You must have heard about Single View of Customer… Today, we are going to discuss “Why banks need a single view of customer for better marketing and sales.”
Technology is ever evolving and providing better methods to access, store and analyse information. And in technical terms this is called data. Businesses and professionals alike use this information to provide a better service, product or solution to the target customers.
However, we are still in the infancy stages of data analytics, and most domains are still learning to leverage data effectively. The banking sector is no exception. Banks have access to tons of data, but most don’t have the digital infrastructure to utilize it.
In fact, at the moment, data is so scattered within banks that it difficult to use resourcefully. However, there is a process to funnel data and use it appropriately. By utilizing a Single Customer View (SCV) banks can trace their clients and their communications with them across multiple channels.
The apparent advantages of employing SCV include improved client service levels, higher client retention, and higher conversion rates. A fully established SCV will find a way to bring together all the information it has about a client and present it in a way that’s easy to understand. For banks, such a facility is a boon.
A client PIN system is the most effective way to match specific identifiers such as the DOB, location, and name to a number that is allocated to each client. Through the PIN identifier, data can then be collated along every transaction the client makes. Now it’s great that all this information is procured and sorted but what do you do with it?
Here are why five reasons why banks need a single view of customer …
1) Customer experience
An SCV provides actual benefits in the form of precise record keeping and information organization. All this information needs to be kept up-to- date to make optimum decisions to reduce remedial and overlapping tasks. If the bank were up to date with its clients, it would not send duplicate emails and emails. It wouldn’t pitch services which the client has already been offered or does not interest in.
2) Streamlined processes
All the processes would become efficient which would, in turn, improve the overall customer experience. With real-time updates and increased interactions, a much better and more transparent of the customer is moulded. This new and accurate customer profile allows the bank to make better decisions that the client would also find beneficial.
3) Effective marketing
It only makes sense that an efficient SCV could also improve the way other departments in the bank operate. With a higher level of accuracy and clearer client insights, the bank can focus its marketing efforts directed towards the clients’ requirements.
With real-time updates and data, marketers can make better-informed decisions about how to approach a client. In fact, 86% of marketers agree that consumers expect them to know where they are, what they are doing and to provide a more relevant experience.
Consumers want to have a great experience regardless of whether you are selling them a movie ticket or urging them to apply for a loan. The rules of the game stay the same for all kinds of businesses.
4) Increase profits
Having an accurate view of a client’s situation will allow the bank to make a better financial decision affecting profits and the overall ROI. It also provides insight into which services the client is using and if there is an opportunity to upsell or cross-sell more efficiently.
By having one unified view of the client, the bank can reduce duplicate tasks and save on IT and marketing costs.
5) Data capitalization
Of course, as with any new system, there are hazards to circumnavigate. One of the most challenging aspects of implementing an Single View of Customer in a bank is transitioning from the current multi-channel method to a more holistic client data approach.
Big banks tend to have multiple systems running according to convenience and availability. Even greater complications occur with banks going through mergers and acquisitions as they most likely will have many databases and IT platforms either not all compatible or united.
However, through the adoption of an SCV, the bank can begin to capitalize on the data they are accumulating entirely.
Is your bank ready to join the SCV bandwagon?
All in all, the future looks bright for banks that will take on the task of adapting to an SCV. There will be plenty of growing pains. But that’s inevitable and with the right changes, the payoff can be tremendous.
Not only will the banks be able to provide a more enriching experience to their clients but also improve their operations and quality standards manifold. With SalesPanda‘s built-in CMS capabilities and a gamut of content marketing services, you have all the tools to convert the visitors you draw in.
The success of a bank depends on its credibility and content marketing is one effective platform to ensure that. And SalesPanda is completely on board with this.