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"Trust is earned, and it takes time to build. But it’s the critical foundation of a profitable client relationship. And without this trust, without this relationship, client loyalty is elusive. This requires a CRM backbone that supports consistent customer-facing processes, ensuring customer insight is both collected and applied at every stage, from wishing a client a happy birthday to selling them new products based on life events such as a new home or child. Consistency equates to reliability, which inspires trust—the key to loyal and profitable relationships and to thriving in a tough market."
The Trust Factor Growing business in volatile times requires a client- centric approach. It’s no big surprise that there’s been a loss of trust in need to focus on building up their client knowledge the institutions that provide financial services to the and profiles, and then they have to work to apply that country’s businesses, citizens, and institutions. knowledge to delivering the products and services their customers really want and need. Personal, relevant But all is not lost, and it’s time for financial services interactions build trust and loyalty, but they’re just not organizations to step up and start repositioning possible without the core client data in place. themselves as the trusted advisors they can be. Trust is a very human value, but that doesn’t make It’s only natural. In times of economic uncertainty, technology any less relevant to building it. There are people are concerned about their finances and start two different levels on which a company can build to view their financial choices and partners with trust: there’s person-to-person trust, where the client increased scrutiny. It’s a scenario that breeds mistrust, trusts a certain individual within the firm, and then unfortunately. This is certainly not helped by events of there’s person-to-company trust, where the client trusts the past several years—people start to wonder whether the firm more broadly. While both are important, it’s financial services firms can be trusted to make the the latter that a financial services firm really needs to right choices and protect their best interests. And this cultivate—otherwise, the trust and the relationship as a is not just true of retail consumers—businesses and whole are at risk should an employee leave. Companies institutions have the same concerns. need to create a technology infrastructure that supports Trust is earned, and it takes time to build. But it’s the trust at the personal and corporate level, where clients critical foundation of a profitable client relationship. And receive informed, personalized service regardless of the without this trust, without this relationship, client loyalty individual they interact with and where the relationship is elusive. Failing to take adequate measures to build and customer knowledge gained through these and maintain client trust in times like these can result in interactions accrues to the firm, not just the individual. firms rapidly losing what they’ve taken pains to build up. This requires a CRM backbone that supports consistent Not only can this erode their client base, but it can injure customer-facing processes, ensuring customer insight overall brand perception, which impedes the firm’s ability is both collected and applied at every stage, from to attract new customers. wishing a client a happy birthday to selling them new Financial services firms have a lot of different issues products based on life events such as a new home or to tackle right now, but they can’t afford to see the child. Consistency equates to reliability, which inspires trust issue as separate or secondary. It’s actually trust—the key to loyal and profitable relationships and to fundamental to their ability to survive the current thriving in a tough market. economic challenges. In tighter economic times, firms need to get closer to their clients, finding ways to deliver Jason Rushforth is President of Front Office more services and products to them and grow share Solutions-overseeing sales and marketing of wallet. Most firms recognize that this is much more for CDC Software’s CRM and complaint costeffective than focusing on attracting new clients in management solutions. He is known for times like these, which is more costly and challenging. his keynote speaking engagements for First and foremost, financial services firms have to ask such events as the Wealth Management themselves how well they really know their customers. Forum and webcasts with Wall Street & Technology and It’s a frightening question, because most will have TowerGroup, and he frequently contributes to industry articles to acknowledge they don’t know their customers all in publications such as CRM Magazine. that well. But how can you build trust and nurture a To learn more visit: www.cdcsoftware.com relationship with someone you hardly know? Firms Copyright © CDC Software 2011. All rights reserved. The CDC Software logo is a registered trademark of CDC Software. CDC Software | The Customer-Driven Company™ The Trust Factor Article | 1
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