Will 2017 be the year of reckoning for CRM? We are sure about it, but you need to wait till this month next year to be certain.
In the meantime, why don't you enjoy the best posts from our CRM blog in 2016 that were specially focused on going digital and breaking new grounds. As always, these posts were selected based on the level of engagement (traffic, social media mentions, comments etc.) each month.
So here goes…
January
What Is Your Digital Mental Model?
It’s very difficult to answer the apparently simple question: ‘how do you define Digital?’ (the word ‘you’ stressed) and yet see twinkle of satisfaction in the eyes of the enquirer. This is partly because ‘digital’, like any art form, means different things to different people. Depending on where they stand on the digital maturity curve, their capability levels, appetite for change and their current business challenges, the meanings and corresponding initiatives vary dramatically. (Continue reading)
February
Fintech CRM: Should Banks Revolt or Evolve?
These are turbulent times for banks across the globe. The story is the same everywhere. Share prices are tumbling and Non Performing Assets (NPAs) are burgeoning. The recession has badly hit both banking behemoths and smaller ones. Are they equipped to face the digital finance technology revolution? (Continue reading)
March
Integration in CRM: Drowning in Code
“Walking on water and developing software from a specification are easy if both are frozen. ” so quoted Edward V Berard. It is good that large banks are taking up digital challenge and adapting their functions. However, they are still loathe to let go of their archaic legacy systems and 'branch' mode of banking. And this is where they get the story path wrong. (Continue reading)
April
Customer Service in CRM: Eliminate Bad Business Processes to Reduce Work Overload
Every company wants their customer service department to service more customers and undertake myriad tasks. But enabling them do more would require you to put in place logical and efficient business processes. Which, sadly, not many companies do. (Continue reading)
May
CRM in Customer Service: Customer Obsession as a Culture
Businesses today are becoming more obsessed with managing their clients or customers loyalty better than competitors. It does not matter whether your business is small or large, customer retention is the crucial thing for its survival. (Continue reading)
June
CRM in Banking: Embed Customer Insights into Your Business Strategy
A typical boardroom type meeting will have the Chairman, CXOs and other important stakeholders. Lately though, a new participant has arrived. A Customer Insight Expert. Businesses are increasingly realizing that strategies should not only focus on the corporate aspect of a business but also the market. One way of market inclusion is by integrating customer insights into your business strategy. You can achieve that by collecting, analyzing and integrating customer insight form data collected over the course of your customer engagement. (Continue reading)
July
CRM in Banking: Embed Customer Insights into Your Business Strategy
A typical boardroom type meeting will have the Chairman, CXOs and other important stakeholders. Lately though, a new participant has arrived. A Customer Insight Expert. Businesses are increasingly realizing that strategies should not only focus on the corporate aspect of a business but also the market. One way of market inclusion is by integrating customer insights into your business strategy. You can achieve that by collecting, analyzing and integrating customer insight form data collected over the course of your customer engagement. (Continue reading)
August
CRM Tips: Empower Your Customers to Serve Themselves
Customers simply want to get solutions to their problems promptly without having to contact the business over and over. And without them explaining their issues repeatedly. But as important as online self-service is, there are still lots of companies that continue to see online self-service as just a medium of convenience rather than see it as a strategic asset to help them boost their reputation and goodwill.(Continue reading)
September
Banking CRM: Lessons from The Bangladesh Heist
When USD 101 million were stolen from the central bank of Bangladesh in February 2016, the whole world paid attention. The enormity of the heist deepened when it was revealed that the actual target was USD 1 billion. It was a clear demonstration of the enormous threat of cyber attacks to disrupt banking services, be it of an individual private bank or that of a sovereign country. Banks can take lessons from this episode to safeguard customer assets. (Continue reading)
October
"A" Now Stands for Awesome Analytics in CRM
Analytics in help you to make sense of raw big data. When you take the full advantage of analytics, you will slowly notice productivity and efficiency increase in your business, especially in marketing and customer contact centers. It helps to quickly make sense of your sales, service and marketing operations at a glance. (Continue reading)
November
Insurance CRM : The Future is Here
Think insurance and the most probable picture that comes to your mind is an agent trying hard to convince you why that expensive premium is worth it. The reality in future (and increasingly now) will be different. Insurers are migrating from 'real' personal relationships to 'virtual' personal relationships to establish, retain and manage customers. How? (Continue reading)
December
3 Unique Advantages of Super Consumers for Your Business
Superman will go to any length to protects the Earth, regardless of costs and dangers. Now, replace the earth with your business and superman with super consumers (a.k.a loyalists, lead customers, high passion fans etc.) and you get an inkling of their importance. Super consumers are hardcore and unabashedly passionate about their brands. They count their beloved products after their basic needs of food, water and shelter. They have an in-depth understanding of every feature of a certain product. Usually 10% of your business customers are super consumers and they account for around 50% of the sales numbers. (Continue reading)
We both love bonuses
Big Data in CRM: Is It Your Strategic Asset Yet?
Big data is becoming the world leader in creating business growth strategies. Want to make your business custom-tailored for customers? Or wish to be the front runner in personal interaction with each customer? Turn to Big Data. However, it will just remain a mountain of dumb data dump unless you change your approach. (Continue reading)
Banking CRM: Unboxing 'Assisted Bank-in-a-Box'
In today’s competitive banking sector, fintech startups and non-banking financial institutions (NBFCs), looking to be the next banking upstart, are increasingly embracing the use of integrated technologies and solutions. The end vision is to achieve a competitive advantage by providing exceptional customer service and differentiated experience to their customers. The increased interest is being prompted by new banking formats, regulatory requirements, customer expectations and increased competition. The new banks are working towards providing faster services, quicker response and lower costs by leveraging technology for automating operational processes. (Continue reading)
Civil War in Banking CRM: Digital Channels Versus Physical Branches
"Early adapters of Digital CRM are taking off quickly enough to almost unseat an inattentive traditional banking megastar."
Digital CRM is the latest avatar of intelligent and intuitive CRM, that goes beyond the mundane version of record keeping. Because of it, a customer no longer needs to visit the physical retail branch to carryout financial transactions. All what is needed is access to the internet and a computer, laptop, tablet, smartphone or watch. In a matter of minutes, the customer will have ordered a new check book, initiated a wire or bank transfer, issued a standing order, stopped a check payment, applied for a loan and much more. (Continue reading)
CRM in Banking: Developing Customer Experience as a Strategy
Customer experience is the latest banner held aloft by brands to define their businesses. Visitors to any touchpoints, especially in banking sector, are bombarded for flyers, ads etc. on why the particular bank can only offer a delightful 'experience'. So, What's the big deal about 'customer experience' and why are banks gung-ho about using it as a strategy? (Continue reading)
Banking CRM: Are You Using These 4 Critical Metrics to Measure Customer Loyalty?
As the competition in the world of finances continues to rise, the pressure to increase profits while meeting ever-evolving customer demands has been growing stronger. Banks of all sizes are challenged with the need to build customer loyalty, recognizing that increased customer retention rates can boost profits. (Continue reading)
Always in debt of your support
Our digital blog exists only because of you. Thanks for spreading our insights across the globe and for that we will always remain in your debt.
Momentous events are planned for 2017. And you will first hear about it here. Wish you all a very Happy Season's Greetings!!!