. Though the industry is trying hard to get back the glory days, efficiently backed by Government regulations and policies, the journey is a tough one. This task will take concerted efforts, and every tool that can help to assist in this task needs to be employed.
Customer Lifecycle Management (CLM) is one such business tool that can help the financial industry streamline its operations and increase momentum.
Key challenges faced by an enterprise in the financial industry
While the financial markets are on their way to recovery, investors are still wary of putting in their hard-earned money into financial products that recently collapsed. An enterprise in the financial industry therefore faces several challenges today and they include:
A rapidly changing business environment, thanks to the effects of the global economic crisis as well as financial hiccups on the home front
The changing habits of customers in relation with investments – customers no longer commit to a single brand or investment module
Customer attrition, which has always been a challenge for the financial sector
Re-establishing the faith of the customer in a particular brand or product, or even in investment in general
Developing new products in tandem with customer preferences
The main challenge players in the US financial industry face is getting customers to invest in financial products that have taken a severe beating over the last few years. Even though the entire financial market suffered serious repercussions, customers who have lost their earnings, savings or profits to the recession need extremely strong reasons to play their cards in the financial sector again.
How CLM for financial industry plays out its role as a core differentiator
CLM is a comprehensive component in the business structure that handles every aspect related to the clientele of an enterprise, and these include the prospects too. A well-structured CLM module helps a business optimize every process related to the customer. As far as the financial industry is concerned, a customer-centric approach and a renewed business campaign in the face of ongoing as well as past economic challenges is indeed the right solution.
The following 5 facts show how CLM offers an enhanced reach to financial players, helping them overcome existing challenges and giving them the ability to create new opportunities.
- Automation of customer prospecting and acquisition: The onboarding machinery of a business structure is enhanced with CLM in the loop, ensuring that an enterprise targets and acquires the right clientele.
- Building long-term customer relationships: Trust builds relationships and CLM’s efforts in customer service and other areas helps gain trust.
- Adding the quotient of answerability across different departments: Every department affects customer metrics and CLM helps a business measure this, thus promoting accountability.
- Targeting specific segments and channels for improved marketing: CLM helps a business identify channels that work best for a particular segment, thus offering optimal marketing power.
- Segmenting the customer population based on value: Customer value plays an important role in the financial sector and CLM helps determine the value of each customer or segment.
- Optimal channeling of leads: CLM helps determine the value or quality of leads generated, thus helping a business target the right customers.
- Using online and mobile strategies to save costs: CLM uses the latest in data and mobile analytics, thus helping a business access gains related to the online and mobile sphere – both essential players in today’s business scenario.
All these CLM solutions help an enterprise to:
- Cut costs
- Build better relationships with customers
- Regain and reinforce customer trust
- Reduce churn
- Increase business prospects with the added factors of stability and growth
At Conneqt Business Solutions, we play a central role in setting up and operating core business modules that enhance the performance of an enterprise in the financial industry. Our CLM services and solutions for Financial Industry ensure that the business leaders of companies are well equipped to garner the opportunities available in today’s financial market.