How to Create a Successful Lead Management System for BFSI

Let’s begin with the most important question first. Why is lead management vital for banking and insurance companies? The lead qualification process before it reaches the hands of your sales team is quite long. Once the sales rep gets the lead in his hand, his face-to face interaction with the customer determines the conversion probability. But what if while the lead is travelling, there is some miscommunication or twisted information exchange that leads to potential customer loss?

Also, what if the lead does pass through the qualification chain but lands with the wrong sales guy or simply takes a much longer time for right action resulting in opportunity cost as your competitor lands up first?

Additionally, there are several other scenarios that might pop up when a lead is assigned to a sales agent.

The sales rep might:

Not have the right experience or skill
Is not available on the date/time requested by the client
Is not aware of the lead history
Has no idea of the client’s budget
Resigns without any notice

A field CRM greatly helps to track the complete journey of the potential lead right from start to the end. Within the field CRM, lead management module helps banks and insurance companies to keep a close eye on every movement of the lead coming in. Designed specially to tackle the needs of the BFSI industry, Dista works like a close-knit field CRM built in with a powerful lead management solution.

Essential Features of a Lead Management Solution for BFSI Industry:

1) Integration With Existing Field CRM

Dista’s lead management solution is extremely flexible and customizable. It easily integrates with your existing field CRM, and with the help of APIs, it pushes important updates to your sales team on their mobile phones. It cuts down time taken to process things manually as well as restricts the chances of de-duplication of leads.

2) Intelligent Lead Assignment

Once the lead comes in, the manager has to assign the lead to the right person so that the task is achieved without any hassle or confusion.

Dista enables the manager to see:

Geographic coverage of his sales rep
His/her exact location
Customer profile associated with a sales rep
Leave status and availability

This information and insight is extremely useful to assign leads based on facts rather than assumptions. This further helps in better planning of resources as well as tasks. The task completion ratio also improves because your team is better prepared with customer history and other necessary details. Automated and intelligent lead assignment ensures the task is assigned to the right man based on skill and proximity, leading to better business outcomes.

3) Offline Connectivity

To keep your sales representative always in the loop, offline connectivity helps a great deal. For successful lead management this is very crucial. This cuts out the dependency of the sales force on the backend people in the office. Your sales team has all the necessary information on their mobile, which enables them to stay on top of things related to every lead. Offline connectivity gives them additional firepower making the entire lead management more effective and responsive.

4) Detailed Lead Profiling

Having detailed information on every lead helps your sales team to provide a more customized solution that results in more customer delight. If there are repeated visits, taking notes further helps to streamline communication and follow-up. Lead management solutions like Dista help you capture detailed and distributed information at one place. This is a useful exercise especially if your sales team keeps on changing. New members can simply pick off the trail. This kind of transparency brings along great control and scope to nurture your leads with better preparation.

5) Online Demo Content

A good lead management empowers you with all the preparation you need to close a lead. Keep all your detailed explanation material like PDFs, word documents, audio and video files handy to assist your lead with any information without making them wait. With all the soft copy of your customer communication ready and saved in the system, it saves you a lot of time to reach the lead on time with the right piece of information. This kind of targeted rollout enables you to have better control over your marketing effort and finally, helps to bring in more lead closure. The trick is to have the impact at the right time and stop the potential lead from being lost due to improper communication.

6) Mobile-based e-KYC

User verification is of prime importance in the financial services industry. Usually, the field team visits the customer to collect paper-based KYC documents. At Dista, we can simplify the hassle of paper-based documentation by providing a system where all the document soft copies can be captured and fed into the backend system. Once the backend team receives the softcopies, they can simultaneously confirm and verify the documents. This makes the entire KYC process more agile and quick, with no need to carry any heavy loads of paper. Also, this is more sustainable as it saves paper from being misused.

7) Team Performance Scorecards

The final frontier is to evaluate the performance of all the players in the lead management cycle. This is where team scorecards can be used to plot the aggregated data and measure the performance of manager and field agents. Scorecards help you evaluate critical data like field hours logged by your field team to check if they were really doing their duties on the field or simply wasting away time. Also you can track the status of your monthly targets to see if those are being achieved or if not, what can be done to streamline the entire field run. Such kind of data availability about your team performance can greatly help to identify the gaps and enhance it further.

All this with push notification and useful filters can give your lead management the much needed agility to beef up their final productivity.

To understand how Dista can transform your lead management system, you can connect with our sales team for a demo on our BFSI offerings.