How Banking CRM Improves Onboarding TAT in the Banking Sector

2 min read

Reduce customer onboarding TAT with banking CRM

Since the turn of the century, the financial landscape of banks has changed tremendously. As the current financial market has become more and more personalized, the demand for digital adoption has become vital. Especially when it comes to the customer onboarding process. And, this is why a Banking CRM has an important role to play in the banking sector

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

As the whole onboarding process is time-consuming, dependent on documentation, and operations, the need for digitalised onboarding is necessary. 

Why is customer onboarding TAT vital for the Banks?

A recent study revealed that banks are losing 78% of customers to digital-first, disruptive competitors. This clearly indicates that investing in a modern onboarding process can actually save up a lot of time and money for the banks. 

With the help of banking CRM, banks can actually improve efficiency, response time, and eliminate all the manual processes along the way. Not only this will help in customer experience and 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, credit analysis process and heavy use of documentation. And, all these time-consuming processes can be automated and streamlined in faster and more efficient ways. This is where a banking CRM plays a vital role in reducing the turnaround time for the banks. Banking CRM digitalises all manual processes with automated workflows and solutions.

Five crucial benefits of having a Banking CRM:

1. Automated Lead Management

Without unified, synchronized data, lead management is a major headache, such as duplicate lead lists that inflate lead numbers, routing leads at the wrong stage to the wrong destination, or mistakenly contacting leads who have gone cold.

But with 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

It is important for the sales team to get detailed insights into the sales agent’s daily activities and objectives

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. So that the relevant bank sales managers have clear and real-time visibility into what’s happening in the field.

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

Reducing the Turnaround time for the Underwriting process is one of the biggest challenges faced by the credit team. Manual underwriting requires an underwriter to perform the necessary checks which in this case leads to the process being time-consuming and repetitive.

But, the banking CRM can guide the credit analysis process via streamlining the entire journey, for instance, 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). 

4. Business Intelligence for Data-Driven Decisions

Sales analytics is your sales team’s secret superpower. It may assist your sales agents in detecting crucial patterns, delving deeper into data, forecasting results, and increasing productivity.

Because of precise analysis, your team will be able to tailor their efforts and target high-value prospects. Moreover, the ability to pull metrics and show KPIs by creating custom dashboards makes Business Intelligence a useful feature for the banks. 

5. Customer Experience

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

It includes not just data collecting 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.

Toolyt Mobile-CRM: Best Banking CRM

With years of experience in automating and streamlining the workflows for financial institutions, Toolyt mobile CRM is the ideal software for reducing onboarding TAT. It majorly focuses on productivity, lead management, customer onboarding, and monitoring sales constantly.

Possessing notable vital features to help financial institutions with their customer onboarding journey, Toolyt can digitalise the whole loan disbursement process for the banking sector.

Schedule a demo,

And, reduce the onboarding TAT in no -time!