Transformative Trends in BFSI CRM: Enhancing Customer Experiences and Operational Efficiency

CXOToday has engaged in an exclusive interview withPrashant Singh, Co-Founder and COO, LeadSquared

1. How has the BFSI sector’s approach to customer relationship management evolved in recent years?

• The BFSI sector has seen an increase in tech adoption. The sector has graduated from traditional tech tools while prioritizing customer experience and personalization. CRM is a major part of this industry-wide transformation. Some trends that highlight this evolution –
• Persona-based targeting: BFSI companies are moving towards Persona-based targeting that helps businesses gain a deeper understanding of their target audience by creating detailed profiles that represent different segments of their customer base which helps in personalized communication. This involves delivering targeted messages, offers, and recommendations based on customer profiles, purchase history, and interactions.
• Omni channel presence and engagement: BFSI companies are now present on multiple platforms like email, SMS, and WhatsApp to be accessible and engage with their customers. Traditional players have proactively bolstered their presence on social media. Touchpoints have increased to now include chatbots and mobile apps.
• Customization: Every business has unique requirements and workflows. It is very important for CRM companies to align their systems with business processes. This enables better adoption and utilization which further leads to better customer experience.
• Compliance and Security: Given the sensitive nature of financial data, BFSI companies prioritize compliance with regulations, while ensuring data security and privacy in their CRM practices.

These trends suggest a shift towards a more customer-centric approach in the BFSI sector’s CRM strategies, aimed at delivering personalized experiences, improving operational efficiency, and building long-term relationships with customers.

2. The Indian BFSI sector has faced challenges in personalizing customer experiences. How can CRM technology help bridge this gap and enable BFSI institutions to deliver personalized experiences that foster stronger relationships and drive business growth?

CRM technology has some tools that can propel BFSI in that direction. If we talk about LeadSquared, our Lending Cloud helps lending businesses manage end-to-end loan application management with an inbuilt loan origination system.

With the widespread use of messaging apps like WhatsApp, businesses have a unique opportunity to streamline communication and enhance the customer experience, especially for younger customers. Our WhatsApp bot is a powerful tool in this regard, facilitating faster and more personalized interactions between businesses and their customers.

Our Mobile CRM is crafted to offer a personalized and tailored experience to the customers at their doorstep.  The “Feet on Street” app empowers agents to seamlessly arrange in-person meetings with the clients and capture crucial data on the go, revolutionizing their workflow and significantly enhancing their efficiency while out in the field.

In addition, our platform can deliver nudges and prompts to sales users, for birthdays, anniversaries, policy expiration, etc.  By leveraging these prompts, our sales users can foster deeper connections with customers, ultimately driving improved retention rates.

All these initiatives help BFSI institutions in delivering personalized experiences that foster stronger relationships, drive business growth, and ensure long-term success in the dynamic Indian market.

3. How can CRM platforms support BFSI organizations in maintaining data security and ensuring regulatory compliance in areas like data privacy?

Maintaining data privacy helps build trust with customers. When customers trust that their personal and business information is secure, they are more likely to share valuable data and continue doing business with your company. We ensure data privacy on both individual and business level. For personal data protection, we ensure consent management adhering to DPDP (digital personal data protection) regulations.

At a business level, we work with our clients to ensure regulations for data protection by IRDA, RBI, SEBI are being followed. Our dedication goes beyond mere compliance; it represents a commitment to our users that their data is handled meticulously and in alignment with the highest industry benchmarks, ensuring a future that is both secure and compliant for all our stakeholders.

4. Can you elaborate on the specific features and functionalities of LeadSquared’s banking CRM that cater to the unique needs of BFSI institutions?

LeadSquared’s BFSI offering is a suite of tailored solutions designed to address the unique needs of all types of financial institutions be it banking, lending, insurance, or AMC/brokering. These solutions encompass various functionalities aimed at enhancing customer acquisition, engagement, operational efficiency, security, and customer experience Some of the unique features that we offer include:

• Lending Cloud: This helps lending businesses manage end-to-end customer and loan lifecycle. It includes an inbuilt loan origination system with a business rule engine. This enables financial institutions to attract high-quality borrowers, manage applications efficiently, and ensure timely disbursements.
• Collections CRM for Debt Recovery: LeadSquared’s debt collection solution automates EMI collections, manages cases end-to-end, sends automated payment reminders to borrowers, assists with collections, and provides detailed analytics.
• Insurance management: LeadSquared platform helps increase insurance sales from all distribution channels (banca, agency, direct) and maximizes policy sales & renewals digitally.
• ACE: This is a sales performance management suit that enables incentives management, goal tracking, and target gamification for agents, brokers, DSAs.
• Contact center: We seamlessly capture leads coming from diverse sources and track their entire journey from inception to c Agents can have multiple options of outreach like phone calls, emails, SMS, and WhatsApp messages. The contact center solution serves all types of BFSI businesses with connecting with their prospects and customers.

5. What emerging trends in CRM technology is LeadSquared focusing on to address the evolving needs of BFSI institutions?

LeadSquared specializes in leveraging advanced technologies to cater to the evolving requirements of BFSI institutions. Some of the other trends in the CRM industry are:

• Low code/No code platform: Low code tools are the choice of businesses for the convenience and ease of use they offer. LeadSquared as a platform requires low to zero coding for configuration. This enables admins and users to configure the platform around their specific use case. This also lowers dependency, significantly reducing the time and effort spent on configuration.
• Digitization: Field forces are gradually shifting to digital solutions. Our “Feet on Street” Mobile CRM recognizes this shift by offering users unparalleled flexibility to work on the go. Gone are the days of relying on pen-and-paper methods; our platform enables seamless data storage and retrieval, empowering users to efficiently manage their tasks and interactions from anywhere. Performance management is also shifting from spreadsheets to platforms, that’s where our feature ACE comes in that provides incentives management, goal tracking, and target gamification.
• Specialized offerings: Our Loan Origination System automates the entire lending cycle from application to disbursal. This includes KYC validation, underwriting, and managing lending partnerships, significantly reducing manual efforts, and improving process efficiency. The system also ensures compliance with regulatory requirements, such as RBI guidelines, through features like eKYC and multi-purpose consent capture. To make our products more nuanced we have 100+ Connectors available at our App Marketplace for plug-and-play and quick turnaround for integration.