Why Is CRM Online So Important for Businesses?
Different companies are using CRM systems across the world. Banks, credit card companies, business process outsourcing centers all use customer relationship management systems in different forms. The impact of CRM systems on the business environment of today increases on a daily basis.
Today, let us take a detailed look at how the banking and credit card industries use CRM online systems in the daily routine.
Let us start with the banking industry. The lifelines of the banking industry are account holders. However, the concept of just having an account is no longer relevant. Today, all account holders look for much more. So how does a CRM online system provide a bank with an upper hand?
Investment advice – Today, more and more account holders do not want their money to by lying around idle. However, they are afraid of investments because of the volatile nature of the stock market. To counter this fear, investment advisors in the bank can use a web based CRM system to analyze the performance of various companies and pick out the top performing companies over a given period. By doing this, investment advisors can ensure that their account holders can invest their money in companies which can offer them stable returns over a period of time.
Customized banking solutions – The banks of today offer many different banking solutions. However, their account holders may not be aware of all these solutions. Using CRM online software, banks can analyze the deposit and withdrawal patterns of their account holders and then offer them solutions as per their needs. For example, if an individual uses his or her ATM card to make multiple withdrawals, then the bank can offer them a card that has higher onetime withdrawal limits.
Next, let us look at the credit card industry. Like the banking industry, card holders are the lifeline of the credit card industry. Additionally the sales team also plays an important part in the credit card industry. How can this industry use web based CRM systems to improve their servicing and their sales numbers?
Customized card products – Credit card usage and acceptance has increased over the past decade. Today credit cards are used for paying fuel bills, grocery bills, purchasing air tickets, purchasing rail tickets, purchasing cars etc. Using a web based CRM system card companies can analyze the spending patterns of their credit card holders. Using this data, they can get into strategic tie-ups with various companies and offer huge discounts to their customers on their purchases, thus attracting more customers with beneficial schemes.
Reduced wait times – Workflow management is an important aspect for the customer service department of any credit card company. Using web based CRM systems the customer service team can ensure equal distribution of calls and ensure that the customer is not waiting for a long time in the queue.
Better sales management – Like any other business, a credit card company can grow only by expanding its customer base. Hence, the sales team plays a very important role. Using a web based CRM system the company can automate most of the manual tasks like consolidating leads from different channels, cold calling etc. Additionally it can also use the web based CRM systems to offer its card members additional products on their cards like add-on cards for family members etc.
As you can see, web based CRM systems are crucial in today’s business environment. What about your business? Do you think CRM online systems can help you too?