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finance industry. Be it commercial banks, credit unions, stock brokerage firms, asset
management firms, insurance or finance companies, each of them employs technology from
financial planning and risk analysis to all kinds of automation platforms and for many other
functions. A CRM for a finance company is another fintech essential for a financial
institution’s ecosystem.
Customer relationship management for a finance company comes with its unique set of
challenges and a CRM platform that minimizes customer attrition and maximizes revenue along
with bringing together all kinds of tools and customer portfolio visibility into a centralized
system IS the ideal pick. The perfect financial CRM also ensures compliance with industry
regulations and legal instructions. Implementation of a Finance CRM for SMBs (Small and
Medium-sized Businesses) and large enterprises has helped them serve their customers better and
To further understand their relevance, let us first know the types of finance
CRM software –
1. Industry-specific CRMs:
These are geared towards insurance, banking, investing, or other firms. These CRMs provide
unique functionality for their intended use but may lack leading industry features like social
media integration and BI modules. For example, iPipeline, Pulse CRM, BNTouch, etc.
2. Multi-purpose CRMs:
These are customized to serve financial operations and link with other back-end systems. This
customization can also be done in-house through APIs, branding, custom fields, etc. A lot of
times firms also choose to work with financial services ‘partner’ developer and that is why a
business of any scale should search thoroughly and go for a well-known CRM vendor like
ZOHO for finance, Salesforce for finance, SugarCRM or MS Dynamics for finance.
Progressing to the benefits of having a CRM platform in place when you are running a finance
company to streamline processes and arm yourself with accurate data to take on the market –
A CRM manages to place the customer at the center of all functions of an organization which
makes it easier for the sales and marketing teams to cater to its needs and consequently maximize
profits. For instance, a CRM implementation for a bank shall help bankers understand the needs
of the customer and align it with technology, business processes and resources. It focuses on
existing data of the organization and capitalizes on it by improving relations with customers. All
CRMs use the information and analytical tools to secure customer focus.
CRM in place. Focus on the client is magnified not only when issues arise but throughout their
3. Surge in profitability
A CRM software automates processes across all channels in an organization and eases customer
facing which in turn facilitates a better overall performance. The byproducts of having a CRM
for a financial firm are customer acquisition, retention, and profitability; lack thereof may lead to
Therefore, the CRM for a financial firm ensures a holistic view of all monetary relationships and
the minutest of customer information. This centralised information repository becomes the
storehouse of all crucial data from where it can be studied, analysed, and serve as a reference
pool.
A business software’s biggest value-add is workflow automation and CRM is the most popular
form of business software accruing to this very reason. Companies offering financial services can
use custom fields and programmable workflows to align/streamline KYC verification, claims
processing, portfolio modeling, and account on boarding. Most industry-specific CRMs have
pre-designed workflows for unique and unusual functionality. This gives team members more
space to manage and nurture client relations and less on day-to-day tasks.
6. Clearer Sales and Operations visibility
With a centralized information repository, the decision makers get a clear view of the sales
operations along with a performance view of third-party agents and brokers. This clarity to be
able to see opportunities, closed and new projects/accounts, and live bookings give the
leadership a lot of actionable data to set goals for the future and pre-empt any roadblocks.
Important questions like Where are we going wrong-How can we improve-Which strategy is
reports and portfolio modeling that help their existing relationships by zeroing-in on upselling
and cross-sell opportunities. Agents can also use these tools and mechanisms to anticipate and
In the financial sector, sales and marketing teams along with agents are on the move building
client relationships, attending professional events, and meeting with high-priority business
partners, these activities while being necessary shouldn’t hamper productivity. Latest CRM
software gives these individuals remote access to tools, back-end systems, customer databases
through a mobile hybrid approach via a native mobile app or a mobile web interface.
Following statistics from research conducted by Innoppl Technologies had some interesting
insights on employing mobility to enhance versatility and increase sales, and the same can be
deploying the new system and data migration → plan to go live and executing it accordingly →
If you are navigating bottlenecks as a company operating in the finance industry, hire our 360
degrees services for Finance company CRM in USA and Canada, and the rest of the globe to
sustain the market’s onslaught and enjoy the perks of running a customer-centric working model.
Drop a line on info@advanz101.com and our Finance CRM specialists shall get back to you