The Digitization of Co-operative Banking Operations In India

Paramantra’s CRM was implemented at a leading co-operative bank in South India. The bank’s services include gold bonds, savings account, fixed deposits, education assurance and more. The bank aimed towards acquiring more customers and increasing existing transactions. The organization found it hard to achieve these goals due to fragmented and undefined customer support processes.

Co-Operative Banking Operations and The Need For Cloud Telephony

Part of the problem faced by the bank was the lack of a telephony system to manage inquiries. The support customer number wasn’t integrated on any platform and there was no process to assess the quality of these calls. Another limitation was the inability to transfer leads among different levels and between executives. This meant that requests could not be redirected to the executive best equipped to handle the inquiry. This resulted in

Reduced referrals
Increased data entry, and
Dissatisfaction amongst existing customers.

CRM for all your Co-operative Banking Needs

Implementing Paramantra’s secure CRM, the team improved existing transactions by 23% per customer. This was linked to a change in service processes where customers were engaged within 5 minutes of inquiry. Escalation rules also ensured that a particular request was re-directed to the right executive in record time.

Reduction in response rate, coupled with 100% lead management helped the team reduce bottlenecks. This helped provide a seamless onboarding experience to new customers. The co-operative bank also experienced an 82% increase in referrals which expanded their customer base and revenue.

These measures on 1 simple platform – Paramantra. The team was able to reduce manual data entry by 90%. In addition, embedded telephony also improved process transparency and helped maintain process integrity. These changes helped top-management track and monitor conversations which improved the overall engagement experienced by the client.

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Tagged cooperative banks, CRM for co-operative banks

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The Digitization of Co-operative Banking Operations In India