Fast Track Business Success with Idea Management Software
Does innovation beget success? Definitely, yes especially in today’s highly competitive business environment where innovative ideas are the only means to stay ahead of the competition. Consider retail banking for instance. Globalization, technological advancements and the Internet led to the proliferation of banks both in the private and public sector. In order to acquire new customers and retain existing ones, banks introduced several innovative products and solutions. As banks became technology savvy and customer oriented, it started offering diverse
- Products and services (deposits, credit cards, insurance, investments and securities)
- Channels of distribution (call center, branch, Internet and kiosk)
- Customer groups (consumer, small business, and corporate)
This made customer management very difficult. As all banks resorted to aggressive marketing and promotions, customers happily switched loyalties to enjoy better privileges, thereby making the task of retaining them more difficult for the banks. This forced ICICI bank to introduce an innovative solution to distinguish itself from other banks, which paved the way for its bright future.
ICICI bank deployed Customer Relationship Management (CRM) platform to effectively manage its relationship with the customers that
- Enabled them to find out about the customer’s various transactions pertaining to savings accounts, credit cards, fixed deposits, etc.
- Helped the bank know the customer’s channel usage
- Enabled the bank to satisfy customers through better personalization and customization of services
- Allowed them to analyze its customer database, which included information from eight separate operations systems including retail banking, bonds, fixed deposits, retail consumer loans, credit cards, custodial services, online share trading and ATM
Here is a look at some of the CRM initiatives started by ICICI bank.
- Mobile ATMs
- ATMs that allow bulk deposits
- ATMs for the visually challenged
- Mutual fund transactions, bill payments, prepaid mobile recharge, Buying and renewing Internet packs through ATMs
- Mobile-to-mobile payment option
- Mobile banking that enable customers to avail facilities by just sending an SMS
Thus, CRM helped ICICI bank to target the right customer, offer sales reference material and maintain consistent interface with customers. The ICICI success story definitely proves that innovation begets success. This success can be attained by any organization by implementing effective idea management solutions such as idea management software.
An effective idea management process is the one where not a few industry experts but various stakeholders such as vendors, employees and customers are brought together to contribute ideas. Since the ideas are going to be various and varied, the idea management software allows everyone to submit their ideas and suggestions easily and quickly. Not only that, the idea management system helps enterprises to screen the most viable and effective ideas and even flag the best ideas for future reference.
Thus, deploying such idea management solutions can help enterprises to put their businesses on the track to success.
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