Investigate a Retail Banking CRM Before You Start on a Generic Platform

If you are a marketer at a financial institution reading this, you probably already know “customer experience” (CX) is the single best way to build stronger, deeper, longer-term relationships with borrowers and depositors. You also know customer relationship management (CRM) and customer engagement platforms offer the tools to upgrade your onboarding experience, cross-selling capabilities, and retention programs.  

Now you want to know which CRM and customer engagement platform is best? And how can you tell?   

Five years ago, the latest and greatest CRM and engagement platforms were “builder” platforms. They contained the building blocks to unify sales and marketing, store customer and prospect information, track prospect interest, initiate marketing messages and campaigns, and nurture prospects on their journey to become customers. 

Financial institutions that turned to these platforms were not buying software already fitted to their unique business, they were buying a platform that could be fitted to their unique business. In that sense, using a “builder” platform is like buying a box of used Lego off eBay. You’re getting a raw resource, albeit one with predefined parameters, with which you must chart a path from what you want to build to the actual pieces you have in-hand.   

When financial institutions use these general-purpose CRMs they find they face two unknowns. They are still defining what customer experience upgrades create their desired business outcome. And, they don’t know what the platform can and can’t do. The situation leaves them beholden to third-party consultants as guides for a process that drags on – usually double the time it should take and costing hundreds of thousands more than is necessary. All for a platform the institution has yet to confirm will provide the actual return on investment (ROI) sought in the first place.  

Financial institutions don’t need a platform where the first months of implementation are spent simply explaining what a checking account is to a consultant. They need a platform that already understands checking account onboarding; borrower retention; banking product usage, and e-statement enrolment. This type of platform mitigates risk from unknowns. It is already industry-tailored for customer experience in banking. And, because it is, institutions don’t need to figure out what the platform can do. You only need to define your institution’s unique flourishes for your customer experience strategy.   

That’s why Total Expert exists — and it’s the reason that what we do is revolutionary. 

If you’d like to learn more about what separates Total Expert from other CRM platforms, read our guide “Four Reasons Banks and Credit Unions No Longer Build CRMs from Scratch.”