Running a private bank is all about acquiring new clients. The more clients, the more income. The best kind of business organization is one that can sustain itself.  Creating a self-sustaining company is equal to creating business value. So, how do private bankers manage to acquire new clients when it is difficult to retain the ones you already have? The answer is simple. They use CRM private banking. For some time now, private banks have risen into position thanks to customer relationship management software. This is in fact their secret. In this article, we are going to learn just how CRM for private banks assists with acquiring new clients.

A thing or two about customer relationship management

Today’s environment is largely characterized by globalization and digitalization. As you can imagine, companies are interested in cultivating strong relationships with people. In a time when technology is evolving at a fast pace and communication channels are no longer limited, clients quit the brands they once decided to support. What private banks have to do is focus all their attention on cultivating strong relationships. Clients who are happy will not resist the temptation of telling others about their customer service experiences and this is how they manage to acquire new clients.

Customer relationship management (CRM) is not a new concept. The matter of fact is that this approach dates since the 1970s. At that time, customer satisfaction was considered to be the most important thing. Customer relationship management does not have a precise definition. What you need to know is that CRM is a process aiding with better understanding the needs and behaviors of people. It is important to stress that customer relationship management is not only a concept, it is a technology. Therefore, when someone says CRM, they may be referring to the concept or the technology behind it.

How CRM private banking helps acquire new customers

Everybody in the private banking world is talking about CRM programs like bpm’online and Oracle. What this newfangled tool allows them to do is generate more leads, which is exactly what they need to grow their business. The question now is if you should be using CRM private banking in your search for new clients. The answer is a definite “Yes”.  Let us exemplify just how customer relationship software can become useful:

  • Getting to know your prospects’ needs. It is important to know everything about the people that are most likely to become your prospective clients. If you know them, it will be easier to make sales pitches. With a CRM system in place, you can see he number of people that have clicked on your pages and why certain leads are engaged, while others are not.

  • Developing relationships with clients at every stage of the sales funnel. No matter at what stage customers are at, it is necessary to catch them. Use the customer relationship management software’s marketing tools to deliver emails and trigger positive responses.
  • Enhancing relationships with highnet-worth clients. The focus of a private bank should be on clients that hold strong financial assets. With CRM private banking in place ,it is possible to view their history, preferences and influences. High-net-worth clients are the ones that can help acquire new clients.

Case in point: bpm’online

One innovative technology that is currently used in modern banking is bpm’online. If in the past brick and mortar institutions stayed away from high tech solutions, at present things are a little bit different. More precisely, private banks no longer hesitate when it comes to implementing CRM software. To learn more about how financial institutions optimize their processes, go on this website. Going back to bpm’online, it is important to know that it is like no other kind. The solution can be used by private banks and investment management firms alike.

bpm’online has many unique characteristics. These are the features that empower private banks to increase their customer base:

  • Boost advisor productivity. The aim of every financial advisor is to attain a high level of productivity. The technology solution makes it possible for the advisor to get instant access to client information, generate documents with templates, manage calls and emails, etc.
  • Achieving consistent service quality. The real needs, wants, and expectations of clients are met. When the service quality is steady and dependable, people are happy and referrals increase.
  • Customer relationship management. Did you really think that bpm’online is only about business process optimization? No, the computer program is about customer relationship management too. Thanks to the tool, end users can set up event reminders, send clients alerts, manage products and services, and so on and so forth.

Now, that is useful functionality. Anyone interested in acquiring an advanced technical solution like bpm’online is invited to contact the company representatives. They will be more than happy to fill in the blanks and help them set up the software program.