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Making an Impact: Achieve Customer Engagement Success with Microsoft Dynamics CRM

 “Don’t ever go to that bank – It’s horrible! I’m never going back there again.”

My sister Krystal planned to do some shopping one Saturday, and so before heading to the mall, she decided to deposit and withdraw some money at a bank on her way.

But instead of being able to quickly complete her transactions, the bank teller serving my sister had different ideas – namely, by explaining in detail the bank’s new programs aimed at Krystal’s age demographic (my sister was not interested); by describing new accounts Krystal could open (my sister did not care); and by asking repeatedly why Krystal did not do Activity A or Activity B with her account, and then elaborate on the benefits of those activities (my sister was not pleased).

Krystal’s frustration intensified when the teller’s manager came over to chime in with information and offers as well.

“All I wanted to do was get my money, but they would not stop talking. I didn’t even ask any questions in the first place! Seriously, do not go there if you don’t want to be interrogated.”

While the bank teller had the good intention of trying to do some customer relationship building with my sister, she unfortunately didn’t grasp that my sister did not want a relationship – she just wanted her money. By not understanding what her customer wanted, the bank teller unfortunately drove that customer away.

Different Customer Mindsets

According to an article in American Banker magazine titled “Mindset Marketing: Targeting Customers Based on What They Value”, a study by Deluxe Corporation found that customers of financial service institutions and credit unions fall into one of two categories: the “jobs-to-be-done” consumer, or the “eliminate barriers” consumer.

Different Customer Mindsets

Source: www.americanbanker.com
Financial service and credit union customers generally fall into either the “jobs-to-be-done” consumer category, or the “eliminate barriers” consumer category.

My sister firmly belongs in the “eliminate barriers” group: people who want quick, easy, free access to their money without being bothered.

People in the “jobs-to-be-done” group instead view their bank or credit union as an aide in accomplishing their financial goals or objectives. They are open to hearing advice or tips on how to improve their finances, they want to know about new programs or special offers, and they are willing to pay for information or services that will provide value (in essence, this crowd adheres to the “you get what you pay for” philosophy). 

Good Information Leads to Good Interaction

If the bank teller had known that my sister was an “eliminate barriers” type of customer, no doubt she would have tailored her messaging accordingly. But in order to tailor that message, the teller first needed the right information. Ignify’s Microsoft Dynamics CRM for Banks and Credit Unions Solution provides banks, credit unions, and other financial services institutions with a central, standardized customer data repository.

By allowing account managers and customer service representatives the ability to instantly access and update customer information, customer-facing employees are able to dive into the customer’s mindset – identifying what the customer needs now, and what the customer wants in the future.

For example, did a customer call up asking for more information on getting a home loan? Did a customer ask about business financing?  Documenting inquiries and interests creates an important record of the customer’s history, which supports more effective communication in the future. By being able to talk about things that are of interest, and of value, to the customer, bank team members are able to perform better up-selling and cross-selling by pinpointing the most relevant information and services.

Microsoft Dynamics CRM equips customer-facing employees with an in-depth database of customer information, allowing them to see a customer’s account information, needs, preferences, interaction details, and history

Microsoft Dynamics CRM equips customer-facing employees with an in-depth database of customer information, allowing them to see a customer’s account information, needs, preferences, interaction details, and history.

Organizing and Displaying the Right Data

Having all the information in the world at your fingertips is no good if it’s a) irrelevant; or b) hard to understand. With Microsoft Dynamics CRM, team members are able to filter and display data that is most useful in their day-to-day work, giving them a clear view of what’s going on, and which actions need to be performed.

Dashboards in Microsoft Dynamics CRM enable account managers and customer service representatives to set up the information panes that are most relevant to their needs, allowing them to see and understand data at-a-glance

Dashboards in Microsoft Dynamics CRM enable account managers and customer service representatives to set up the information panes that are most relevant to their needs, allowing them to see and understand data at-a-glance.

Dashboards in Microsoft Dynamics CRM are one valuable way that bank employees are able to easily and efficiently organize data. Employees are able to specify the data they want set up in a dashboard pane, and they can then choose which graphical display they want that data to show up as (e.g., in a bar graph, or a pie chart, etc.) With these graphical displays, dashboards provide an instant, visual interpretation of real-time information that employees can understand and act on.

Microsoft Dynamics CRM’s dashboard panes are also valuable in that an account manager can drill down into the data in the graph if they want to get a more granular view. For example, say I’m an account manager who uses the dashboard in the image above, and I want to get a more detailed look at the different customer accounts I have. To do so, I would simply click the button “View the records that are used to generate the chart”, and a new window containing the records of the different accounts will appear.

The graphs and charts posted in a Microsoft Dynamics CRM dashboard are dynamic – meaning that they update with information in real-time, and they allow the user to drill down into the data displayed in the chart

The graphs and charts posted in a Microsoft Dynamics CRM dashboard are dynamic – meaning that they update with information in real-time, and they allow the user to drill down into the data displayed in the chart. 

I can drill even deeper into the data. For example, if I want to see my customers with checking accounts, all I have to do is click the “Checking” bar – and the same goes for the other accounts as well. This is especially helpful because team members not only get the big picture of customer data (the number of different customer accounts) but they also get into the fine details (the individual customer records).

Big Picture and Fine Details – Both Necessary

Having both a macroscopic and a microscopic view of the customer is crucial to maintaining a good relationship with that customer. The bank teller that my sister encountered had a good macroscopic grasp of my sister – she saw how old my sister is, and so she figured that the bank’s programs for her age group would naturally appeal to her too. This was certainly a logical assumption, but unfortunately, without having a microscopic view – understanding my sister’s individual preferences and needs – the teller’s logic was not correct.

To distinguish the services and offers that are most pertinent to a customer, and to craft messaging that is most compelling to the customer when presenting these offerings, organizations need to have insight into both general and specific details. Armed with this knowledge, bank team members are able to determine the best way to invest their time and resources into customer interaction, and plan interaction strategies that provide value to both the bank and the customer.

For more information on how Ignify strengthens customer relationship management efforts for banks, credit unions, and other financial services institutions, please email us at banks@ignify.com.

Ashley Harbaugh is a Product Marketing Specialist at Ignify. Ignify is a technology provider of ERP, CRM, and eCommerce software solutions to businesses and public sector organizations. Ignify has been included as the fastest growing business in North America for 5 years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine and ranked as one of 100 most innovative companies in the world in the Red Herring Global 100 in 2011.

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