Article

Embracing a CRM Initiative in Banking, Financial Services, and Insurance (BFSI)

by Pani Harito
CRM Sales Lead, Mint SA,

Customer relationship management (CRM) is one of the most important phrases in the banking, financial services, and insurance (BFSI) industry - or at least it should be.

In today's financial world CRM should be linked with the following mission: "Gain a competitive advantage by identifying, attracting, and retaining profitable clients."

Financial institutions today are facing the same challenge today as 15 years ago. Management is still trying to figure out "how do we obtain a complete picture (a 360-degree view) of our customers that is consistent throughout all contact points of the company?"

Why is this challenge always a top priority for the BFSI industry? The answer is that it leads to a better bottom line.

BFSI businesses are in an increasingly competitive marketplace. The truth is, the next Uber of the financial industry is looming, and you should be ready for it.

Due to the global financial crisis, the BFSI industry has placed a huge focus on customer relationship and experience. Many companies are faced with reducing costs (whilst scaling up the business), improving efficiencies, and offering flexibility for skilled resources that are client facing which will improve performance and efficiencies.

The top 3 challenges facing banks and financial institutions

1. Consumer expectations

These days it's all about the customer experience, and many banks are feeling pressure because they are not delivering the level of service that consumers are demanding, especially with regards to technology. Customers want to manage all of their needs from one interface and want banking to be simple, fast and secure.

2. Increasing competition from financial technology companies

Financial technology (FinTech) companies comprise start-ups that use software to make financial services more efficient and reliable. The increasing popularity ...

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About Pani Harito

With over 20 years' experience in international product sales, entrepreneurship & business development, Pani Harito serves as the CRM Sales lead for Mint Management Technologies South Africa.

Pani holds a degree in Marketing Management through the Institute of Marketing Management and through the years has held various positions as Head of Sales, Marketing & Product Development, Senior Manager of Business Development, and Director of Sales for well-known organisations in South Africa.

He also travelled the world while working in a Senior Sales Management role for various Tour operators in Austria, Maldives, Mauritius and Italy.

Pani believes in good company, excellent customer service, a fine whiskey, a regular game of golf and, most importantly, a well-rounded family life with his wife and kids.

More about Pani Harito