Banks Can Make It Through A Successful Digital Transformation
Since the last recession, banks and other financial institutions have been focused on keeping up with changing regulations and strict compliance. On top of that, consumers are demanding more digital resources, which is spurring banks to upgrade their business systems. Replacing legacy systems with more modern, innovative business management solutions is not only good for managing compliance, it can also improve customer satisfaction.
As indicated in “Spending Moves from Compliance to Digital Transformation,” posted by Bryan Yurcan on TheFinancialBrand.com, after years of spending on regulatory compliance-related IT, banks are planning a digital transformation, necessary to attract tech-savvy customers that prefer to communicate on digital channels, want mobile features, and branch changes. Many banks are taking a two-pronged approach to this digital transformation by deploying a business-based technology, such as enterprise resource planning (ERP) solution, in addition to a customer-centric technology, including a customer relationship management (CRM) solution.
Modern ERP solutions offer banks the ability to manage internal operations including accounting and budgeting activities, labor management, logistics, and business analytics. Today’s ERP solutions specifically, Microsoft Dynamics ERP, can also be seamlessly integrated with CRM, putting your business data alongside customer data. A powerful CRM solution, such as Microsoft Dynamics CRM, can be used to capture customer data such as account information, their needs or banking preferences, communications and online interactions, and a history of the products they’ve used or considered. With this information at the fingertips of your sales and customer services teams, they can react faster to customer inquiries and take a proactive stance with identifying customer needs. Offering the products or services your customers want can improve the customers’ experience and can open the door to new opportunities for cross-sales or up-sales.
Microsoft Dynamics ERP and Microsoft Dynamics CRM are a powerful combination of technology that can also support regulatory compliance. Each offer built-in business intelligence and reporting that can be used to quickly populate common reports requested by regulatory agencies. You can also customize reporting formats and streamline report preparation.
A digital transformation is within your reach and within your budget. Contact AKA Enterprise Solutions for guidance with choosing the right technology to improve business operations, enhance customer service, and to support your digital transformation.