Financial services organisations often struggle with storing data in multiple, disparate systems, including core banking systems, spreadsheets and customer relationship software. This leads to manual reporting, which can be messy and put them at risk of non-compliance.
JourneyTEAM’s Chad Dunbar, an account executive, and Igor Salamatin, a business intelligence developer, explain how the company’s extensive experience in helping the industry to consolidate data allows key stakeholders to better understand and visualise data to make successful business decisions.
How can JourneyTEAM help financial services organisations track, monitor and analyse data?
Igor Salamatin (IS): We have helped many financial service organisations implement Microsoft Power BI, providing various insights into their data, such as which customers bring in the most money, if they’re losing customers, and sales and marketing effectiveness. We’ve worked to combine insights from Dynamics 365 and Power Platform to show our customers data to which they didn’t even know they needed access.
We have also partnered with a non-profit loan organisation that helps people start a business. Previously, this organisation’s reporting process was manual and involved gathering Excel data and cleaning it multiple times, which inevitably led to errors. Now, we’ve connected its customer relationship management system to data sources so it can generate real-time, accurate reports every hour.
Why is it important for financial services organisations to offer great customer service and how does JourneyTEAM help them achieve this goal?
Chad Dunbar (CD): The old banking style focused mainly on savings and loans. Now, there are so many products available, from mortgage loans to financial planning. With more insight into who their customers are, what financial goals they have and their family profile, financial institutions can identify more cross-sale opportunities like credit card offers, business services, retirement plans, and car loans. If customer loyalty is low, then the opportunities like this dwindle.
IS: With so many options to choose from, financial services organisations really need to find an edge to remain competitive. That edge is attracting clients and customers as well as maintaining their loyalty by meeting their financial services’ needs. One bad experience and those customers will go elsewhere.
How do JourneyTEAM’s solutions aid sales teams in the finance industry?
IS: One client of ours is a major bank that offers large loans to other financial institutions. It implemented Dynamics 365 Sales and Marketing as well as Power Platform to manage and track marketing activities, opportunities won and lost, and how each group of bankers were doing with their deals.
We helped the bank set specific goals for its sales team and with Power BI, it can now view that information summed up, averaged, and fully calculated to make better business decisions. It can see a ratio of how many wins and losses there are, how long it takes sales to work the deals, and more. Sales representatives can now open a page to see what they need to do to hit their various goals. Likewise, managers can easily look at their sales team to compare top performers and top deals at their own location as well as across other branches.
How does JourneyTEAM help financial services organisations safeguard their data, reduce risk and simplify compliance?
CD: There are many ways we specialise here, from access management to cloud security. This is a major area of concern for our financial service clients, and a top priority for JourneyTEAM. One of our clients, a lending institution, leveraged Microsoft Intune to systemise security set-up for its over 30 new contact centre hires each week. This allowed the firm to apply security settings and profiles for laptops, and reduce the time to train new hires.
How will JourneyTEAM continue to help organisations within the financial services space?
CD: The formation of our financial services specialisation team is a great meeting of the minds, helping us to learn and understand how to help the financial services industry.
We also have an enterprise project lead who helps us communicate between teams so that we’re working towards one goal. Our clients have one point of contact to manage the whole process for them, and they work with our specialised team of experts.
IS: Our experience with financial services is helping us bypass any learning curves because we’ve been there before. We’re getting even better at evangelising on that experience to estimate accurate timelines and budgets, implement the right approach a lot faster, and provide a range of insights. We can guide our financial services customers from start to finish.
This article was originally published in the Spring 2022 issue of Technology Record. To get future issues delivered directly to your inbox, sign up for a free subscription.
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