Technology has empowered the tool of Client Relationship Management (CRM), for providing the high-value service.
With the passage of time, the Urban India priorities have changed. It’s about a decade that the family essential comes in number one ranking. Nowadays, many personal aspirations are just taken from the Centre stage. Indians are become a receptive for financial consultant rapidly while increasing its income level. There is an indication for its rapid growth of AUM (Assets Under Management) or in the MF (Mutual Fund) industry. However, AUM in the industry of MF stood Rs 23.26 lakh crore in April 2018.
Five financial consultants that can leverage the technologies:
Obviously, it can occur with the common expectations of rising. Too much exceed in the financial or stockbroker consultants are turning to the technology that can brilliantly serve them. There are five technologies that can be leveraged toward financial consultant.
The first vision of CRM is the data storage tools. The basic work of this tool if to store all information like personal details, portfolio size or services purchasing. However, the modern CRM tools are evolved in the bounds or leaps. Basically, the tool is here to represent the different opportunities with planner grids. The display service is not to pitched or sold to clients.
For a financial planner, the data is like the gold, in which zero intended is included. Basically, they used the data just to provide the profound value. CRM tools are included in the highest patterns or trends. The derive combination is generally used by a financial planner, which is based on the matric just like the risk capacity or AUM.
Automation of workflow:
Recently, the most arduous task just was keeping the track for the process of customer onboarding, yet it is the critical activity and also generating non-revenue. For this task, technology is revealing its major plans. There are two ways through which the CRM tools can be used:
Automation message scheduling:
The financial institution sends an informative message, whenever a new client can connect with them. The range can be measured from documentation to value-added news like market trends, newsletter, and annual reports. However, the financial planner can simply automotive while sending a message to their connected clients on a specific date. The information or connection can be made through SMS or E-mail.
Different review scheduling:
Even with the help of technology, still, the human elements remind the critical aspects throughout the industries. Meanwhile, there is no difference in the financial sector, it’s quite the same than another sector. If any client is expected or wants to ask something, their financial consultant can much more conscious rather than the portfolio manager.
The primary work of CRM tools is to notify whenever the clients meeting is held. It’s a kind of opportunity to build the business, just in the form of referral. Today, the technology has reduced the streamlined or dependency toward human beings.