How to Break Down Data Barriers: Optimizing Your CRM

Data Roadblocks in Banking 

Many financial institutions still grapple with data silos, legacy systems, and poor data quality. These issues prevent banks from fully leveraging their CRM systems and limit the efficiency of customer interactions. Ted noted that First United Bank faced these exact challenges as they worked to unify their customer data and enhance the accuracy of the information being fed into their systems.

Banks are also facing a major challenge in adapting to industry shifts. As Ted Lane pointed out, "We're seeing a split—one segment of customers still prefers paper and in-person banking, while the younger generation demands instant, 24/7 digital access. The future is clear: banks need to be faster and more agile because the pace of change isn’t slowing down."

These challenges underscore the critical need for accurate data. With the industry changing at a rapid pace, banks must modernize their systems now to unlock the full potential of their CRM and stay ahead of the curve.

Why Accurate Data Matters

“In financial services, data quality is everything. Without accurate, timely, and comprehensive information, the consequences can be disastrous—for both the organization and its clients.” 

- Raaj Rajmangal, President, RelPro 

It seems straightforward, but modernizing data systems is a significant transformation for banks across the board. In a sector that relies on precision, accurate data and integrated systems have never been more important. Here’s a glimpse of the benefits banks can see from having accurate data:

1. Accurate data empowers banks to effectively organize customer needs and preferences, making it easier to identify high-value clients and prioritize opportunities.
2. Complete data enables banks to design precise, targeted marketing campaigns that resonate deeply with specific customer segments, driving engagement and growth.

Ted shared how First United Bank developed powerful yet straightforward segmentations that transformed their customer engagement. “We started with revenue but quickly learned it wasn’t the best basis for segmentation. Now, we include factors like the number of employees to gauge a company’s sophistication, along with industry and typical transaction patterns. This approach enables us to launch more accurate, targeted campaigns and align our bankers with the right expertise to support these organizations."

Building the CRM Framework for Success

Raaj emphasized that CRM success relies heavily on aligning data strategy with business goals. Optimizing your CRM begins with improving data quality and ensuring systems communicate seamlessly. This enables more personalized customer experiences and reduces churn, resulting in stronger customer relationships. If you missed it, our latest blog covers how you can build a data modernization strategy—step by step.

Accurate data is also critical for regulatory compliance. With new regulations continually being introduced, banks must ensure they are collecting and managing the right data to stay compliant. First United Bank has acknowledged that regulatory demands like 1071 and the Community Reinvestment Act (CRA) are forcing them to expand the data they collect and store in their CRM systems.

Ted emphasized that having a comprehensive, flexible data strategy is crucial for managing regulatory changes. Instead of creating individual strategies for each new regulation, First United has implemented an approach that allows them to add new data elements as required by regulators. This proactive strategy helps streamline the compliance process and reduces the risk of costly mistakes or fines. 

"I’ve been in banking for 36 years and unfortunately, regulations keep adding more data demands. If you don’t have a strategy to manage this, you’ll struggle with every new regulation." 

By ensuring their data is both accurate and compliant, First United Bank can focus on delivering value to its customers without being bogged down by constant regulatory changes. 

Enter RelPro:

Maintaining accurate data in CRM systems is a challenge for many banks. RelPro addresses this through two key strategies: user-driven data input and data indexing and refreshing. While manual input ensures accuracy, it can lead to inconsistencies across large organizations. RelPro solves this with webhooks, delivering real-time, relevant data directly to CRMs, reducing data overload and allowing for quicker action.

RelPro’s buyer intent data is another game-changer. Ted Lane of First United Bank shared an example: "RelPro acts like a fish finder. We know exactly what companies are searching for online. In one instance, we discovered a large borrower was looking for a higher line of credit—something we hadn’t known. Thanks to RelPro’s data, we reached out just in time and kept the customer from moving to another bank."

This real-time insight helps banks target the right opportunities and optimize customer engagement.