The benefits of CRM for financial services providers

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As a financial services provider, your biggest business pain points may include fragmented user experience, security concerns or compliance issues. From banks and insurance companies to fintech firms, financial advisors and accountants, all are expected to keep up with the fierce competitive landscape.

A CRM solution is the key to improving every aspect of your business, including managing customer relationships and keeping their data secure. It transforms how the financial services sector engages with customers and leads.

Different financial sectors and how they use CRM

  • Banks

Banks use CRM platforms to manage and view customer interactions. From making a deposit at an ATM to requesting information about loans or credit, CRMs present a 360-degree view of all customers and prospects.

  • Financial consultants and advisors

Financial consultants and advisors use CRM to gain visibility into all their clients to make informed decisions and offer tailored advice to provide the most effective solution for them.

  • Loan and mortgage companies

Managing hundreds of customers, loan and repayment tracking, and secure compliance is crucial for the loan and mortgage sector. These businesses need CRM software with automated tasks to send reminders, manage renewals, and improve the lead nurturing process.

    • Insurance companies

    Insurance companies adopt CRM solutions to automate tasks such as policy renewals, claims processing, and lead managing cycles. 

    • Investment companies

    Private capital and venture capital teams use CRM software to manage investor relationships and track prospects through the deal pipeline

    Let’s delve into the benefits that CRM offers to financial organisations striving to thrive in the dynamic marketplace.

    1. Valuable customer insights

    Man on laptop looking at charts and graphs

    Customers are at the heart of everything you do as a financial services provider. Whether you work face-to-face with clients as an advisor or you’re in the insurance sector with hundreds to thousands of customers, it’s important to customise your processes based on your customer’s transactions, buying history, and personal preferences. 

    CRM software allows you to explore customer insights that you can’t find anywhere else. The more information you gather about your regular customers, the better you can tailor their experience to suit their needs. View recent phone calls, emails, ATM transactions and more. Once you’ve mastered your targeting, take aim with personalised banking solutions and service offerings – say hello to improved customer retention and loyalty!

    2. Increases sales with improve pipelines

    Financial Services Advisor Blog

    Sales is at the forefront of every business, and mastering the lead nurturing process in your CRM system keeps your sales team at the top of their game. Automate time-consuming administrative duties so your sales team can focus on the leads that are most likely to purchase.

    With access to customer’s buying history and reports outlining popular products and solutions, your financial services business can determine which offerings are most successful, and which need a second look.

    3. Compliant and secure data

    Man working on laptop with graphic of files over the top

    With the growing prevalence of cybercrime, protecting your company and customer data is more important than ever in the financial services industry. To comply with various rules and regulations, it’s crucial that your CRM system meets the security standards for your business.

    Most CRM systems have robust compliant management tools and data retention policies to keep all your information secure. No matter your location, or if your company spreads across multiple regions, your CRM platform can adhere to multiple programs including GDPR, CCPA and the Data Privacy Framework. Plus, admins can control access and introduce authentication to keep the account’s data safe.

    4. Flexibility and customisation

    Financial services advisor blog

    When shopping around for a new CRM system, it’s important to choose a platform that has high-level customisation abilities in order to create custom fields, modules and dashboards to suit your business requirements. Plenty of CRM platforms allow your team to personalise the database without having to use code, meaning any admin can edit parts of the database.

    For financial services businesses, flexibility and scalability is vital for future-proofing growth. Whether you’re a bank handling thousands of customers, or a startup seeking a CRM that’s able to grow with the business, a customisable platform is essential to adapt to the different solutions and services your company provides.

    5. Time-saving automations and integrations

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    From repayment reminders to annual renewal processes, financial service providers deal with large volumes of repetitive, manual tasks in their daily operations. Businesses in the financial landscape require workflow automation software to save time and streamline routine tasks including sending confirmation emails, issuing follow-ups and alerting sales agents to chase a lead.

    Another time-saving benefit to CRM software is third-party integrations. Connecting to other systems including trading platforms, databases and marketing automation tools keeps all of your work centralised and allows data consistency across all your most-used platforms.

    Transform your business with SugarCRM

    Are you a financial services provider looking for a new CRM platform? Take the first leap with a CRM system that provides all of the above features – SugarCRM.

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