Banks Can Take Advantage of Digital Opportunities and Get Back on Track
The last recession created a new set of challenges for banks and other financial-based organizations, many of which are still struggling to recover. This digital era offers new opportunities for banks to get back on track and strengthen fragile relationships with customers.
As indicated in “Digital Opens Door to Banking Growth and Opportunities,” posted by Jonathan Rowe on TheFinancialBrand.com, banks are burdened by new regulatory oversight, increased competition by credit unions and big banks, and changing customer behaviors. Banks can overcome these challenges and drive growth by harnessing the power of technology.
As noted by Rowe, bank branch visits have decreased significantly from 2.21 times per month in 1995 to 0.26 times in 2012. Nearly 55% of Americans use their phones for mobile banking and both internet banking and mobile banking has surpassed branch banking. Banks can take advantage of these digital opportunities by replacing outdated technology with more modern solutions.
An integrated enterprise resource planning (ERP) solution can streamline common daily activities including accounting activities and other financial operations. You can also use a robust ERP solution, such as Microsoft Dynamics® ERP, to monitor key metrics and use the built-in business intelligence to identify trends with business analytics, labor productivity, and other logistics.
Microsoft Dynamics ERP can also be seamlessly connected to Microsoft Dynamics CRM, a customer relationship management (CRM) solution. You can manage all of your customer-centric data with this innovative CRM solution including personal preferences, interaction details, and product history. With this detailed data at your fingertips, you can respond faster to customer needs and take a proactive stance with future needs. You can also leverage this data to develop customized marketing and advertising campaigns that your customers will respond to instead of wasting time and money on marketing materials that will end up in the trash. Microsoft Dynamics CRM also offers mobility and can improve the communication and collaboration between branches and call centers as well as bridge the gap between customers.
Modern technology offers an efficient way to streamline internal processes and attract and retain customers. Contact AKA Enterprise Solutions to learn more about taking advantage of new opportunities with the support of ERP and CRM.