Expanding Your Customer Base

Expanding Your Customer Base

Attempting to expand your customer base for the wrong reason in some cases can also lead you outside of your core business directions. Jamie Dimon, the Chairman and CEO of JP Morgan Chase, wisely stated,  “Companies that grow for the sake of growth or that expand into areas outside their core business strategy, often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time. … business is here to serve your clients, your shareholders, your communities.  If we do this well, everyone benefits.”

It is vital to look at growth and expansion as how it will benefit your clients, shareholders, and communities, and if it does, it will usually benefit all.  For example, one of the reasons RiskCALM has included an FIU Module for reporting suspicious activity is that it benefits all three categories of responsibilities. By minimizing the labor cost, automating the communication requirements and the AML policies, it affords the financial institution the ability to better serve their clients, shareholders, and community.

In a recent visit to Belize, a certain president of a financial institution, paid a very high compliment —RiskCALM, it was suggested, must have been designed by bankers because the solution tends to solve, in an orderly fashion, a financial institution’s business concerns.  While the answer is yes, a number of the senior staff have ‘cut their teeth’ in the financial business, the solutions are really the product of listening to our customers.   You will find that most of RiskCALM’s organic and non-organic growth tools are tools that will benefit your clients, shareholders, and communities, as follows:

Sell more products and services to your existing customers.  Selling deeper into a current customer has always been desirable for financial institutions.  Many larger financial institutions believe that the more of your products a customer has, the less likely they’ll leave your organization.  While the goal may be to add more products, in this day of online digital solutions and the invisible customer, this becomes a more difficult issue.  RiskCALM₄ offers several online digital touchpoints, offering dynamic cross-selling during loan or account opening touchpoints online and financial tools to assist the customer with lifecycle financial management.

Target new customer markets. New customer markets and identifying them is really about understanding your customers.  RiskCALM₄ understands the lending business. Customer markets are defined by buying cycles and buying cycles are tied very closely to lifecycles.  Knowing your customers’ lifecycle stage is a matter of data analysis, and aggregating buying cycles is aggregating markets, being there when your customer decides to borrow.  Being there is a matter of having the technology  facilitating digital touchpoints.  RiskCALM₄’s unique technology affords your institution the ability to target these new markets.

Tap into new sales and delivery channels. The Internet is an example of how new sales and delivery channels can transform your financial institution through a digital transformation.  Taking advantage of online opportunities, rather than brick-and-mortar.  Uilizing the technology of RiskCALM₄ creating more digital touchpoints, increasing opportunities to be involved with customers’ financial requirements, will expand your customer markets automatically.

The online presence which is available through RiskCALM₄ will open new markets and services to the benefit of your customers and your shareholders and with the integrated risk management, improve your communities.

In the process of expanding your base, RiskCALM is mindful of reaching goals by reaching out to your communities.  RiskCALM₄, everyone benefits!