E-Crm Readiness in the Banking Industry
In this Work at Issue article, I will discuss E-CRM Readiness’s status in the banking industry. The importance of enterprise software (ERP) in the banking industry is indisputable. However, with more banks implementing ERP, how do they measure their success using an enterprise resource planning tool? This article will explore these questions and provide a review of the latest version of E-CRM Readiness, known as ABAP, or the Automated Customer Relationship Management Software.
According to the Banking Industry Association, “Many banks have yet to determine how ERP will improve their business.” Most agree that the current state of E-CRM Readiness is one of “limited usability.” Only 18 percent of banks use ERP to improve customer service, according to a July 2021 survey from Forrester Research. According to one industry leader, “banks still haven’t figured out what to do with ERP.”
What needs to be done? According to one industry leader, “banks are still trying to work out whether it is better to have an IT person on the design team or to rely on consultants to do the technical work.” Implementation of the latest system by some banks has been successful, but not in all cases. In addition to improving IT efficiencies, however, it is important to address the issues that impede customers from applying. Work at Issue has identified four areas that need improvement: technical expertise, system compatibility, management improvements, and training.
As mentioned earlier, the main goal of E-CRM Readiness is to improve customer service. However, what if the customer doesn’t even want to shop or talk with the customer service department? Wouldn’t it be beneficial for the business to use the same tools to analyze the data that the customer has provided? One way to overcome the problem is to put the customer service department on the same “reader” level as the business’s CRM. Let me explain how this would work.
Let’s say the customer service department sends out survey forms and invites people to participate in focus groups that focus on problems specific to your company. Some of the questions on these forms may include, “How do you feel about [fill in the blank]” and “Where did you find out about [insert name of product here]” – in essence; the customer is being asked to provide information for your business to understand their needs better. Now, instead of having the customer call the customer service department and ask them the same questions, let’s have the customer answer the same questions and be tracked using an e-commerce application that communicates directly with the E-CRM Readiness. If the information provided is valuable and pertinent, it will make the customer service department a better place to work.
By monitoring the information provided to the CRM (customer relations management application), you can see where the strengths and weaknesses lie. If the strengths and weaknesses are not aligned, then you need to improve them. This kind of information is priceless when it comes to streamlining business operations and increasing profits. In addition to helping the customer service department provide the most accurate possible answer to any questions presented to the business, this data is also beneficial to sales, marketing, and support – all of which can make a tremendous difference in how well your business operates.
The banking industry has many responsibilities to meet, and everything must be running smoothly. One of these responsibilities falls under the responsibility to provide customers with accurate and timely information. Using an E-CRM Readiness solution, businesses will provide the highest quality service to their customers – all while decreasing costs and increasing profit. As E-CRM Readiness optimizes your company, you will soon see the benefits and begin to realize the ROI of investing in this application type.