Multiple Sales Pipeline for Banking Industry

Objective: Improve customer onboarding and internal collaboration by streamlining opening of personal and business accounts.

Scenario: The process involved in opening of personal account and business account are different and often cause confusion. To manage the process efficiently and quickly move the customer applications through the stages they need better management. 

The process followed for the two application systems are:

The sales team has a process of their own to track the application status and maintain a record of total number of accounts that were successfully opened. They also follow-up with the applicants for submission of pending documents and for the delayed applications.

Problem?

The current method of tracking causes confusion due to:

• Misinterpretation of application status.
• Lack of visibility and thus no prior notification is sent to the approval teams.
• Delay in follow-ups on missing documents and deferred applications.
• Lack of tracking of bottleneck stages.

The overall lack of clarity causes delays in processing of the applications which result in customer dissatisfaction and increased occurrences of fallouts in the middle of the process.

Let's see how creating different pipelines for each account type can solve the problem.

Solution

Building separate pipelines for opening personal and business accounts makes it easier to:

• Monitor and track the progress of applications in individual processes.
• Identify the bottleneck stages and take measures to resolve issues.
• Automate team activities at each stage to speed up the process.
• Set workflows to send automatic notifications to customers and internal teams as each stage progresses.

Now that you understand the benefits of multiple pipelines, let us proceed with creation of multiple pipelines. Below are the pre-requisites to setup the CRM account.