Credit CRM (Customer Relationship Management)

Consider putting both a customer(s) and their financial pattern or history under a single roof. The mechanics that develop as a result of this union are what we call credit CRM. Tracing the behavioral patterns of such a customer is as easy as following a money trail signature. Such a customer is bound to purchase an item, either offline or online. The customer may also enroll in a service subscription if not interested in a product purchase. The essential data here is these services or products. Thus what connects these data to a specific customer is the transaction history.

 

Defining the Full Spectrum of Credit CRM

So we have customer interactions and the data tied to each interaction. The customer interaction is either offline or online. Hence the data in question is the product and services that prompt these interactions. The repetition of this behavior or deviation to a new patterned behavior depicts a customer lifecycle. Hence companies will use these data interactions to manage and analyze customers both on an online and offline platform. The backbone that holds the success of such companies constitutes of three elements. They are combined pre-meditated practices, strategies, and technologies. The objectives of such features are straightforward. They intend to cause a ripple of improvement in customer service relationships. Moreover, a happy customer is a returning customer, and this slogan is the key to driving sales growth. Hence we have the prime definition of credit CRM.

Several dynamic channels exist through which the credit CRM systems can compile customer data. Such channels can also be the points of contact between the company and the target customers or audience. They are social media platforms, marketing materials, telephone, direct mail, live chat, and even the company’s website. A credit CRM system is a powerful tool for the employees of such companies. They can efficiently resolve the concerns of the customers by quickly referencing their personal information. Such information can have a direct or indirect tie to their buying preferences or purchase history.

 

What Constitutes Credit CRM?

There is only one critical way to look at the layout of a credit CRM system, and that is through technology. The fundamentals of its existence all lead up to one technique or another. So why ignore this shadow? Let us embrace it. So the basics of a credit CRM system are CRM software tied to a CRM database. The CRM database deals with the storage, access, and management of customer information and documents. It is more of the skeleton of the system. The CRM software, on the other hand, acts as the skin layout of the system. It is what the system users see and interact with face to face. Thus, it deals with the authorization and authentication of the customers’ information and document access before their management.

These two entities define the skeleton and skin of a credit CRM system. However, the CRM database only deals with securing the storage of customer information and documents. The CRM software or the UI (user interface) is prone to the access and manipulation of the stored data. Hence it is subject to dynamic functionalities through periodic system updates and upgrades. Thus a credit CRM system will face the addition of several unique functions over time. The standard features in play include keeping a record of the customer interactions through various channels. They include phone, email, and social media.

 

Credit CRM Components and System Capabilities

The question of system capability required to run the CRM system is mostly dependent on the system hardware. The use of current devices or an upgrade of the initially used equipment should do the trick. Such a system should be able to carry out workflow processes automation comfortably. A breakdown of these processes should reveal alerts, tasks, and calendars. They are of great importance to the individuals in managerial positions. The system will comprise of logged-in information, and such data is key to the managers. It is easy to measure the performance and productivity of the employees based on the criterion of logged-in sessions. Let us consider more credit CRM system capabilities.

 

• Marketing Automation

Marketing automation, as a CRM capability, has a lot to bring to the table. Let’s start with the automation of repetitive tasks. Here, the later phases of the marketing lifecycle will benefit from a breath of fresh air. An example is a sales prospect entering the credit CRM system. The marketing automation then has the choice of sending it some marketing materials. It could be through popular channels like social media or email platforms. The gamble here is that a sales lead can quickly turn a random subscriber to a fully-fledged customer.

 

• SalesForce Automation

The tools associated with Sales Force Automation provide a hack into the customer’s interaction. Thus they will find a commonality through such communications and initiate the automation of specific business functions. Such functions are related to the sales cycle and will lure the customer to a possible sales lead. Such leads, thus, can attract and retain more customers.

 

• Contact Center Automation

The design objective of contact center automation is to reduce the weight a contact center agent has to bear. A simple automation instance is the use of prerecorded audio. Such an approach is handy in readily solving the problems of a customer. Moreover, information dissemination becomes a walk in the park. The simulation of such an automation approach in practice is easy. It starts with the integration of an agent’s desktop tool and a specific software tool. Thus what follows is a sufficiency in the handling of customer requests. The customer service processes, in turn, become much simpler due to the reduced call time duration.

 

• Location-Based Services

Several credit CRM systems make use of technologies familiar with the landscapes of geographic marketing campaigns. Such campaigns rely on the geographic locations of the customers. The success of such campaigns even sore higher when they seek and integrate with location-based GPS apps. The geolocation technology, moreover, extends its strides when applicable as contact management or networking tool. Based on location, it is useful in matching sales prospects.

 

• Workflow Automation

A thriving business environment exemplifies its growth through the management of its workload. However, streamlining such workloads is the only way to optimize such business processes successfully. Therefore, the employees do not have to deal with a lamp of tasks stacked on their desks. Thus the employees work based on agency and level of priority. This approach solves redundancy.

