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Customer Relationship Management (CRM) in Financial Services

The document discusses Customer Relationship Management (CRM) in the financial services industry. It defines CRM as a data-driven approach to managing customer interactions throughout the customer lifecycle. The goals of CRM include increasing lead conversion, optimizing cross-sell and upsell activities to improve customer lifetime value, improving customer service and retention. CRM systems centralize customer data, enable insights and generate reports to support lead management, onboarding, sales and customer service activities.

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SHAIL SONI
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42 views10 pages

Customer Relationship Management (CRM) in Financial Services

The document discusses Customer Relationship Management (CRM) in the financial services industry. It defines CRM as a data-driven approach to managing customer interactions throughout the customer lifecycle. The goals of CRM include increasing lead conversion, optimizing cross-sell and upsell activities to improve customer lifetime value, improving customer service and retention. CRM systems centralize customer data, enable insights and generate reports to support lead management, onboarding, sales and customer service activities.

Uploaded by

SHAIL SONI
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Customer Relationship

Management (CRM) in
Financial Services

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


What is CRM?

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


CRM

Customer relationship management (CRM) is a data and technology-based


approach to managing customer interactions throughout the customer’s
lifecycle with the organization.
CRM involves implementing and managing systems, processes and data
around activities like lead management, on-boarding, up-sell, cross-sell,
retention and win-back.

The overall goals of CRM are to:


• Increase lead conversion
• Optimize cross-sell and upsell activities to improve customer lifetime
value (CLV)
• Improve customer service
• Improve customer retention and win-back

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


Why is CRM important for
Financial Services firms?

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


What is the difference between
Customer Relationship
Management, Customer
Experience Management &
Customer Engagement?

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


CRM vs. CEM vs. CE

https://www.slideshare.net/bangkokian1981/customer-engagement

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


What is a CRM system?

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


CRM System

CRM systems take customer data and turn them into


useful, actionable insight that can transform a business.
They help everyone in a business to easily update records
and to get access to the latest information.

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


CRM System
´ Record and storage – A CRM system provides the functionality of recording and
storing customer data and data of customer interactions. Following are some
types of data maintained in a CRM system:
´ Potential and existing customer details
´ Details of sales person dealing with a particular customer
´ Details of last few interactions
´ If the customer has any unresolved issues
´ Pipeline activities
´ Data retrieval – CRM systems provide data retrieval functionalities on the basis
of:
´ Customer details
´ Sales personnel details etc.
´ Analysis and report generation – CRM systems have the capability of analysis
data as per user requirements and generating requisite reports.
´ Reminders and Triggers – Users can set reminders in CRM systems. Also, many
system could have the facility of data upload basis which triggers can be sent
to users.

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)


End of Session

Content developed by Arpita Sarkar (mail.arpita.s@gmail.com)

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