Financial services organizations often struggle to store 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, Account Manager, and Igor Salamatin, Business Intelligence Developer, explain how the company’s extensive experience in helping industry consolidate data enables key stakeholders to better understand and visualize data to make smart business decisions.
How can JourneyTEAM help financial services organizations track, monitor and analyze data?
Igor Salamatin (IS): We have helped many financial services organizations implement Microsoft Power BI, providing various insights into their data, such as which customers are making the most money, if they are losing customers, and sales and marketing effectiveness. We worked to combine insights from Dynamics 365 and Power Platform to show our customers data they didn’t even know they needed to access.
We have also partnered with a non-profit lending organization that helps people start a business. Previously, this organization’s reporting process was manual and involved collecting Excel data and cleaning it multiple times, which inevitably led to errors. Now, we’ve connected its CRM system to data sources so it can generate accurate, real-time reports every hour.
Why is it important for financial services organizations to provide excellent customer service and how does JourneyTEAM help them achieve this goal?
Chad Dunbar (CD): The old style of banking focused primarily on savings and loans. Now there are so many products available, from mortgages to financial planning. With a better understanding of their customers, financial goals and family profile, financial institutions can identify more cross-selling opportunities such as credit card offers, business services, retirement plans and car loans. If customer loyalty is low, opportunities like this diminish.
IS: With so many options to choose from, financial services organizations really need to find an edge to stay competitive. This benefit attracts and retains customers and customers by meeting their financial services needs. One bad experience and those customers will go elsewhere.
How do JourneyTEAM solutions help business teams in the financial industry?
IS: One of our clients is a large bank that provides large loans to other financial institutions. She implemented Dynamics 365 Sales and Marketing along with Power Platform to manage and track marketing activities, opportunities won and lost, and how each group of bankers was doing with their deals.
We helped the bank set specific goals for their sales team and with Power BI they can now see this information summarized, averaged and fully calculated to make better business decisions. It can see a relationship between the number of wins and losses, how long it takes for sales to close deals, and more. Sales reps can now open a page to see what they need to do to achieve their various goals. Likewise, managers can easily consult with their sales team to compare the best performance and offers on their site as well as other branches.
How does JourneyTEAM help financial services organizations protect their data, reduce risk and simplify compliance?
CD: There are many ways we specialize here, from access management to cloud security. This is a major concern for our financial services customers and a top priority for JourneyTEAM. One of our customers, a lending institution, used Microsoft Intune to systematize security setup for their more than 30 new contact center employees each week. This allowed the company to enforce security settings and profiles for laptops, and reduce training time for new employees.
How will JourneyTEAM continue to help organizations in the financial services space?
CD: The formation of our Financial Services Specialization team is a great meeting of the minds, helping us learn and understand how to help the financial services industry.
We also have a corporate project manager who helps us communicate between teams so that we are working towards a single goal. Our clients have a single point of contact to manage the entire process for them, and they work with our team of dedicated experts.
IS: Our background in financial services helps us bypass any learning curve, because we’ve been there before. We’re getting even better at evangelizing that experience to estimate accurate timelines and budgets, implement the right approach much faster, and deliver a range of insights. We can guide our financial services clients from start to finish.
This article originally appeared in the Spring 2022 issue of Technology Record. To receive future issues straight to your inbox, sign up for a free subscription.
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