The Modern Currency

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ICBA-sponsored-article-0216Collecting Accurate Data Via Integrated CRM

by Shanda Purcell

With competition heating up in today’s financial industry, it’s more important than ever to truly understand your customers in order to win the race for profitability. And the key to fulfilling that quest for knowledge is accurate data.

To that end, banks are turning to the latest customer relationship management (CRM) solutions that, through integration with the core platform, gather precise data that helps them proactively anticipate customers’ product and service needs individually and pinpoint their channel preferences. By capturing and analyzing each customer relationship and its behavioral patterns, in real-time, integrated CRMs allow all bank staff to see the data and use it to create a truly exceptional customer experience, leading to higher wallet share, increased loan growth, better customer acquisition and healthier deposits.

But, what about those customers who maintain accounts outside of your institution? Knowledge of those outlying balances—like wealth management, trusts and insurance, for example—is crucial in terms of cultivating lifetime relationships with your customers. For that, the most innovative CRM solutions can pull in balances and other information from assets that lie outside of your core, helping with the overall wallet share across the footprint of the bank. That’s crucial to the profitability of those customers.

An integrated CRM also allows your bank to view a customer’s entire journey and better define their institutional loyalty—a difficult concept to pin down, but one that contributes greatly to profitability. Having the ability to map that customer’s relationship and uncover such information as how long they’ve been with your bank, how many and what types of accounts they have, even whether their family members bank with your institution, is quite valuable.

Further, an innovative, integrated CRM vastly improves the overall customer experience. Any employee within the bank can speak intelligently about the customer’s accounts, assist them with questions, refer them to the appropriate party or present them with a personalized offer—all in real-time through the channel of their choice. This boosts profitability because:

  • Existing customer relationships, the easiest and biggest opportunity for growth, are naturally promoted since customer needs are proactively anticipated via their preferred channel.
  • Lead generation is smoothly facilitated, ensuring the conversion of profitable prospects since the Sales team can easily view, manage and hand off prospects and customers through one system.
  • Familial, employment and advisory affiliations are captured, creating new leads with profitability potential that also strengthen the sticking power of the original relationship.

In addition, an integrated CRM is by nature both agile and mobile—which increases profitability in a variety of ways:

  • Any user can access the CRM wherever they need it, i.e. a salesperson meeting with a prospect at their place of business, a branch manager following up with a customer while on the road, even a marketing associate creating a targeted direct mail offer while working from home. This improves work productivity and efficiency, as well as employee satisfaction because they have the tools to be successful right at their fingertips.
  • This universal access also increases customer satisfaction. The integrated CRM’s real-time profile identifies high-impact offers and solutions to be presented at the very moment of customer interaction through the customer’s preferred channel.
  • Banks can immediately identify and prioritize the most profitable products for the most profitable customers, yielding the greatest possible return.

It’s true—accurate data can be seen as today’s most important currency, allowing banks to gain a more robust picture of their customers and maximize those relationships. For more information on how an integrated CRM can benefit your institution, download our free white paper, Latest Generation CRM Helps Community Banks Recapture their Competitive Advantage.


ShandaPurcellShanda Purcell leads CSI’s Customer Relationship Management (CRM) initiative, providing leadership for the overall design and functionality of the platform. With more than 20 years of business and software development experience, Shanda brings proven leadership to all aspects of the CRM solution, from research to implementation.

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