How BFSI companies can leverage field force management software

Banks and financial institutions have a vast team of field executives on the field completing their daily tasks. At the same time, they look for ways to improve their leads management funnel for various departments like current accounts and personal loans. Lacking visibility into daily field activities, unable to measure and optimize field outcomes, and increasing manual process and paperwork are some of the challenges financial companies face while managing a team for field executives and sales managers. The right field force management software can help BFSI companies improve their field workforces’ productivity and make optimum use of their resources.


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How BFSI companies can leverage field force management software

Benefits of field force management in the BFSI industry


Let's take a look at different ways in which BFSI companies can leverage a field force management software.


1) Improve sales productivity management


The sales management dashboard offers supervisors or area managers a consolidated view of workorder management, individual performance history, agent scheduling, and more. A real-time dashboard helps stay connected with field agents, track their work, communicate, and collaborate with them effectively.


2) Real-time tracking of field executives


Field executives need to complete various daily tasks, including offering doorstep banking services, KYC document collection, account creation, and onboarding, among others. A dedicated app for field agents allows them to update their tasks on the go, record attendance, expenses, process payments, digitally capture documents, check customer profiling, and more. Route optimization also helps them reach their customers on time and control fuel and travel expenses.


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3) Auto lead management


Leads are assigned in real-time to the right field agent depending on various parameters like skillset, distance, priority, etc. Detailed insights on the lead pipeline help identify loopholes if any. A field force management software also offers historical map views for sales officers. It improves the lead conversion rate, minimizes lead turnaround time, and makes lead management easier. Sales managers can leverage the solution for daily job scheduling and monitor their field executives' productivity by measuring their travel time, idle time, total working hours, and more.


4) Analytics and reports


The software also offers individual performance reports of their field executives’ productivity. Moreover, it provides territory performance by branch, region, or state along with zone-wise ranking and performance. Business leaders can track sales volume and measure region-wise performance with scope improvement reports. The field force management software identifies positive and negative areas for opening a new bank branch or an ATM.


5) Nudges and alerts


Nudges are real-time smart notifications sent to field agents to help them efficiently complete more tasks. It helps them plan their travel and visit more customers, thereby improving productivity daily productivity. The field force management software sends contextual alerts to the app and assists field agents to complete jobs assigned by their supervisors, who control the incoming leads. This system helps agents to streamline customer visits and allows them to complete visits on time.