Banking CRM pros and cons
The following are the pros of using a Banking CRM:
We have listed a few of the key Pros of Banking CRM. However, there could be more.
Sales Productivity
1. Automate repetitive tasks so that sales employees spend less time in data entry & more time on sales and getting new accounts opened.
2. How Banking CRM can help you:
– 11% to 60% increase in sales productivity.
Sales Pipeline Optimization
1. How Banking CRM can help you:
– 4% to 22% decreased sales cycle.
– 4% to 28% higher conversion rates.
– 3. 5% to 37% improvement in customer retention.
Sales Target Management
1. Know the status of sales targets being achieved & balance
by both your company and sales people.
2. How Banking CRM can help you:
– 1. 5% to 35% higher annual growth rate for your bank.
– 2. 7% to 47% revenue increase per sales person.
Lead Management
1. Effectively managing, assigning & converting prospects.
2. Map the conversions of prospects and knowing prospective revenue.
3. How Banking CRM can help you:
– 15% to 39% improvement in lead conversion rates.
Follow up Automation & Sales process Streamlining
1. Never miss a prospect, schedule sales follow ups, meetings, etc. and set reminders for the same.
2. Save time by using one software for sales and follow up activities.
3. How Banking CRM can help you:
– 4% to 55% decreased sales & marketing costs.
Data Management & Security
1. Having a data storage of all your leads, clients, products / services and sales.
2. Having no data loss when employees leave your bank.
3. Saved time and effort in accessing lead & client details.
Data Analysis
1. Getting accurate & real time analytics about:
– Sales
– Leads
– Products / Services
– Clients and much more.
The following are some cons of Banking CRM:
You may experience these due to any drawbacks in the Banking CRM installation, implementation and / or usage:
1. You would need to invest time & efforts to analyze and document the following:
– Business process
– Sales cycles (From a walk in inquiry to account opening)
– Short comings in your current process
– Technical & functional requirements in the Banking CRM
2. There could be failure in adopting the Banking CRM if you have not assigned a person in charge to ensure:
– The employees know how to use the Banking CRM
– The Banking CRM is being used religiously
3. The cost of a Banking CRM could seem like an extravagant expenditure.
Conclusion:
Get all the details on Banking CRM, click here.
See our Banking CRM category for more resourceful reads.
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