CRMIT Blogs

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud. Recognized amongst CIOReveiw’s "20 Most Promising Cloud Computing Companies”


Leave a comment

Client On-boarding and Customer Experience

Anyone who has gone through the process of setting up a B2B (Business to Business) Account with a Bank would swear by the poor experience they are met with due to highly inefficient and ineffective client On-boarding process that they are subjected to. Banks these days have to realize this to ensure they make the first best impressions to their clients to avoid losing them to competitors.

Enabling Customer ExperienceThough part of the problem is compounded by ever growing regulatory compliance requirements like Anti Money Laundering, Terrorist Funding, Foreign Tax Account Compliance Act etc that the Banks have to adhere to, they just cover only one side of Poor Client On-Boarding experience.

The primary reason for poor on-boarding experience is attributed to few other reasons too.

  • Lack of Customer Centric Systems – Most the banks traditionally inherit systems that are Typically Product Centric than customer / relationship centric
  • Viewing the process of Client on-boarding as a back office operation than as an engaging front office with collaborative back-office framework to seamlessly work with numerous back office groups who play a facilitator role in the on-boarding process
  • Lack of metric / Key Performance Indicator (KPI) driven approach in place to plan, measure, correct and reward performing groups / Individuals who make significant difference to the client on-boarding experience

Though putting in place a Customer Relationship Management (CRM) system is not a magic wand that wipe-out all the issues listed above in one go without fundamental change in the way Organizations operate, an effectively designed / implemented CRM that mitigates the above challenges can be a sure differentiator for Banks to improve not only the customer experience but also the Net Customer Life Cycle Value.

Here I have articulated few suggestions and tips on how a CRM system can help Organizations to effectively improve the client on-boarding process.

On lack of customer centric system…

It is never going to be an easy task to just like that replace your product centric legacy back-end systems in one go into a customer centric system. The next viable best alternative available over here is to put an overarching CRM system that wraps your entire product centric core banking systems and make the CRM as a Centralized front office Application for your Relationship managers, Product Specialists and other Sales / marketing teams. The key design attributes of this CRM to facilitate On-Boarding should be below.

  • For new customers to be on-boarded, enrich the basic prospect data that you have collected in CRM with rich info that is available by integrating with Trusted Data Service Providers like D&B, Hovers etc. These systems provide very rich info about your clients like Client Organization Structure, Business diversity, Geographic Diversity, Key Client Contacts & their profile, financial data etc. This ensures a lot of info is already built in your system to do your KYC (Know Your Customer) as well as Risk Rating / Assessment in an effective manner by asking minimal info from your customers.
  • For existing customers, ensure your customer profile details (demographic, relationship, financials etc) spread across multiple internal products centric systems are cleaned and de-duplicated in the new CRM system. This would make it easier to facilitate on-boarding of existing customers to some your new products & services lot easier eliminating duplicity in asking info from customers that you have already with you.

On collaboration…

It is a common phenomenon observed in many Banking Organizations that Customer On-Boarding is considered either as a complete Back End (risk, legal, finance etc) responsibility or in few cases as sold Front end responsibility forgetting the underlying need of effective collaboration of front-end and back-end teams to make it easier for the customers.

The CRM one deploys should have all ways and means to make this collaboration between back-end, front-end teams and customers possible without any compromise on data security.  The collaboration could be facilitated by in-built email management solutions in CRM, a self-service portal that is integrated with CRM where customers can log-in and have visibility on his on-boarding process as well as share / submit additional info & documents needed, an internal discussion thread / business social features that can make interaction between back-end and front-end teams lot seamless and easier etc. In reality today many of these happen in an adhoc & in-efficient manual manner making it a time consuming as well as frustrating experience for the end customers.

On KPI Measurements…

None of the above systems and processes would work unless people on the ground are mandated to adhere to stringent KPI (Key Performance Indicator)/ SLA (Service Level Agreement). Assuming there is a commitment at the top to make it possible in having them in place, the CRM should provide support to have in place interactive dashboards and reports to report on these KPIs to identify the bottlenecks in the process and streamline it. The reports / metrics can be as simple as one that provides info on on-boarding throughput, performance of adherence to SLAs by various departments managing the on-boarding process, overall lead time, ageing analysis to identify critical bottlenecks etc. The KPIs should serve as a key input to your performance management team to see continuous improvement over a period of time.

So in net, going back to my original point, would like to share that Customer On-Boarding is an important process in establishing a new relationship with your client and making it effective / efficient with a well designed CRM system can make a big difference to Banks as well to Customer Experience.

Venkatesan Sundaram
Senior Director, CRMIT

Originally Published on Venky’s Blog


Leave a comment

Why I stopped using BigBasket.com?

The excitement that I had when I used the Big Basket service first time, couple of months ago is all vanished now and hence this Blog …When I first came to know about Big Basket through one of my colleagues I am excited as well as sceptical about the whole business of ordering grocery over web in Indian Context. Nevertheless I decided to give a try to see how good their service is. When I made my first purchase in Big Basket site, being a person in IT space, I am pleasantly surprised by many of these interesting features that made a positive impact on customer experience.

