Seven Strategies for Achieving Balanced Loan Growth – Part 1
A bank’s best bet is to tap into what is in their digital vault and leverage seven key strategies that will help them ensure sound (and, most importantly, profitable) growth. This next series on our blog will break down these seven strategies.
CRM Systems Are Critical for Understanding Your Customers
First, banks and credit unions must bring people and processes together with a solid banking customer relationship management (CRM) system, combining business processes and client information across all departments, integrating data into one simple tool to enhance the client experience.
With an effective CRM, a financial institution can better gain and retain business, but it must also focus on the sales management stage of the relationship cycle, addressing the need to attract and retain valuable clientele. Each line of business, calling officer and service team member should know and be able to exceed individual performance targets with up-to-date metrics from the CRM.
The CRM should also facilitate communication across the institution regarding client activity, goals and opportunities, working towards a more streamlined sales process. This agnostic approach captures the best of the institution’s business development and credit pipelines.
Additionally, a CRM should support each stage of the relationship management process, delivering a strong return on investment throughout the institution. This encourages strategic sales planning and service integration across lines of business.
A quick-view interface that offers a snapshot of client value and risk should also be in place. Call activity management is critical, ensuring clients can speak to any relationship manager and receive a consistent experience.
Finally, a solid CRM should prioritize opportunities by probability of close, stage and anticipated close date while also tracking sales opportunities types, amounts and fees.
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 9:00 AM