CRM And The Integrated Front Office - Current Concepts For The Financial Sector

Systems for Customer Relationship Management (CRM) are getting implemented more actively in various business fields. In the financial sector solutions from this class are most popular in banks working intensively with individuals. In some of these institutions the CRM system works independently, in others it is integrated with Call-center in the third it is an important component from integrated front office solution.

The main factors imposing the ideology of customer relationship management and respectively the CRM systems in the financial sector are: - The need to analyze the customer base, assessing the creditworthiness and the formation of criteria for selecting customers that are preferred in terms of risk minimization. The introduction of modern system of credit scoring in banks at the moment is a decision of strategic importance, on which depend the ability of the institution to provide massive loans, operational monitoring of supply and quality of credit products, timely and adequate risk management, reduce costs for analysis of borrowers; - The need to highlight the most valuable customers in terms of profitability. Analyses in this direction are needed both in terms of attracting new customers and in connection with the retention of existing ones. Performance of both tasks require an individual approach to clients. CRM system definitely helps, as the identification of prospective customers and storage of information in relation to personalize relationships with them; - need to evaluate the profitability of each loan product and to conduct diversification and optimization of the loan wallet.

Clear trend for the use of CRM in the banking sector is oriented towards the introduction of vertical solutions tailored to the specific requirements of the financial institutions. In most cases, banks have different applications for automation of sales in their corporate offices. The functionality and architecture of these solutions does not allow to develop the full cycle of interaction with customers (marketing, sales and service) and to effectively use all channels to contact them - offices, Internet, call-centers and partners. In this situation, many financial institutions come to the decision to migrate to a single front office solution that can be used by all divisions.

During the CRM project, special attention is paid to the integration of customer data (CDI) and to the built-in analytical tools and instruments supporting the making of informed decisions. All listed allow the bank to concentrate on working with the most promising clients. Moreover, consumers in the financial sector are particularly demanding in terms of functionality associated with planning indicators of profitability, as well as by each client and by client groups and industries. From the CRM solution for the banking business is expected to provide a convenient tool to track links between customers, analysis of industrial sectors of the real and potential customers.