Banking CRM: Things You Should Know Before Implementation

Technology is at the forefront of our thoughts when we talk about the Revolution. Today, when the online world is Home to a vast array of platforms and services, it is important to leverage technology and use it to make services easier than ever to connect, learn and do business.

There are plenty of eCommerce platforms, financial institutions, and banks that are serving as a commercial driving force. And the constant urge to be at the top spot in the competition has led to innovation with companies and banks regularly looking for ways to improve their product and services.

In the end, businesses benefit the most from this innovation as they present more choices, better deals, and a seamless customer experience.

When we specifically talk about the bank segment, Customer Relationship Management (CRM) is the answer to the technological revolution. From our experience in this field, we have observed that CRM software for financial institutions has helped in generating quality leads and a bundle of opportunities.

Do you believe this idea can be a turnaround point in your journey? Are you confused about where to look out for and how to start? Well, let us help you prioritize the development process of CRM software. In this blog, we plan to introduce you to the concept of CRM, and the benefits you will gain by developing CRM software for your bank.

To begin with,

What is Customer Relationship Management Software? Why is it the top priority for banks?

When we talk about the best investment a general bank could make, CRM software development stands fourth on the list. The importance cannot be overstated in this industry.

It is a great combination of technology with human resources, which helps banks to analyze customers’ needs and provide experiences as expected.

Banks especially are the storehouse of data. A vast amount of information is stored which at some stage in life will be useful to develop various types of banking products.

When such products are developed, banks need to market the said product and services to their clients either via email or phone calls. Handling all of these channels can become overwhelming for the departments and that’s when CRM comes into the picture.

CRM systems help solve this problem by consolidating all communication channels into one platform that can be accessed at any time. Automated campaigns and a well-organized structure help staff focus on clients rather than administrative tasks. This allows banks to build stronger relationships with their clients by providing personalized and efficient service that meets their needs and exceeds their expectations.

To conclude the benefits of CRM in banking services:

• Instant marketing and response analysis of products and services;
• Better reach to the customers;
• Quick resolution to customers’ queries and updates in real-time;
• Improved customer experience;
• A better relationship with customers;
• It can help save time and resources and also reduce errors by automating tasks;
• You can observe an improvement in inter-department collaborations and activities.
• By automating routine tasks and centralizing customer data, a CRM system can simplify business operations, reduce administrative tasks, and free up staff to focus on more strategic activities.

What are some of the distinctive features you should expect from a CRM solution for banks?

When considering the potential benefits of CRM software for your business, it’s important to take a close look at the key features that can help you achieve your goals.

For example, if you’re in the banking industry, you may be interested in features such as automated customer onboarding, real-time account management, and personalized marketing campaigns.

By understanding the specific needs and challenges of your industry, you can choose a CRM solution that is tailored to your business and can help you improve efficiency, streamline operations, and enhance customer relationships. Whether you’re looking to increase sales, improve customer service, or drive long-term growth, a CRM system can provide the tools and insights you need to succeed in today’s competitive marketplace.

Here are some of the advanced features that you can incorporate into your banking CRM solution.

Customer-centric model:

The CRM provides an elucidated view of the customers and their interactions with the bank. The updates are automated and can be received at both the ends, banks, and customers.

In all, the app provides a 360-degree view of the customers including their behavior, status, preferences, etc. The solution will also show the transaction history of the customers and the frequency of purchases.

Data management:

As mentioned earlier, banks have piles of data stored for various purposes. All this data can be accumulated in one place and a centralized data set can be created using CRM.

Sales and Marketing:

CRM allows banking institutions to automate the marketing process and thereby reducing the manual and repetitive tasks for the employees.

Lead Management:

CRM assists banks in lead generation and capture. Banks can track customers moving through the pipeline and help them connect via various communication channels. Again, automating lead management tasks will create space for strategic task management and planning.

Accurate Forecasting:

Based on the customer’s behavioral analysis and study, CRM can help you develop more customer-centric products and services.

Security and Compliance:

A CRM solution provides role-based access control and complies with data privacy regulations (GLBA, GDPR, etc.)

Analytics and Reporting:

CRM solutions are well-appreciated for their capability of generating customized dashboards and report generation. You can track down performance analytics, customer sentiment analysis, and sales forecasting using a CRM.

Also, you can have AI-powered customer behavior analysis and forecasting using a CRM solution.

Fraud Protection:

CRM solutions help bank institutions identify any unreliable customer activity and behavior.

Quotation Management:

A banking CRM solution assists in the quick generation of quotes and thereby capturing customers at the earliest.

Third-party integration:

A well-designed CRM seamlessly integrates into third-party software such as Outlook and Gmail. Which further makes it easy to switch between the various applications.

Case management and customer self-service:

CRM makes it all easy, be it team management, task assignment, or case prioritization. Additionally, technologies such as AI further enhance the customer experience through chatbots and case resolution suggestions.

Having stated all the benefits and factors, let us check out the cost of CRM solution development.

The cost of CRM solution development or implementation ranges from $10,000 to $60,000. This is a very broad range because the cost may vary depending on a variety of factors such as,

• Location of development company;
• Hourly rates;
• Factors and features;
• UI/UX development;
• The number of team members required, etc.

However huge an investment it may look, you will start reaping the benefits in a short period of 1 to 2 years.

How to choose the right CRM for the banking solution?

CRM is solely based on the requirements. You need to prioritize what you expect from the solution and discuss it with your CRM development partner.

Here are a few tips which might help in the selection.

• Figure out whether you want your CRM on-premise or on Cloud. Meaning deciding between SaaS and Traditional system,
• Next is, whether the CRM is capable of managing all the scattered data available with the banking institution.
• Third, does the CRM allow seamless integration of various third-party platforms?
• Lastly, check for the pricing. Does the CRM solution fit into your budget?

Wrap up:

CRM implementation is crucial and the need of the hour. With automation taking over every segment of the industry, you better start researching or implementing CRM for your banking institution. If you feel you need to discuss the topic further, talk to our fintech experts. Thank you for reading this!