Deep CRM” - customer service, loyalty and digital marketing
Fintechs are providing focused and contextual services and cutting into banks’ share of customers. Banks will have to draw deeply from their existing CRM solutions, mine their existing customer information to provide contextual and consistent personalized interactions. They can do this through
- Redefine customer service through the insights gained from mining CRM systems. Personalize services and products at a granular level to beat fintechs and retain customer stickiness and loyalty.
- Leverage digital marketing strategies to provide innovative and customer-centric services.
- Match fintech features and start operating at a cost disadvantage relative to new entrants equipped with modernized systems.
This calls for a transformational API layer added to traditional CRM systems.