Customer Relationship Management (CRM) for Retail Banking
What You Can Achieve
- Increase sales by an average of 20-25 percent
- Improve top-line growth by 2-5 percent through up-selling and cross-selling
- Reduce operational costs by 80-90 percent by using best-practice paperless processing
- Reduce fixes costs by 10-25 percent
Disconnects Create Disharmony
You know the challenges. Multiple back-end systems that aren’t well integrated. Customers have relationships in multiple areas of the bank, and the different areas don’t have current information about transactions in the other areas. The bank uses multiple channels as access points for their customers, but the channels use different tools and even different data to segment and analyze the customer. The result can be missed opportunities, incorrect cross-sell/up-sell opportunities, potential regulatory compliance issues and a lack of customer loyalty. The customer does not trust the bank, because he feels the bank does not know him, and offers him products that don’t make sense for him.
The Differentiating Factor
Financial services is a competitive market. Banks have a hard time differentiating themselves because “money is money.” Products are often very similar among institutions, which leaves customer interaction as a way for banks to differentiate themselves. Unfortunately, in-house customer interaction centers can be costly to implement and add fixed costs to the bank’s financials. As customer interaction increases, scalability is a problem. In addition, interfacing with multiple back-end systems is often a challenge, and this is especially important when a customer has products on old and new systems.
Taking a piecemeal approach to customer centricity is likely to yield disappointing results. In contrast, truly customer-centric companies create a single, personalized relationship with each customer that works across all layers of their operating models.
Increase Satisfaction, Decrease Churn with an Integrated Solution
EDS’ end-to-end integrated CRM for Retail Banking solution provides multiple channels to the customer in a consistent, efficient and effective way. This differentiates the bank and enables the most effective data collection and analytics (single view of the customer), improving decision-making, product design and cross-sell/up-selling. Bringing it all together enables you to know your customer and make the most effective use of customer interactions via multiple channels.
Our solution will enable you to enhance revenue through tailored service-to-sales client interactions via CRM that enables you to react to new customers, products and markets more quickly and easily – even with disparate back-end systems. You’ll be able to improve customer satisfaction and decrease customer churn via EDS quality practices, better analytics, segmentation and targeting.
Download the CRM for Retail Banking Solution Overview PDF, 690K