 

1. Lead Management

The credit CRM system can track down sales. The result? The sales team in question has valuable data tied to various geographic locations. An analysis of such data will thus only require input on the CRM system from the team lead. The tracked data on the system based on tagged location thus depicts the desired logical outcome.

 

• Human Resource Management

The credit CRM system is a fully functioning human resource manager. It makes it easy to retrieve the needed employee information. Such information can be as vital as performance reviews and contact information. Thus the internal workforce within the organization utilizing the CRM system has a performance monitor. The human resource department, therefore, effectively manages the employees of the organization in question.

 

• Analytics

The functional definition of a credit CRM system would not be complete without the analytical module. Through analytics, a company using the CRM system has an idea of how to improve customer satisfaction rates. It is quite simple. The only requirement is a thorough analysis of the user data. What follows is the creation of target-based marketing campaigns.

 

• Artificial Intelligence (AI)

What better way to automate repetitive tasks than through the use of an AI? A case example is the Salesforce Einstein integration with a credit CRM system. The prospects or outcome from this scenario is the customers buying patterns are easily identifiable. Thus future customer behavior is easily predictable.

 

 

Credit CRM Technologies in the Market

If you are on the quest for a credit CRM system, recognize a reputable vendor. Oracle, Microsoft, SAP, and Salesforce top the charts as the leading vendors. Dynamics 465 also falls into the fold. The five mentioned are the favorites of major corporations. The other providers of the CRM system reside within the small and mid-market business ventures. Let us consider the types of CRM technologies on offer:

 

• On-premises CRM

Such a system offers control, administration-level access, maintenance, and security on the target company’s profile. All these features are in line with the data the company intents to use on the CRM system. This type of CRM works as follows, and the company needs first to purchase a license of the CRM system. It is a one-off license that is different from the yearly subscription services. Upon a successful purchase, the CRM software will dwell within the company-owned servers. Any additional upgrades and associated costs will be at the expense of the user. The full installation of such a system takes time before its full integration with the company’s data. An On-premises CRM deployment will work well with companies that have complex CRM requirements.

 

• Cloud-based CRM

This CRM operates under the SaaS umbrella. Thus it is on-demand or Software as a Service CRM that runs on a simple principle. Data storage is not on the company’s server. An external and remote network holds the company’s data. However, the employees can at anytime have access to the remote system. The capabilities of this CRM is characteristic of being quick and easy to deploy. It is due to it residing in the cloud. Thus companies that do not feel the need to invest in technological resources or expertise choose this option.

 

Moreover, in terms of cost, cloud-based CRM is not a pinch in the pocket. Salesforce, for example, will charge its cloud subscription per user. Such subscriptions may be monthly or yearly.

The only concern that never wears off when using cloud-based CRM is data security. The rules here are that data maintenance and storage is not under the physical control of the company. Thus concerns arise when the ownership of the cloud-based service loses credibility or goes out of business.

 

The client company investment in data storage and protection then becomes a compromise. Another issue can be compatibility tied to the migrated data. The problem can arise during the process of migrating data from the company’s local storage to the cloud. The cost might become an issue when the company is paying more and only utilizing a fraction of the cloud platform.

 

• Open source CRM

 

The flexibility of Open Source CRM makes it adaptable to a variety of end-users. The source code of such a system is at the public’s disposal. Thus a company using it has the authorization to make the system adjust to its needs. Such alterations to the source code do not require any cost if the technical expertise is available. Thus it will be easy to add and customize data links through social media channels. Hence the overall social CRM practices of the company will improve. SuiteCRM, OroCRM, and SugarCRM are examples of such open-source platforms.

However, of the three stated CRM technologies, their adoption has varying demands. It all depends on the resources, business needs, and goals of the target company. Each has its cost plan. For the open-source CRM, the cost plan will depend on the expertise available for the needed adjustments.

 

CRM System Setbacks

Despite the numerous milestones in CRM technologies, it does not mean it is free from vulnerabilities. The critical entity in the prosperity of a CRM system is proper management. The stored information in the form of data sets should have a decent connection, distribution, and organization. It thus will make its access to the end-users easy and manageable.

Without such a practical management routine, the managerial hazard will follow. It may lead to duplicate storage of customer information. Moreover, the existence of outdated information will suffice too. The build-up of such challenges will cripple customer experience expectations. Technical support cases may go unresolved, and call wait times may exceed the patience limit. Therefore, the first CRM rule is to get your house in order. What follows next will be the seamless syncing and management of user data. The result? Untapped customer experience and retention.

 

A Final Thought

A CRM system will be at its best if its management has a periodic cleanup schedule. It is to eliminate the unnecessary customer data stuffing their database. Such data can be duplicate records or inconsistent information in the database. The viability of such cleanup routines will enable flawless integration with external systems and CRM technologies.

 

Tips for starting a credit repair business online

 

Reading Sources

https://www.salesforce.com/blog/2014/04/crm.html

https://searchcustomerexperience.techtarget.com/definition/CRM-customer-relationship-management