CRM for Financial Services: It Just Makes Sense

The banking industry today is one of the most IT-intensive industries in the world, integrating a multitude of systems that enhance capital mobility, process large scale payments and ensure that regulatory standards are upheld. That banks are capable of performing such tasks in economies all over the world is a true reflection of the information age in which we live. No matter how big they are, banks and other financial service providers are always looking for ways to improve security, expedite transactions and offer innovative services that keep them ahead of their competitors.

CRM for financial services enables banks and other financial institutions to stay ahead of the innovation curve. CRM combines advanced technology with the power of marketing to enable financial institutions to customize their business strategies and capitalize on their opportunities. CRM for financial services gives you the tools to collect robust business intelligence that will enable you to learn more about your clients and their preferences, thus enabling you to customize products and services that meet their specific needs.

The financial services industry has always been about the customer and the privileged information they share. Whether retail banking, wealth management, insurance or investment, CRM can be tailored to meet the unique business opportunities of all financial service providers. Ultimately, CRM is all about maximizing the lifetime value of the customer. Unlike most other industries, long-term relationships are a staple of financial services. CRM gives banks, investment and insurance providers the resources to know their customers on an individual basis and develop personalized services that can expand account relationships.

Through data warehousing, business analytics, marketing campaigns and customer services, CRM provides horizontal integration that improves these processes and links the entire financial operation to them. The power of automation also reduces administrative burdens that slow down services. This means that branch managers, investment advisors and insurance brokers can focus on what they do best—creating lifelong relationships with clients. As a financial service provider, is there anything more important? With CRM, you not only develop relationships, but you truly get to know more about your customers. Automation and real-time tracking provide a complete snapshot of their activities and past transactions, which can enable you to predict what services they are likely to need in the future.

All of these features build customer loyalty by improving customer services. The power of CRM also enables you to identify high-value clients and offer them new services. By choosing one of the many capable CRM vendors and training your staff in its use, you are extending the value of your IT investment and reducing costs in the long-run.

With CRM, you’re only a few clicks away from greater productivity, better customer services and more business opportunities. Best of all, CRM can be integrated with your existing IT services or it can be that dynamic upgrade most financial institutions are looking for but have yet to find. Now is the time to leave the legacy applications behind and adopt a solution that gives you the power to make decisions based on real-time information.