Customer Acquisition and Loyalty in Financial Services

Customer Acquisition and Loyalty in Financial Services

Customer Acquisition and Loyalty in Financial Services Santosh

Modern Financial services have changed a lot over the past few years. Financial services are facing intense competition not only from traditional competitors but also from new cloud-based virtual Financial Services that have appeared with recent technological advancements. Financial Services customers expect their institutions to deliver digitally-forward, less Friction, and user-friendly experiences across multiple channels. With hundreds of options just a click away, customers have become more selective than ever, and with higher competition, customers want to choose what’s best for them.  

In the competitive market, financial institutions need to create more modern, personalized experiences for their customers and expect to acquire their loyalty with a motive to drive customer retention. Financial Services need to prioritize customer service as it acts as a key strategy for acquiring new customers. It acts as the leading indicator for measuring customer loyalty, identifying unsatisfied customers, reducing customer turnover, and increasing revenue. 

Importance of Customer Service in Financial Services

Customer service plays a crucial role in every business. With an effective customer service strategy in place, Financial Services can

  • Organize customer cases and customer complaints based on urgency. This helps Financial Services to focus on critical issues.
  • Introduce customer loyalty Programme. This is a part of customer service which increases customer satisfaction and generates positive word-of-mouth and establishes goodwill.
  • A better understanding of customer needs and wants that drive Customer acquisition.

Increasing Consumer Engagement with Dynamics 365 for Customer Service

Microsoft Dynamics 365 for Customer Service helps organizations grow through customer acquisition and loyalty. It offers all the tools required to keep customer data safe and organized in one place while providing an exceptional customer service experience.

Using Microsoft Dynamics 365 for Customer Service, Financial Services can engage with customers across different channels and automate and streamline predictable and repeatable inquiries. It also helps customer service agents to be more efficient and productive while ensuring customers experience high quality, effective interaction at all times.

Ways Microsoft Dynamics 365 for Customer Service Helps to increase Customer Acquisition and Customer Loyalty

1. Automate and streamline processes
Microsoft Dynamics 365 for Customer Service records all customer interactions and track customer issues through cases. Financial services can also create and track their service levels through service-level Agreements and assign the right case to the right resource. With AI-driven chatbots, financial Services can automate resolution that is basic and repetitive. Chatbots eliminates and free up financial agents for more critical interactions.

2. Empower Financial agents
Microsoft Dynamics 365 for Customer Service makes it easier for both customers and Financial agents to create effortless support experiences through self-service portals, community platforms, and social channels. Intelligent Business automation surfaces the relevant information on the dashboards so that financial agents can get a better understanding of their customers. Microsoft Dynamics 365 for Customer Service provides AI-driven recommendations for Financial agents in the process of new customer acquisition.

3. Personalize interactions
Microsoft Dynamics 365 for Customer Service provides a 360-degree view of each customer’s journey and anticipate customer needs and personalize interactions. By having contextual, personalized, and relevant interactions – Financial Agents can learn from their customers, improve the service experience, and gain Customer Loyalty and goodwill.

4. Relevant and proactive
With Microsoft Dynamics 365 for Customer Service Financial agents can improve customer experience by leveraging built-in intelligence and predefined service processes across multiple channels. With Microsoft Dynamics 365 for Customer Service Interactive dashboards and data visualizations provide instant insight into customer behavior, it allows Financial agents to proactively tap into new trends and identify sales opportunities.

5. Adaptable customer views
Microsoft Dynamics 365 for Customer Service creates adaptable views that represent customer structure and hierarchy. With Microsoft Dynamics 365 for Customer Service, Financial Agents can choose from alternate layouts and present the right information to the right user at the right time.

Dhyey Consulting Services Pvt Ltd. Act as an extended arm to Microsoft Partners for Microsoft Dynamics 365 Implementation and support services. We have completed over 200 project implementation (ERP/CRM). Our Resouces are highly capable and have experience over industry verticals. They are fully capable of understanding and working with clients from the Financial Service Industry. With our understanding and experience, we could provide an ERP/CRM solution that best suits your clients.

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