Financial services organizations from insurance providers to retail banking and wealth management firms constantly face pressure to retain profitable customers, increase productivity within the opportunity cycle, and drive deals to close faster. Companies in the financial services industry require innovative CRM for financial services strategies to create growth opportunities, to adapt quickly to changing capital market conditions, and to provide personalized products and services to their clients. To that end, an effective financial services CRM software is key to effectively managing customer relationships across all channels and customer touch points.
Because of the highly transactional nature of the financial services industry, financial CRM software should also support core financial transactions such as funds transfers, account onboarding, case escalation, customer profile changes, and loan origination. Also, sales advisors and portfolio managers need to capture industry–specific customer attributes to generate the lead qualification process; therefore, CRM for financial services software should be able to support this key function as well. Lastly, to promote efficiency and effectiveness, financial industry CRM software should completely integrate with an organization’s existing applications and processes across the front office and into the back office to leverage existing software and allow for the real–time manipulation of data.