Blog: CRM

Transforming BFSI Customer Engagement with Dynamics 365 CRM

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February 27, 2024 - by Synoptek

As the BFSI (Banking, Financial Services, and Insurance) industry undergoes a spurt in digital transformation efforts, ensuring seamless and personalized customer engagement across various digital channels is extremely challenging. For businesses using legacy Customer Relationship Management (CRM) systems, it becomes harder to handle a growing customer base.

Learn about the problems banks and financial services face and how Microsoft Dynamics 365 CRM can solve them.

Transforming BFSI Customer Engagement with Dynamics 365 CRM

BFSI Customer Engagement Challenges

CXOs globally aim to strengthen their customer experience strategy. This is critical to acquiring new customers, retaining their most valuable ones, and staying a step ahead of the competition. For banking and financial services organizations especially, customer engagement is key.

Yet, the reliance on old-fashioned and outdated tools and technologies hampers engagement in several profound ways. Legacy systems usually undergo years and years of customizations and integrations. They fail to deliver the experience modern customers have come to expect. These systems make customer engagement extremely tough and impact not just loyalty but also business revenue and growth.

  • It’s hard to provide consistent and seamless experiences across a growing number of digital channels.
  • Customer data in multiple systems hinders financial organizations from fully understanding and interacting with customers.
  • Increasing competition from Fintech startups that leverage innovative technologies and agile business models causes customer experiences to seem archaic.
  • Banking customers’ expectations are constantly evolving due to experiences in other industries and advancements in technologies such as AI. Keeping up with these changes can be challenging.
  • Manual effort involved in acquiring, interacting with, and converting customers dilutes the customer experience while causing extreme frustration for sales teams.

The Microsoft Dynamics 365 CRM Advantage

Banking and Financial Services organizations understand how critical customer engagement is to their business. But to build strong relationships with customers, take actions based on insights, and close deals faster, sales teams need to move away from legacy systems. They need to get ahead of customer expectations, track accounts and contacts in real time, and strengthen their pipelines.

To prioritize customers, banks should listen to their conversations. They should provide personalized content when and where it’s needed. Additionally, they should target them at the perfect time and place.

Microsoft Dynamics 365 CRM offers the perfect solution for BFSI organizations to overcome customer engagement challenges. Automation and AI capabilities empower sellers to be more productive and manage many customers at various deal stages with ease.

Microsoft Dynamics 365 CRM helps sellers track leads, focus on the right accounts, and save time researching customers. It also helps them take the best approach for each customer and organize their pipeline effectively. It also:

  • Streamlines complex sales processes while making selling easier. Microsoft Dynamics 365 CRM delivers all the information teams need to have contextual interactions with customers. It helps teams simplify sales processes and close more deals by providing visibility into the customer journey lifecycle.
  • Improves interactions and conversions via real-time insights. Microsoft Dynamics 365 Sales offers critical insights into various engagement-related metrics, helping teams prioritize pipelines.

    AI-scoring models and rich dashboards allow teams to focus on the right customers and drive greater conversions. For instance, teams can receive suggestions, engagement activities, and notifications for upcoming dates and take the next best action.

  • Reduces manual effort with Copilot. Copilot is now deeply integrated into Microsoft Dynamics 365 Sales. It allows teams to eliminate manual tasks and focus on crafting better engagement strategies and closing more deals.

    For instance, using natural language, they can now seek summaries of customer meetings and send tailored emails to customers. Microsoft Sales Copilot plays a huge role in enhancing seller productivity, helping them make informed decisions with AI-powered insights and actions.

Case Study

A Middle Eastern Investment Bank was struggling to manage its growing customer base. The existing on-premises CRM system posed difficulties in making any customizations. The bank also found it difficult to enable third-party integrations with wealth management systems.

To improve operational efficiency and improve customer portfolio management, the bank was seeking several business process enhancements across the customer lifecycle.

Through seamless third-party integrations, customer portal implementation, and better data capture, the investment bank could enable 98% data coverage accuracy, reduce manual efforts by 85%, minimize customer efforts in seeking information by 60%, and enjoy 90% faster imports.

Reimagine BFSI Customer Engagement

As banks look to cater to evolving customer expectations, Microsoft Dynamics 365 CRM offers several capabilities that boost engagement. Automation, AI, and analytics capabilities allow BFSI organizations to adapt to changing customer behavior, attract and retain customers better, and close more deals.

Looking to successfully implement Microsoft Dynamics 365 Sales across your business? Explore our Microsoft Dynamics 365 CRM Services today!