How a CRM system can improve your escrow processes
A customer relationship management system (CRM), according to Pipeline.com, is a “digital centralized platform that organizes, automates and synchronizes all customer-facing activities.”
Although we like to jokingly say that the first CRM system was in fact the rolodex, the pioneers of the first digital CRM are thought to be Robert and Kate Kestnbaum, who provided database analysis for the purpose of marketing to a company’s clientele. And in fact, we tend to think of a CRM system in terms of marketing and sales more than any other discipline within a company.
However, given how the processes of a title company’s workflow are intricately tied up with its customer base, expanding the utilization of the CRM to the escrow and closing team may have some intriguing possibilities.
Integration to back-office systems
If a CRM is all about capturing customer data, then it seems intuitive that integrating the CRM into the back-office systems would maximize capturing data about the customer, which can include not only the number and flow of title and closing orders, but also the communication flow between the escrow department and the client.
Communication and customer service
Every aspect of the title, escrow and closing process requires meticulous communication with all of the stakeholders in the transaction. Automating those messages through the CRM not only ensures the highest efficiency and accuracy of the messaging but allows for more effective tracking and verification of each step of the process.
Sees all, knows all
Here is the biggest advantage of integrating your CRM into your production system.
One of the challenges in a title agency is often the need for disparate systems for gathering and disseminating information, which often results in the lack of a centralized location where everyone on the team can check in on the progress of a particular transaction.
Marrying these two systems can result in more transparency for all members of the team who are overseeing pieces of the transaction. This is especially true for the CRM’s task-tracking features, which can be customized to an agency’s particular workflow.
Never again will you have to hear the question, “Where are we with that transaction?” Everyone on the team will know exactly where to go to find out.
It’s all about the data
The ultimate benefit of a CRM system is and always has been the gathering of data for the purpose of mining customer insights to more effectively customize services, improve customer retention, and grow your sales pipeline.
Opening up that data pool to the escrow and closing process has the potential to feed critical data that can open up a much broader view of the customer experience and hence provide deeper insight into improving processes and services.
At Positively Balanced, we take immense pride in providing not only high-quality services to our clients but finding ways to help them grow their business. Our mission is to champion our customers by always delivering the most innovative solutions in every aspect of our business. Call us today to learn more.
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