Revamp your Financial Practice with CRM with these Top Benefits


Technology is integral to the functioning of any institution, organisation, or enterprise in the 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 make their operations more efficient.

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.

crm for financial industry;

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 –

1. Increased focus on customer

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.

2. Enhanced personalized experiences for customers

Financial firms have to manage innumerable clients’ assets and investments, therefore robust customer relationship management is an essential function as compared to firms/companies of other industries. This is where a client or customer feels personally taken care of if there is a CRM in place. Focus on the client is magnified not only when issues arise but throughout their journey with the firm.


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 customer loss and a decline in profitability.



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4. A central information repository

The elementary function of a CRM is to integrate data, teams, process, and technology. 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.

5. Streamlined service processes

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 onboarding. 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 working, helps to determine the way forward.


7. Derive value from analytics and reporting

Financial firms can draw maximum relationship value using analytical tools such as custom 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 neutralise risks and address customer pain areas.


8. Empower sales team and agents with mobility

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 said for the finance industry as well  –



Implementing a generic CRM takes 6 steps and the process is very much similar for Financial CRM implementation, starting from Bringing together a financial implementation team → Drafting a change management plan → Putting in place a CRM implementation budget → deploying the new system and data migration → plan to go live and executing it accordingly → Evaluation of the CRM implementation.

If you are navigating bottlenecks as a company operating in the finance industry, hire our 360 degrees services for finance company, and the rest of the globe to sustain the market’s onslaught and enjoy the perks of running a customer-centric working model.

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