3 Key Features Of Leveraging A CRM For Financial Services

The companies dealing in the financial services industry face tough competition. The nature of industry is such that any idea/product/service offerings can be imitated very easily. So, it becomes difficult for the industry leaders to differentiate themselves from others. Also, attracting new customers and retaining existing ones is a rather tougher job. Besides, the level of services offered, brand value and effectiveness of the products also matter. The industry, thus calls for next-gen technology such as an effective customer relationship management software.

Why Should Businesses implement CRM For Financial Services?

The advancement in technologies is revolutionizing the financial services industry for good. New-age solutions such as customer relationship management software act as a catalyst for the businesses to embark on the journey of growth. As an enabler orchestrating the digital transformation, it empowers the business to unleash their true value. Besides, owing to the numerous advantages the CRM for financial services provides, businesses are readily adapting this initiator.

Key Features of A CRM

A CRM has various lucrative features that assist the organizations to concentrate more on their customer-centric processes rather than wasting time on managerial processes. It makes the processes much easier and empowers the businesses by enabling the planning and execution of personalized customer engagement. Besides, it helps with upselling and cross-selling. Other important features of a financial customer relationship management software are mentioned below:

• Increased Client Opportunities

Indeed the greatest feature of CRM for financial services is the tremendous opportunities that it provides. It enables the clients to track potential clients right from the point of initial contact till the sale. The next-gen technology allows the industry stakeholders to gain deeper insights into the data and generate extensive reports. Based on these predictive insights, the management can plan courses of actions that take businesses to newer heights. Besides, the platform’s unique ability to populate relevant data ensures that the businesses do not miss on client opportunities.

• Single Repository of Data

Deploying CRM for financial services directly translates to easy access to data. The software makes the workflows more agile by streamlining the processes and bringing the marketing, sales and support services under a roof. This assists the financial advisors and call center agents by effectively managing contacts, leads, customers, and marketing. It assures a maximized ROI by helping the businesses to make targeted campaigns and advertisements as well as personalized marketing messages.

• 360-Degree Customer View

Offering a detailed view into the customer’s data such as transactions, incomes, debt, loans, credit scores and other details, it allows the financial advisors and agents to stay updated. It enables them to organize portfolio data and performance statistics, client information, and history into a central easy-to-use database that can be accessed at all times. They can make informed business decisions, chalk out new strategies, and bring in more value to the business.

Heartbeat Of Modern Marketing - CRM For Financial Services

Implementing a CRM in financial services enables seamless access to data at every touchpoint, thus enabling the advisors to offer the best-fit products, index new account applications, or track trail documents – capturing and engaging prospects, leads, and customers. It acts as a robust customer success workflow and empowers the organizations to meet the evolving business requirements. Agents and customers have the freedom to seamlessly communicate across multiple channels without losing the context.

All in all, an effective CRM solution allows the financial industry players to gain profitability, enhance productivity, and increase their return on investments by building in deeper customer relationships, delivering world-class customer services and maximizing client value.

Winding Up - Redefining The Future

Future-focused financial players have already started to implement CRM since it has the potential to redefine the future of ‘personalized service offerings’. hence, it is important to leverage the best-fit CRM for financial services that allows the agents to provide exceptional customer experience and consistent services based on the client’s most recent journey and their holistic interaction history.