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How Customer Experience Impacts Bank Profitability

May 13th, 2014 Brianne Schaer No comments

As much as superior customer experiences are expected to be the norm, banks are falling short in regards to customer satisfaction. Capgemini’s Customer Experience Index (CEI), which assesses the performance of retail banks in meeting customer expectations, took a dip this year, in contrast to a three year upswing.

The declining trend in customer experience was present worldwide, with the exception of Latin America’s increase in the CEI. The report cites two main causes for this: an inability to deliver on important expectations, particularly those from Generation Y, and a disconnect between providing services to both digital savvy customers and those who prefer direct services.

Nobody is ever inspired to advocate your bank (or any product, for that matter) after receiving a neutral experience—and a poor experience can even initiate a bank change. The fluid nature of today’s market encourages change, and people are not afraid to leave a bank that is not providing the service they deserve and require. In fact, customers with positive experiences are three times more likely to stay with their bank and three to five times more likely to refer others and purchase additional products than customers with negative experiences.

So what are customers really looking for when choosing a bank? According to the Capgemini Financial Services Analysis, customers still want banks to deliver on the basics: fair pricing, broad product sets, and dependable service. The quality of overall bank service was ranked as a top priority in every region of the world, see chart below.

Factros Influencing Customers

Fees/price, quality of overall bank service, and quality of internet banking service were ranked the top three factors when choosing a bank worldwide, with the exception of Latin America, which ranked quality of branch service higher than internet service.

With a targeted customer service campaign and powerful customer relationship management software, banks can easily improve the number of positive experiences customers are receiving in order to initiate a more supportive customer base. A great CRM program delivers unmatched functionality and convenience, an ease of use anyone can master, and, mainly, superior customer service. Ignify has developed a CRM solution specifically for banking and financial institutions.

CRM for Banks enables banks to produce positive experiences through 360-degree views of the customer, tracking customer engagements and customer history, and a unique database of help topics to solve queries. The system integrates with the core banking system and shows neglected accounts, loans, mortgage records, mutual funds, and more.

Customizable dashboards enable customer service agents to prioritize cases, view problems by category, and track customer satisfaction after cases are resolved. All of the data can also be drilled down further to view information such as account owner, how long it took to resolve the case, and if there was any follow up from either the customer or the agent.

Customizable dashboards

It is important for bank managers to view information similar to the above dashboard to track and analyze data regarding customer satisfaction and service. Information such as account number by branch, account number by last transaction date, and account number by product can all be accessed in one convenient location.

Accounts by Corporate Banking

This drill-down into active cases provides a list of the accounts by corporate banking on the left, and a line graph on the right showing the account balance by bank. This can help to monitor how banks are doing in terms of revenue and open accounts.

When a customer calls in, it is imperative to know a bit about them and their history to make them feel valued. Within CRM for Banks, you can view past cases, detailed information about the customer, and create a case for the most recent activity. With Parature, this functionality is further improved by allowing customer service representatives access to a vast knowledge base to pinpoint the best solution to any problem. CRM for Banks connects disparate systems to allow access to all customer data in one place, eliminating the need to work from a variety of programs.

Access to Customer Data

CRM for Banks makes viewing cases simple, and a wide variety of field entries organize data in an easy-to-use manner. Follow up times and activities lists ensure the problem is resolved and the customer is satisfied.

If you would like more information on Ignify’s CRM for Banks solution, please email banks@ignify.com to connect with one of our specialists.

Brianne Schaer is an Assistant Copywriter at Ignify. Ignify is a technology provider of CRM, eCommerce, ERP, and Point of Sale software solutions to organizations. Ignify has won the worldwide Microsoft Partner of the Year Award in 2013, 2012 and 2011. Ignify has been included as the fastest growing businesses in North America for seven years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine from 2007 to 2013.

Ignify Customers Receive Top Awards at Microsoft Convergence 2014

March 11th, 2014 Brianne Schaer No comments

The team at Ignify survived our nonstop work to coordinate and prepare for the events surrounding the Mecca of all things Microsoft Dynamics: Convergence 2014. Wednesday’s Microsoft Dynamics Customer Excellence Awards Luncheon allowed the team to wind down and celebrate our clients’ successes using Microsoft Dynamics over food and drink. Two of Ignify’s clients, Asurion and Rapiscan Systems, received top awards at the luncheon.

The 2014 Customer Excellence Awards, which are presented in 17 categories, recognize and celebrate Microsoft Dynamics customers that have achieved notable accomplishments using their Microsoft Dynamics solutions.

Asurion, the global leader in technology protection, won the Productivity Award in Customer Care for its use of Microsoft Dynamics CRM. Asurion provides premier support that enables users to fully utilize their digital devices and products; applications to protect privacy and provide security; and rapid replacement of lost, stolen, damaged, or malfunctioning devices. Asurion supports the top wireless companies, retailers and service providers, enabling those companies to focus on their core businesses.

Microsoft Dynamics CRM provided a much-needed interface for Asurion to manage its customers and claims. The completely configurable, multi-client, multi-lingual service dashboards for administrators and supervisors organize data to track the progress of handling service claims and quickly drill down into pertinent data. Managers can drill down and view relevant data easily using claims processing data, business rules, and customizable dashboards.

Asurion honored on-stage at the Microsoft Dynamics Customer Excellence Awards at Convergence 2014

Asurion honored on-stage at the Microsoft Dynamics Customer Excellence Awards at Convergence 2014.

A division of OSI Systems, Rapiscan Systems is the world’s leading security screening provider, manufacturing and providing state-of-the-art security equipment and systems designed for checkpoints, cargo, vehicle, baggage, parcel, and air cargo security inspection.

Dedicated to developing customer solutions that serve to lead the way to a safer and healthier world, OSI Systems follows a common IT strategy for the company’s three independently operated divisions. With the rapid business growth and global expansion that the company was experiencing, OSI Systems required a CRM system that could better organize and consolidate customer information, as well as provide a comprehensive view of sales data.

Microsoft Dynamics CRM’s platform flexibility provides OSI Systems and its subsidiaries with a fully connected and integrated sales, marketing and customer service tool, enabling team members to more quickly and efficiently access and act on crucial data.

Rapiscan Systems, a division of OSI Systems, honored on-stage at the Microsoft Dynamics Customer Excellence Awards at Convergence 2014

Rapiscan Systems, a division of OSI Systems, honored on-stage at the Microsoft Dynamics Customer Excellence Awards at Convergence 2014.

We congratulate our customers on these remarkable business achievements, and we look forward to Convergence 2015!

Brianne Schaer is an Assistant Copywriter at Ignify. Ignify is a technology provider of CRM, eCommerce, ERP, and Point of Sale software solutions to organizations. Ignify has won the worldwide Microsoft Partner of the year Award in 2013, 2012 and 2011. Ignify has been included as the fastest growing business in North America for 7 years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine from 2007 to 2013.