  • Nicely organized product catalogues right from fruits & vegetables to  Meat section
  • A well performing website without any delay / latency in accessing any of the pages
  • Quicker search results with a real time list shown right at the bottom of the search box
  • A facility to do a quick add of the listed items to the shopping cart
  • Convenience of getting it delivered in one of the 4/5 available time slots
  • And more important acceptance of food vouchers / payment on delivery option

In net all it took is not more than 5 minutes to build my shopping list and place an order against going to the nearby convenience store to purchase these groceries ….

The above is all on my positive experience in placing an order and on I am equally delighted by the prompt delivery at the opted time slots, well mannered service personal, neatly packed groceries delivered without damages, acceptance to take back defective items and payment on delivery option

Now you may wonder whether there is a typo in the title of the blog article . Shouldn’t it be “Why I started using Big Basket” instead of “Why I stopped using Big Basket?” Not at all, the title is perfectly fine and would let you know why

First and foremost all the excitement of ordering groceries over web got vanished after my third order. I don’t know why but it just happened. I am not sure what Big Basket can do all about to solve this. May be to some extent they could have mitigated it by engaging with me in an interactive manner continuously. They know a lot about me. My profile information is there, my frequent shopping items are known, locality is shared and may be lot more info in my interactions with the website. But I hardly received any communication. Probably an engaging dialogue with me as a customer on basis of the above information via newsletters, emails, feedbacks and so on sharing some meaningful content / offers / activities etc could have retained my excitement in using the service. A company which does a fantastic job on that front is Club Mahindra ….

The next biggest issue is out of 10 items I intend to purchase in the website I miss at least 3. I am sure that I am not looking for anything crazy. It is as common as fresh fish of my choice, fruits / vegetable of my choice etc. The issue with this is ultimately I don’t have any other option than going to the nearby shop to buy these missing items which doesn’t make the whole experience interesting. It takes out the excitement of ordering everything from web….Also if I have to do that why I have to order via web and wait for one day to get delivered. I can very much go and get everything that I require immediately from the nearby store.

So I see the depth of product catalogue is not quiet comprehensive and it will definitely puts you off from using the service. Interestingly before you place the order there is also a box which asks for information on whether are there any items that you are unable to order. Unfortunately though I have shared things that I miss regularly, I don’t see them made available in my next interaction after few days. In addition to it I am not sure whether they have technology to monitor the search results that doesn’t retrieve any items, track commonly used search phrases, track people don’t add any items to the cart after performing a search etc to actively expand their product portfolio to understand and keep in stock items the customers are looking for.

The other issue I felt was, though they made significant first step in proving multiple slots in a day to deliver the order, I don’t find an option to get my orders placed in the evening get delivered the next day morning time slot. Most of the times at the best I can get that delivered only on the next day evening. This doesn’t help me in ordering some of the quick grocery replenishments that I am looking for my next day’s use. I am sure this requires over night operations as well an expanded delivery capacity in the morning slot but ultimately that is what required to make some of the customers like me see a value in this service

Finally, I am sure there is benefit in cutting down their cost by not having any physical store but I never see the benefits in-turn passed on to the customers. Most of the times the offers in the site are not useful and they are never personalized to me as customer. I know any e-commerce website has to reach the scale to balance out the cost of customer acquisition against the life time value they get derived from customers but to achieve it they have to ensure they make some compelling offers available in the store on some of the commonly purchased items by customers but unfortunately I don’t find any of their offers / discounted products interesting.

Similarly the minimal order size of Rs 1000 to delivery it without shipping charges is annoying. I can understand they can’t completely do away with it but they should bring it down to as low as Rs 250 as many doesn’t prefer to order the vegetables / fish / meat etc. in bulk and refrigerate it for the week’s use.

On the whole though as a customer I really appreciate many factors like a well performing website, superb logistics, good quality of goods delivered and excellent customer service, on a long run to make me as a loyal customer, I believe they have to implement some of the above compelling suggestions …

I am sure this holds good for other e-retailers too and many are not even up to the mark of Big Basket. Good luck Big Basket …

Venkatesan Sundaram
Senior Director, CRMIT

Originally Published on Venky’s Blog


Leave a comment

Fusion CRM Self Service Portal by CRMIT

CRMIT has developped a Self Service Portal which provides a comprehensive solution to empower end customers with quality services while reducing costs. Track, manage and resolve issues quickly within service level agreement (SLA); enable customers to access service requests and solutions, while retaining control on what they can read, and strengthen relationships with customers.

CRM++ Self Service Portal leverages the extensibility of Oracle® Fusion CRM framework to provide the most complete solution for delivering world-class customer service. It helps customer centric organizations to achieve recognition for better customer service which translates into stronger customer loyalty, higher revenue and improved customer profitability.

Watch this video or read this page to find out more about CRMIT’s Self Service portal.

Originally Published on Oracle Blog