Today, banks are facing an urgent challenge: adapt to consumer expectations or die.
Today’s consumers expect meaningful, personalized, digital-first experiences from their banks – far beyond what most are able to provide today while staying compliant. According to the Forrester report, The Future Of Banking Is Built On Trust, the banks that succeed in the next five to 10 years will be invisible, connected, insights-driven, and purposeful.
One important part of getting there, says Forrester Principal Analyst Alyson Clarke in a recent Total Expert webinar, is embracing CRMs. To hear Alyson’s insights directly, check out our webinar featuring Alyson, The Future of Banking and CRM.
Maintaining Profitability in a Changing World
Retail banking is changing quickly, with consumers increasingly choosing to “bank” with retail giants, tech startups, and other non-banks.
To stay competitive, banks must embrace this new normal, which means not only seeking out non-traditional partners to expand their product offerings but also rethinking how they engage with customers.
The new imperative: deliver personalized experiences at scale. To do this, banks must have a CRM designed for the world of retail banking.
Choosing the Right CRM for the Job
In its 2021 Now Tech: Retail Banking CRM, Q3 2021 report, Forrester discloses the importance of delivering exceptional consumer experiences – or losing out to the competition. This is possible, the report notes, with a vertical-focused CRM, which enables a “customer-obsessed” strategy.
Banks committed to delighting their customers in the coming years will have to decide whether to attempt to personalize experiences at scale, while staying compliant with a generalist CRM – or to hit the ground running with a purpose-built solution.
The Power of Purpose-Built
A CRM built from the ground up for the unique needs of banks offers the benefit of delivering value from day one.
Unlike other general-purpose CRMs, banks choosing a purpose-built CRM don’t have to endure a long, costly customization process before it’s ready for their industry-specific needs.
From presidents, CMOs, and CTOs to front-line workers, real users from banks and credit unions contribute their time and expertise to the innovation process for a bank-built CRM platform — all to ensure it perfectly replicates real-world banking environments.
Watch Now: The Future of Banking and CRM
For detailed insight about what banks can expect from the next five to 10 years in the industry – and how they can position themselves to thrive – check out our webinar, The Future of Banking and CRM, with Total Expert’s Chief Product Officer Matt Tippets and guest speaker Alyson Clarke, Principal Analyst at Forrester.