A CRM (customer relationship management) system lies in the centre of companies that want to manage their relationships with their leads, prospects and clients. Although most companies use them in a simplistic way, most of these CRM systems offer advanced functionalities that would help a company nurture and convert prospective clients into hot leads and sales opportunities.
Fundamental to the success of a CRM system and its ROI is the data consumed in it, a factor that does not entirely depend on the system itself. To take actions on a product campaign or to decide on whether a product fits your clients, you would need to acquire data, make calculations and maintain the right set of the above in the system. A system itself without the data is simply an empty, useless box!!
Different types of data are stored and managed in the CRM system. Unfortunately, even though they have powerful analytical capabilities, stakeholders and users continue to feed the systems with simple customer data that offer limited insights for strategic decisions.
For example, let’s concentrate for the moment on the product offering of a company. With many products in its basket and so many customers on the other side, how can one decide which product fits best each client? How can they ensure that not only a customer is keen to subscribe to a certain service but also one has the right financial profile to afford it?
Enriching the CRM with financial and transactional data of a client, offers insightful information about one’s spending appetite and future buying patterns. It can also offer a tremendous help to the company when trying to evaluate if a client can afford a certain product. Even more, such information can offer the company the ability to design a process that matches clients affordability levels to product ranges, helping them to save time in promoting their products.
Transactional data can be obtained through Open Banking. With the usage of data science, a process that is made easier today, it can now offer such information to accelerate the sales process, match customers to products easier, and increase the chances of leads becoming a client!