Doing so enables you to look after your clients more effectively and in a meaningful way.
Unfortunately it is generally not the first priority when setting up a new business, but it should be, as this will become the key customer management tool going forward.
Keeping in touch with clients is the best way to retain them, especially if you are making that contact relevant.
Profiling your clients and picking up on the changes in the industry are all new business opportunities to reach out to your single biggest asset, your client bank.
For example, if you can access data to select self-employed clients at the press of a button, you could be contacting them about pressing issues and demonstrating how relevant you are.
Lenders are looking at opening-up a little more to self-employed customers as they now make up a 15% of the working population, and as a result we are seeing more products coming through. If you cannot access the relevant people to contact, it is an opportunity missed, to look after your client and increase your business.
Know the rules
Current data protection legislation already requires businesses to manage the information they hold, but going forward the requirements will be moving up a notch. Everyone will need to understand what data they collect, how they store it and who they share it with as the GDPR (General Data Protection Regulation) deadline is 25th May 2018.
For some businesses this will require a substantial amount of work to ensure that they are compliant with the European requirements.
It is certainly worth spending time now to prepare for the new legislation as, for those that don’t comply by May 2018, there are substantial fines that can be levied for breaches.