Customer Relationship Management (CRM) records are obviously essential for any Financial Institution. CRM records are required for Know Your Customer (KYC) mandates, effective outbound sales and marketing initiatives, and daily business operations.

You rely on your CRM records. But how are you entering these records in your CRM system?

It turns out that CRM data entry can have a significant influence on the lifetime sales you make to your customers.

Positive First Impressions Boost Sales

Most sales to DDA customers take place in the first few months of an account being opened, according to BAI. Sixty percent of sales will take place in the first month; 75% take place in the first three months.

Your initial meeting with a customer is critical. The customer is clearly prepared to buy something from you. It’s a great opportunity for needs-based selling, and for establishing trust. Not surprisingly, studies show that trust turns out to influence how much customers will buy in the future.

In the course of your initial meeting with a customer, then, you and your institution should achieve these four goals:

  • Verify the identity of the new customer to avoid fraud
  • Collect the customer’s personal information for CRM data entry and later sales and marketing fulfillment (e.g., mailing a debit card and a PIN).
  • Perform needs-based selling
  • Build trust with the customer, forging a relationship that will encourage future business.

The first two goals include data collection; in fact, they both use the same data—the customer’s name, address, and Social Security Number. The second two goals involve face-to-face time with the customer. These goals are best achieved when the branch staff are looking at customers and conversing with them, rather than pecking at a keyboard and filling out labyrinthine forms.

Optimizing Branch Operations Involving CRM

The trick to pulling this all off? Achieve goals 1 and 2 quickly and efficiently so that identity verification and data entry do not interfere with goals 3 and 4.

Here’s where CRM data entry becomes important. The process can go wrong so easily. For example:

CRM data entry the wrong way:

  • Branch office staff exasperate the customer by asking for the same information over and over.
  • Branch office staff bog down the sales process with lengthy questionnaires and slow typing.
  • Branch office staff make typing mistakes that generate exceptions and that undermine future fulfillment efforts (a man named Pat gets a promotional letter addressed “Dear Pam”)

CRM data entry the right way:

  • Sales staff do no typing at all or only minimal typing, because data comes from magstripe readers and other data sources.
  • Sales staff never repeat questions, and all questions are brief and to the point.
  • Error-free data improves customer satisfaction and increases the return on future sales and marketing efforts.

A Real-life Example of CRM Frustrations

Here’s an example of how CRM data entry can frustrate bankers.

I recently spoke to bankers at an institution that’s been using an identity verification service that is not integrated with their CRM system. Because the two systems are not integrated, the customer onboarding process required sales staff to key in a DDA applicant’s personal information twice—first into the identity-verification service and then again into their Customer Relationship Management (CRM) system. Of course, all that typing interrupts the selling process. It also introduces lots of opportunity for keyboard errors. The bankers are frustrated. Lack of CRM integration is making customer onboarding more time-consuming and complex that it needs to be. No one is winning in this scenario.

This bank is now searching for an identity verification service that is faster and more accurate and that can be easily integrated with their CRM system. The bank hopes to enter CRM data once and take care of identity verification and CRM input in a single operation.

Accelerated Insight:  Identity Verification that Integrates with CRM

In contrast to the disjoint systems being used at the bank I just described, Accelerated Insight not only verifies identities in real time, it also integrates with CRM and other branch systems, eliminating redundancies and reducing errors. Accelerated Insight accepts data from mag-stripe readers, so branch personnel may not have to do any typing at all to enter a customer’s identity information. Simply swipe a driver license—even a driver license with an old address—through a reader, and Accelerated Insight instantly returns the person’s name, current address, date of birth and Social Security Number, along with a risk and confidence score.

If your institution has been relying on disjointed CRM and identity verification services, and you would like to get a free trial of Accelerated Insight, please contact us.