Modern banking customers vary, from tech-savvy consumers who exclusively use mobile apps to those who prefer traditional banking models. But no matter the means of access, financial services affect everyone. That’s why it’s critical for financial institutions to understand what customers want and take steps to ensure that each customer feels safe and comfortable using any banking product or service.
In today’s environment, financial customers want to be heard, they want to feel connected, and they want to trust that their financial institution will get them from where they are today to where they want to be. To really know their customers, financial institutions should leverage digital channels and tools to evolve from single transactions to trusted relationships. By enabling 360-degree visibility into a customer’s financial profile and influencers, advisors can know their customers like never before, driving trust and loyalty.
There are seven ways financial institutions can achieve this using digital channels:
- Provide advisors visibility into a customer’s financial accounts and holdings, like loans, deposits, and credit cards. This way, advisors can deliver products and services relevant to the customer’s specific needs and situation.
- Setup alerts so advisors can respond in a timely manner to client cases. Alerts can link to specific issues such as overdue balances and upcoming quarterly reviews, allowing advisors to see all the information in one place and resolve issues quickly.
- Collaborate across all lines of business to meet more customer needs. When using a digital channel for referrals, route the referrals to the person best equipped to deliver the most-relevant solutions. Referrals keep customers happy and business growing, so make sure advisors can track every step from creation to close.
- Use digital action plans to deliver consistent and compliant client engagement experiences. Advisors can manage customer engagements consistently, efficiently, and compliantly with templates for tracking required tasks and documents.
- Look for areas of opportunity and drive contextual action by visualizing key relationships like households, trusts, and businesses to gain a comprehensive view of each customer. Use these relationship maps to identify product or service opportunities that are meaningful to the customer.
- Track important life events and business milestones, such as marriage, a new child, a home purchase, or the launch of a new product at work. Capturing these events in a digital channel enables institutions to generate more-personalized engagements.
- Prioritize a customer’s needs with surveys. Surveys have been used for decades, but digital-based surveys can improve customer feedback by using highly targeted questions.
These features are not just critical for banking, they can be implemented in the insurance industry, mortgage and lending, and wealth management.
These strategies, using digital channels, are possible using Financial Services Cloud (FSC). It is a Salesforce based platform reimagined for the financial services industry. FSC will transform how advisors work with customers. FSC is built on a framework of industry best practices and experience, market research, and customer validations. It enables an enterprise to put the customer at the center of business operations, developing a 360-degree view of each customer that enables delivery of personalized advisory services. To provide organizations with an effective way to adopt FSC, Wipro has created the framework for a seamless migration path from current Sales/Service cloud to FSC with the FSC Tool Kit.
Wipro partners with many financial services companies that are making a lasting mark in today's fast-paced financial world. For more insights into financial institutions, professional services, and other solutions, contact Jay Jayadev.