Hyper-Personalization Is Key to a Firm’s Success. Here’s How We Make It an Effortless Experience.

Many firms claim they offer a “Netflix” like approach to their clients, but do they have the tools in place to create a seamlessly personalized experience?

Hyper-personalization is about understanding needs and intent thoroughly, to tailor not just a service but its messaging and marketing to what a customer expects from a financial services organization. It separates CRM that can communicate with a customer from CRM that efficiently engages with and leverages that relationship.

Strategy Starts With The Right Data

Financial services firms recognize the importance of data, of course, but what matters is not the amount of data as much as the right type of data being collected. This is critical for the implementation of any hyper-personalization strategy because the effectiveness of data-gathering impacts results about customer journeys in real-time.

Strategy begins with the definition of the desired audience. Events must also be defined, along with the kind of personalized message or action that each of them triggers. Channels also play a role, because they trigger real-time messaging based on importance and a customer's interaction history. The kind of data available has changed dramatically in recent years, incorporating visual and auditory information where there was once just the written word. This has changed how organizations interact with customers, and also created new opportunities for those willing to invest in technology that can analyze these emerging kinds of data.

Understanding Customers Better Through CRM

Personalization is impossible if financial services firms don’t have the means to understand what high-value customers need. This can happen only with analytical tools from powerful CRM solutions that can make sense of structured as well as unstructured data to identify patterns. What matters equally is how these solutions translate and feed relevant information to advisors using easy-to-use dashboards.

A solution like our NexJ CRM for Wealth Management comes with features such as Comprehensive Customer View, which provides financial services organizations with a 360° view of their customers in an easy-to-view and navigable format. It empowers them to make recommendations instantly without the need for collating data. It also offers features like Relationship Hierarchy, which can aggregate and roll up account and interaction information, giving advisors and bankers detailed information on each client, including transactions, coverage team, related parties, and documents.

Then there are features like our Interaction Journal, which logs all client interactions, including meetings, communications, events, etc. NexJ CRM for Wealth Management also allows bankers and advisors to capture and view notes about the contact and collect extended profile information with the help of custom fields and categories. The result is information about the customer that can be used to drive referrals and opportunities to increase proposals and close deals, support business growth by driving client loyalty and, ultimately, provide insightful information that can be used to offer hyper-personalized client experiences.

Customer expectations are always on the rise, and trends show a preference for convenience as well as control. The successful implementation of a CRM plays a significant role in meeting these expectations, provided financial services firms know exactly what they hope to accomplish.

Vertical CRM and Customer Expectations

When one refers to personalization or hyper-personalization in financial services, what one is referring to is the deepening of engagement. Vertical CRM solutions understand that industries have specific needs, as do customers engaging with these industries.

In Wealth Management, for example, personalization begins with understanding how and when an advisor should engage with a customer. The nature of this engagement is also important because this could be a conversation about a portfolio alone or market movements in general. In Private Banking, other questions involve how a customer is to be addressed, what their profile is like in terms of objectives and risk tolerance, and what their goals are.

Most modern CRM solutions make it easier than ever for firms to offer a personalized approach to customers. What gives NexJ an edge is its Vertical CRM created and deployed specifically for particular financial services organizations.

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