Seven Strategies for Achieving Balanced Loan Growth – Part 1
In this next blog series, we’re going to dive deeper into our recent whitepaper “Seven Strategies for Achieving Balanced Loan Growth” that explores how a loan origination system can help drive sound (and, most importantly, profitable) growth.
CRM Systems Are Critical for Understanding Your Customers
Banks and credit unions must have a solid banking customer relationship management (CRM) system that brings people and processes together – especially in their loan origination workflow. This enables an enhancement and consistency to the client experience through integrating data and combining business processes and client information across all departments.
An effective CRM strategy allows a financial institution to gain and retain business. Each line of business, bank officer and service team member should know and be able to obtain up-to-date metrics from the CRM in order to exceed individual performance targets and gain a holistic view of client and prospect relationships.
The CRM should also facilitate a more streamlined sales process throughout the loan origination process. Transparent communication across the financial institution about client activity, goals and opportunities allows you to capture the institution’s most complete business development and credit pipelines.
A CRM should also deliver a strong return on investment throughout the institution. Supporting each stage of the relationship management process encourages strategic sales planning and a consistent service level across lines of business – not just in loan origination.
An interface that offers a snapshot of client value and risk should also be part of your strategy. This includes call activity management to ensure clients can speak to any relationship manager and receive a consistent experience.
Finally, a solid CRM should prioritize opportunities by the probability of them closing, their stage in the sales cycle and anticipated close date. It should also be able to track sales opportunity types, amounts and fees. This allows you to gain valuable insight into future funding needs while effectively managing new loan origination.
Baker Hill NextGen® CRM empowers your teams to save time and manage new opportunities and current relationships more effectively with our banking CRM software. Learn more about how Baker Hill products can combine business processes and client information across all departments.
Stay tuned for the next installment in this series. If you’d like to learn more now, download our full eBook with all seven lending strategies.
Posted on Friday, January 15, 2021 at 9:00 AM
by Baker Hill