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How Banking CRM Improves Onboarding TAT in the Banking Sector

When it comes to the customer onboarding process Banking CRM has an important role to play in the banking sector. 

Improving the customer experience is a priority, as customers only want to experience the best quality services. Therefore, onboarding TAT is quite an important parameter for banks. 

Why is customer onboarding TAT vital for banks?

With the help of banking CRM, banks can actually improve efficiency, response time, and eliminate all the manual processes along the way. This will not only improve the customer experience but also cause an increment in conversion rates.

How does Banking CRM help reduce the onboarding turnaround time?

Customer onboarding is often a time-consuming process that includes customer visits, a credit analysis process and heavy use of documentation. This is where a banking CRM plays a vital role in reducing the turnaround time for banks. Banking CRM digitalizes all manual processes with automated workflows and solutions.

Five crucial benefits of having a Banking CRM:

An automated lead management process can guide the banks with, lead capture, lead scoring, lead qualification, lead allocation and closing the deals. When you don’t have a proper lead CRM in place, you risk a lower return on investment, a leaky sales funnel, and strained relationships with leads and customers.

2. Real-Time Sales Tracking

With this feature, the sales managers could monitor the performance of the sales reps to ensure they are making the most of their time in the field, keeping them organized and productive. 

Instant alerts and real-time tracking can guide the team to better manage sales agents’ time and set their daily schedules to improve their productivity in no time.

3. Automating the Underwriting Process

Banking CRM can guide the credit analysis process via streamlining the entire journey, for instance, by providing the platform to upload all the required documents digitally.

Automating the KYC, De-dupe, CDD (Customer due diligence), BL (Black List), and CIBIL score checks can save a lot of time for the credit managers when visiting for Personal Discussions (PD). 

5. Customer Experience

Keeping the consumer happy is the only sustainable way to build a business and improve the customer experience with easy and straightforward navigation.

It includes not just data collection and the acceptance of an inescapable administrative burden, but also an understanding of the prospect’s needs. The digital workflow allows the process to be adjusted to the consumers’ demands and tastes.

Orginal source: How Banking CRM Improves Onboarding TAT in the Banking Sector - Toolyt

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8 Strategies to Fuel Sustainable Inside Sales Growth

Inside sales growth is exploding, and continues to lead the sales charter within the majority of sales organizations. Don’t believe it? Consider this – 47 percent of sales leaders reported a shift from field to inside sales, according to a recent study conducted by Velocify and Steve W. Martin, sales author and professor at USC.

The massive, shift away from field sales as the primary driver of new revenue has upended many of the conventional ways of doing things. Many organizations have responded by adding new technologies they hope will speed things up. While they may achieve some speed with sales CRM, sales dialers, and the like, many of these same organizations have few controls in place, which makes for less than stable and sustainable inside sales growth.

With that in mind, I co-authored an ebook with author and TeleSmart Communications founder, Josiane Feigon that dives into the eight key areas where businesses need to focus their resources so they can achieve steady and predictable inside sales growth:

Sales Structure: It’s important to clearly define your ideal sales process based on how your customers want to buy first and then map your sales structure accordingly. Many sales organizations take into account various sales stages – new sales ready leads, active opportunities in the pipeline, and customer sales. By having more specialization for reps, prospects and customers receive better service, helping to differentiate your organization from competitors.

Talent Strategy: As talent wars continue to rage, especially in professions like inside sales, it’s important to think differently about talent. Consider refreshing your job descriptions, asking real, concrete questions about a candidate’s past during interviews, and stay open to returning employees, but insist on future loyalty.

Leadership Style: Fifty percent of the workforce claim they are no longer inspired by their managers, according to a recent Gallup survey. If an organization is going to be successful, its leadership must inspire trust and confidence. A good sales leader creates a highly adaptable, change-ready enterprise, by optimizing their “liquid sales force” – using technology to transform people, projects, and entire organizations.

Balanced Generationally: This is the first time in history when five generations will work side-by-side – are you effectively managing and motivating this new world of work. Instead of separating generations by age, consider assigning teams based on interest and specialty. The diversity will foster more meaningful collaboration and mentorship opportunities, as each generation brings its unique perspective to the table.

marketing Alignment: The finger pointing needs to stop. As marketing continues to get more involved in top-of-funnel sales activity, it’s important that sales and marketing put aside their differences and recognize their shared responsibilities and goals. This can take the form of better visibility into data and analytics to fuel better decisions making on priorities for both roles.

Sales Stack: What’s your sales tool IQ? Inside sales reps continue to be on the cutting edge of new productivity apps to help them get their job done more efficiently, but the key for sales leadership is to not just say “yes” to every app your reps ask for. Look at your sales process holistically, and look for the right combination of sales solutions that will help your entire sales organization work faster and more efficiently.

Sales Training: The US spends more than $70 billion on corporate training, but the scary truth is 9 out of 10 sales training initiatives have no lasting impact beyond 120 days. So how can you ensure training efforts have a lasting impact? Start by setting goals for sales reps for before, during, and after the training. Then benchmark expectations and keep the team accountable. Beyond training efforts, make sure to create a continuous learning environment, encouraging reps to attend online events, share learnings with their peers in meetings, etc.

Work Environment: The physical work environment that sales teams operate from can have an impact on their happiness, motivation, and productivity. The amount of room employees have at most big companies is rapidly shrinking, but salespeople often need their own space to make calls successfully. Offer flexibility for sales reps with dedicated areas for sales to make calls or conduct demos. And consider flexible hours and the option to work remotely so reps can work uninterrupted.