CRM for Financial Services: Holistic Approach to Company Success

Home | Blog |
CRM for Financial Services: Holistic Approach to Company Success

The industry-specific CRM systems fall under a period of the constant technological shifts including digital, social, and mobile innovations. Many financial organizations are striving to differ from the competitors by delivering the best customer experience. However, the contenders can often have the upper hand by imitating and improving the price, products, or distribution models making the clients more demanding than ever.

CRM and Finance: Why to Combine?

The financial sector is one of the largest markets in the world that require the right tools to succeed. CRM for financial services helps to manage and building the relationships through the organizational tools, account databases, and automation of the business processes. These solutions place the focus on enhancing the critical financial accounts (loans, lines of credits, investments, etc.). To be more specific, the systems address the following essential issues of the financial industry:

  • excluding the client’s attrition and increasing the profitability
  • managing the compliance with the stringent regulations and restrictions
  • introducing the visibility of the prospects’ data and preferences into the business processes
  • taking advantage of growing social and mobile technologies

Must-Have Features of CRM for Financial Services

The platforms differ regarding the pricing and deployment opportunities, but financial organizations require to obtain the solution with the following options:

  • contact database
  • lead, account and opportunity management
  • client price quoting
  • workflow customization
  • integrated billing or invoicing
  • calendars and scheduling opportunities
  • call list, task and document (claims, contracts, tax forms, etc.) management

To help you understand the importance of CRM for financial services, check out the 5 main reasons why to implement this solution into your business processes:

#1 Know Your Client

Business vision should begin with the holistic view of the customer that helps to understand the prospects and their needs fully. As a financial advisor, you have to gain an in-depth information including financial records: assets, liabilities, etc.  

KYC is a risk mitigation technique to prevent the financial companies from being used for the illegal actions. The better understanding of a client eliminates the possibilities of the underlying compliance issues. KYC focuses on the verifying the customer onboarding (i.e. client identity), adhering to the banking information and keep track of the financial transactions.

#2 Get Customers Onboard

No matter what you offer, CRM for financial services with email marketing and document management features can make the onboarding procedure easy, trackable, and transparent. The solution provides a visual queue of where the prospect’s process stands at any time. Furthermore, you can use CRM platform for setting up the KYC alerts, notifications, and reports.

#3 Track the Opportunities

CRM for financial services should monitor not only the clients and onboarding activities but also every stage of the sales funnel, from a lead engagement to a closed deal. This way you can determine the hot prospects, what aspects drove them to the conversation and observe how they move through their customer journey. This type of data is essential to the proper tracking and maximizing the efficiency of your efforts.

#4 Create the Marketing Campaigns

With constant technology development, the customers become more educated than ever. CRM for financial services enables you with digital marketing campaigns that help drive more leads and prospects to your website. Equip the leads with valuable information that may be useful for them in building the business and cooperating with your service. Show the expertise and understanding of the customers’ needs and them most likely select your financial service.

#5 Use Analytics and Reports

The custom reports and portfolio modeling offer an ability to improve the relationship with clients by identifying the upsell and cross-sell opportunities. Set up the analytics to define the risk signals and spot the customer pain points timely. Once you solve customer's problem, you will get upgraded loyalty from the satisfied customer.

Time to Conclude

Implementing a CRM for financial service will empower your crew and may turn them into the trusted advisors to the customers. You can improve the client retention, enhance ROI and increase the effectiveness of managed assets, as well as diminish the administrative spendings.

Recommended articles
Automated CRM Switch with Trujay! Infuse a New Life into Your Business Management!
News of universal importance! MagneticOne unveils the further portion of innovative rock solution. From now on, the automated CRM data migration is more than just a reality; it’s 5-step magic that will import all your data to the dream CRM …
July 10 2014
SugarCRM Horizons or How to Strike the Right Business Path
With the swift-flowing course of business relationship development, the company-customer connection becomes multifaceted literary procedure. Starting from the targeted audience investigation and ending up with the positive customer experience building, business management processes are almost impossible without a flexible and …
July 11 2014
SuiteCRM: Behind the Curtain of Open-Source Solution
SuiteCRM is considered to be an advanced solution for small and mid-size businesses. Being a mediator between company and customers, SuiteCRM helps to gain insights into your future customer behavior. Its functionality includes sales-force automation, reporting, customer support, diligent in-house …
July 14 2014