CRM Technology: Application in Financial Services

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CRM TECHNOLOGY: APPLICATION IN

FINANCIAL SERVICES

PRESENTED BY:
RAHUL KUMAR SINGH(09FC034)
NEHA KEDIA(09FC035)
NISHA VERMA(09FC036)
RINKU DOLEY(09FC037)
SWETA KUMARI(09FC038)
ARUN KUMAR SINGH(09FC039)
What is CRM ??????????

Customer relationship management


(CRM) is a widely-implemented strategy
for managing a company’s interactions
with customers, clients and sales prospects.
It involves using technology to organize,
automate, and synchronize business
processes.
CRM TECHNOLOGY BENEFITS

•Data Consolidation & Analysis


•Customer Identification & Retention
•Cross-Selling Opportunities
•Portability
•Improved Forecasting
Technology

•Front desk management


technology
•Contact centre technology
•Customer data management
FRONT DESK MANAGEMENT TECHNOLOGY

Electronic queue Management system


It is use :
* Airline
*Hospitals
* Post office
* Banks
* Insurance company
*Telecommunication
* Railways
ELECTRONIC QUEUE MANAGEMENT MODULE

•Ticket dispenser unit

•Status dispenser unit (SDU)

•Teller station unit


CONTACT CENTER TECHNOLOGY

-Interactive Voice Response(IVR)


- Speech Recognition
- Computer Telephony Integration (CTI)
- Automatic Call Distribution (ACD)
INTERACTIVE VOICE RESPONSE (IVR)

• Interactive voice response, a telephony technology in


which someone uses a touch-tone telephone to interact
with a database to acquire information from or enter
data into the database.

• Banks and credit card companies use IVR systems so


that their customers can receive up-to-date account
information instantly and easily without having to
speak directly to a person.
APPLICATIONS IN FINANCIAL SERVICES

Polling
Debit Card Platform
Voice Messaging
Automatic Payment Reminder
Customer Service
SPEECH RECOGNITION

Speech recognition is a broader solution


which refers to technology that can
recognize speech without being targeted
at single speaker—such as a call center
system that can recognize arbitrary
voices.
ITS APPLICATION

•HEALTH CARE
•MILITARY
•TRAFFIC CONTROL
•TELEPHONE
•HELICOPTERS
Example…………………
SPEECH RECOGNITION BENEFITS:

•Customer satisfaction : increased responsiveness to


user needs and shortened call flow.

•Cost savings: cost of assisted service is reduced .

•Improved productivity: safe, hands free access and


faster decision making.
COMPUTER TELEPHONY INTEGRATION

Computer telephony integration, also called


computer–telephone integration or CTI, is
technology that allows interactions on a
telephone and a computer to be integrated or co-
ordinated . As contact channels have expanded
from voice to include email, web, and fax, the
definition of CTI has expanded to include the
integration of all customer contact channels
(voice, email, web, fax, etc.) with computer
systems.
Computer Telephony Integration
Functionalities
A CTI system performs various functionalities which are listed below:

•It displays information about the call like the caller’s number, the dialed
number etc

•The dialing is automatically computer managed, speedy and prognostic

•It flawlessly synchronizes the transmission of data between telephone and


computer

•It is integrated with call routing, reporting utilities, desktop functions


automation, multi channeling, mailing and cataloguing online requests

•It can record the calls with an inbuilt recording software for quality
inspection
BENEFITS………………

•Deliver a wide range of data and business applications, allowing you to select the
best solutions for your needs
•Deliver accurate customer profile and contact center information to the desktop
•Perform agent-to-agent transfer of call detail information across multiple sites
•Make full use of corporate data to support business rules and objectives at the point
of customer contact
•Take advantage of information collected from the Internet, carrier networks,
automatic call distributors (ACDs), interactive voice response (IVR) systems, Web
servers, e-mail servers, databases, and other applications
•Quickly and cost-effectively unify contact center systems across the enterprise
with minimal custom development or systems integration
Example
CTI server could monitor the events that were occurring on an
IVR and process that data to an Agent. This lead to the advent
of the so called "Screen Pop." Callers would first encounter the
IVR. The IVR would prompt a caller for an account code or
security pin to identify the caller. Additionally, telephone
companies had the ability to provide Caller Line ID and pass
that data onto the IVR. The IVR could collect the Caller Line ID
or PIN number and perform a database query concerning the
particular caller. Afterwards, the CTI Server would gather all the
information an IVR collected and present it to the Agent if the
caller needed assistance. At the Agent’s desktop, a "screen
pop" would occur on the Agent’s PC which provided valuable
information concerning the caller. This, in turn would save the
Agent time not having to ask the caller simple questions as
their name, address, birth date, etc. because the IVR already
retrieved this information from the database.
AUTOMATIC CALL DISTRIBUTOR
•ACDs are telephony systems with automatic call
answering systems
•Distributes phone calls to a specific group of agent
work stations. 
•Works along with IVR
•Features: route calls, prioritize calls, and play
recorded messages
Automated Call Distributors
Services

• Virtual Secretary
• Virtual help desk
• Virtual phone system
DATA MINING

Data mining is the application of descriptive and


predictive analytics to support the marketing, sales
and service functions
HOW DOES DATA MINING WORK?

•Extract, transform, and load transaction data onto the data


warehouse system.
•Store and manage the data in a multidimensional database
system.
•Provide data access to business analysts and information
technology professionals.
•Analyze the data by application software.
•Present the data in a useful format, such as a graph or table
APPLICATION OF DATA MINING IN
BANKING SECTOR:

•1.Marketing
•2. Risk Management
•3. Fraud detection
•4. Customer Retention
IN BANKING, THE QUESTIONS DATA MINING
CAN POSSIBLY ANSWER ARE
1. What transactions does a customer do before shifting to a
competitor bank? (to prevent attrition)
2. What is the profile of an ATM customer and what type of
products is he likely to buy? (to cross sell)
3. Which bank products are often availed of together by
which groups of customers? (to cross sell and do target
marketing)
4. What patterns in credit transactions lead to fraud? (to
detect and deter fraud)
5. What is the profile of a high-risk borrower? (to prevent
defaults, bad loans, and improve screening)
6. What services and benefits would current customers likely
desire? (to increase loyalty and customer retention)

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