Definitive Guide to Choosing CRM for Banks

Definitive Guide to Choosing CRM for Banks

The application of CRM (customer relationship management) solutions has proven to be very useful in a great variety of industries: from pharmaceutical and retail to private investment and real estate. And financial sector is no exception. If you want to get a competitive edge and drive your financial institution forward, you will have to meet the highest standard of customer service. In order to do so, the implementation of CRM system is required as it promises to transform your business into a revenue-generating engine while constantly growing a community of loyal customers. However, selecting a CRM solution that is a perfect match for your financial institution may seem like a complex and challenging task. Let’s take a closer look at the most important features of a powerful banking CRM to avoid the typical mistakes and achieve the best results in your CRM initiative.

CRM for banks in action

Get your CRM strategy right

At this early stage, it is crucially important to have a clear vision of what exactly your CRM system is supposed to do. Recent studies reveal that 47% of companies do not use their automation software to its full potential. You will have to find the perfect technology that would be capable of managing all of your key business processes like marketing, sales and service. That is why you need to define the strategic objectives you want to achieve with CRM automation. Obviously, CRM for banks is not going to magically fix all of your problems but it can enhance all of your business operation, which, consequently, can increase your revenue by whopping 41%.

Define the requirements of CRM for banks

Financial CRM is so much more that a web-based contact list, that is why you should have a list of features that are a-must for any banking CRM. The automation solutions will definitely very from vendor to vendor, however you will want your future CRM system to be equipped with the following features:
• Contact management
• Financial account management
• Calendars and scheduling
• Alerts and notifications
• Collaboration and productivity tools
• Analytics and reports tools
• Document flow automation
• Product catalog
• Omnichannel communication
• Workflow customization
• Marketing campaign management
• Automated lead & opportunity management
Bpm’online, being the premium vendor of process-driven CRM, is equipped with the most powerful tools to streamline customer-facing processes: from the initial request for information to continued account maintenance. In addition, it is very useful to actively engage CRM end users into the CRM selection process. This helps to improve user adoption ensuring the success of your CRM initiative It has been discovered that 55% of businesses dedicate the success of their CRM initiative to identifying the right set of requirements.

bpm’online CRM for banks interface

Choose the suitable deployment option

There has been an ongoing debate for years on whether a banking CRM should be deployed in cloud or on-premise. Initially, on-premise systems appeared to be a safer option as it had more credibility on data protection. Understandably, the protection of information that your customers have entrusted you with is of utmost importance for banking industry. Modern SaaS providers have addressed the security issues and now they enable high-level encryption for keeping your data secured. At the same time, getting a CRM system on-premise is a big, one-time purchase while deploying a cloud-based solution requires small and regular installments. At the same time, on-premise require an IT team for continuous system maintenance while cloud solution does not grant any access without internet connection. As you can see, both of these deployment options have benefits and disadvantages.

Create a list of CRM vendors

Once you have determined the essential requirements of your banking CRM, you are ready to contact the vendors to run the test-drives of their systems. While exploring the functionality of the demo versions, you should pay extra attention to out-of-the-box best practice processes that are at CRM’s disposal. Try to test-drive a system that meets the specific goals of your financial organization. For instance, if sales, marketing and service are important for your bank, you should definitely consider an all-in-one sostem that combines these crucial areas on a single platform. Also, it is worth noticing that you should check out at least a few key industry analysts and CRM reports to have a better understanding of industry’s biggest leaders.

In conclusion, it is very important for your CRM to be user-friendly and easily customizable. The studies reveal that 72% of users would gladly give up extra features for a CRM that is easier to navigate. At the same time, the business environment of modern day continuously changes. In order to stay on the forefront of technological evolution, you need to pick out a CRM system for banks that would be agile and flexible enough to simultaneously grow and develop with your financial institution.