The rules of banking have, without a doubt, undergone a sea-change. For one, the space is no longer limited to incumbents alone. Non-banking or fintech players are providing stiff competition to these players. Not just that but retaining customers is becoming more challenging. Customers are no longer drawn in by players with the most number of branches or the widest portfolio. What matters is being able to provide a differentiated digital experience across segments.
This, in turn, presents banks with a fresh set of challenges, which largely include:
- These players typically outsource the lead collection process for multiple products, such as loans, credit cards, etc to third parties. This is done as the core banking platform cannot be extended, to maintain security.
- Also, the aforementioned third party systems cannot be integrated directly with the core banking platform. This is because doing so will increase product roll out time.
- In cases where banks are handling product sales through outbound calling, an easy to train system for the sales force is urgently required. This system is expected to simplify the process of collecting leads and facilitating conversion and customer acquisition, both of which fall outside the purview of the core banking CRM.
- Banks are also likely to face restrictions pertaining to users and licenses on the core banking platform for various non-core activities.
- These players also face challenges pertaining to trouble ticketing and streamlining workflow, aimed at modifying profiles. These, too, fall under the purview of the core banking systems, before reflecting in the core banking system.
In this context, Mahindra Comviva’s iPACS uCRM solution is a viable solution. For the banking segment, the offering accrues the following benefits:
Why the iPACS uCRM is a Viable Solution
- iPACS is positioned to handle the processes pertaining to lead collection and existing pipelines for outbound callers. This facilitates and simplifies the follow-up process, until all customer acquisitions can be handled outside the system.
- The offering facilitates lead collections from third party systems for further follow ups.
- It also simplifies the process of handling tickets pertaining to customer complaints.
Focusing on the Banking, Financial Services and Insurance Segment
Mahindra Comviva has defined a multi-fold strategy for this segment. Broadly, the company caters to the following functionalities:
- Lead Management: The iPACS uCRM offering is used to create leads for different products, such as credit cards, loans, and various saving schemes. By deploying the uCRM offering, all customer-centric communications can be logged in. This, in turn, enables the bank to pitch products and services tailored to a customer’s requirements. In a nutshell, this solution streamlines the process of handling third party leads.
- Cross Sell and Upsell: The offering supports a core banking system or a campaign system. This creates offerings based on the customer’s credit rating. Offers can be displayed and sold via the uCRM product. The uCRM offering provides a 360 degree view of the customer, the services they have opted for, their usage patterns and pending and completed invoices.
- Troubleshooting Conflicts: Customer complaints can be created on invoices and the team functioning at the backend can rectify the error in the core banking system.
All in all, the uCRM offering clearly goes a long way in improving the client’s bottom-lines and enhancing customer engagement and conversion rates.