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Banks need to place the customer experience at the front and center of their operations to make sure their customers remain their customers, as well as to protect a reputation which can quickly become fragile, especially when exposed to online communities. One of the best ways to do so is with SugarCRM software designed for banks with tools that are flexible and adaptable to the ever-changing financial ecosystem.

Consumers are less loyal as they search for the best deal and are likely to maintain a relationship with more than one financial institution, which means customer experience becomes a key competitive consideration. Retail banks, therefore, need to see the world from their customers’ point of view, understand what competitors are doing and develop an effective customer relationship strategy which maximizes value for all sides. The importance of a positive customer experience was revealed in a report from Deloitte. 90% of customers trust peer references and are seven times more likely to trust a reference from a peer than an advertisement.


A more demanding environment means the retail banking sector must change. Retail banking will have to contend with several issues over the coming years, including the tightening grip of regulation, the rise of Fintech, low growth and costs that are difficult to contain. As a result, customer confidence remains shaky, and banks are still battling to win back their position of trust.

Some of these issues will be challenges, others will offer opportunities. The rise of Fintech, for example, sees smaller, mobile financial institutions offering a faster and more affordable service than traditional banks. Yet, at the same time, it provides opportunities for growth and new revenue streams.


Banks will have a traditional view of customer experience: good rates, easy access to staff, support and their accounts. However, the customer is becoming more segmented and complicated in an evolving marketplace. Retail banks need to get to know their customers and understand what they are looking for – in other words, they have to see life from the customers’ perspective.


The Global Consumer Banking Survey emphasized that banking should be more straightforward for the consumer. People are bombarded with information in all areas of their life. Customers want something which is concise, transparent and clear. In addition, banks should be open about the fees they charge, rates, services and communications.

Customers also want a choice of ways to communicate with their banks. Clients are digitally-minded and wish to communicate through various channels – social media, web, email, text, and in-person. Customers expect to be replied to on their channel of choice. If you can’t fulfil that expectation, there will be someone else who can. With over 80% of sales and marketing leaders believing that customers leave due to a lack of personalized communication and relevant messaging, individualized interactions with your customer-base are vital for success.

Consumers also want a more interactive two-way relationship with a bank, particularly when it comes to customer support. More than 70% of respondents said they would increase the amount of business they do with their bank if advisory services improved. By using a network of financial advisors and experts, technology can more easily connect you with customers. Utilizing big data to increase your knowledge of customers and their behavior; you can provide personal finance tools to help people invest and spend more wisely.

Finally, banks can be proactive in addressing issues and resolving problems. Although there will inevitably be problems from time to time, customers showed a surprising willingness to reward behavior from banks which they viewed as positive. Customers who were very satisfied with how a problem was resolved, more than half (58%) gave most, or all, of their business to that institution. By making it easy to raise queries, get support, and see how a problem is resolved, banks can win back customer trust and make great strides towards retaining their business. It is crucial to develop a strategy that will allow banks to reach customers based on their habits and preferences.


Customer Relationship Management can also play an important role in collecting and segmenting all the information around customer needs and expectations. SugarCRM’s platform amalgamates all the disparate information coming into a business from multiple sources, such as customer surveys, sales figures, social media, the web and much more. The SugarCRM platform can present this in clear, accessible, and easy to understand charts.

SugarCRM gives banks all the information they need to be transparent and customer-focused. Operating as a single central hub creating a source of truth and a repository for all customer interactions, SugarCRM provides an excellent platform to facilitate a customer-centric experience.

Banks can gather information about their financial goals and requirements from the first time they interact with a customer during the onboarding process. This enables the bank to sell products and messages based on each customer’s tailored profile. In addition, it helps them provide information and services which enhance the customer experience. SugarCRM is not only about capturing interactions but using this information to go above and beyond customer expectations.


To maximize customer ROI, banks need to think of a new way to cross-sell. SugarCRM tools enable banks to gather vast amounts of information about the customer and deliver a service tailored to their needs. The balance has changed. Traditional banking models were based around a suite of services which suit the bank. The future of retail banking will be one in which consumers receive a bespoke relationship with their bank with services and information tailored to their profile.

Entrenchment is the biggest problem. Banks have been used to working in their own way and have had the market very much to themselves. This is, in part, why they face a crisis of confidence among their consumers. Traditional retail banking is seen as a model which does not put the customers first. The future will see consumers receiving the range of flexibility and personalization they expect in other retail areas. In this challenging and uncertain future, those institutions that adapt most successfully will have an edge.


The Financial Services landscape is anything but static. Having a fully integrated, end-to-end CRM for every step in the customer journey is essential for any business looking to achieve the most while maintaining an ease of mind! Learn more about how Tokara Solutions can set you up with SugarCRM!

For the full free whitepaper, click here!

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