What Does CRM Mean For Financial Services Business?

The benefits of CRM systems are immense when considering the impact they have on every department within an organization. You might not have known that not only does CRM collect vital data from loyal consumers, but its powerful central database allows employees to work with completely accurate information at the same time.

According to ZION Market Research, the global Customer Relationship Management (CRM) service market will reach up to $30.40 billion by 2022. With enhanced CRM market growth and the increase in cloud-based CRM usage, there are plenty of things a CRM system can do for your business.

Let’s take the finance department as just one of the many perfect examples. A CRM for finance is specifically designed for the banking and financial industry with the purpose to automate, plan, analyze, and improve the overall sales, marketing, service, and performance processes. The focus is on correct data and enhanced collaboration, which lowers the risk of human mistakes, which are known to be expensive.

Financial CRM Software Features

The people behind bpm’online explain that this system “improves operational efficiency and delivers an excellent customer service”. However, how it does it is what matters the most. Business Process Management (BPM) software for use in finance industry is packed with useful features that serve to increase business profits.

So, what does a financial CRM system actually accomplish? By introducing sales force automation, the system tracks and analyses the entire sales process. With its huge assistance, business owners are able to complete numerous tasks with ease and, therefore, expand their base of clients.

Thanks to automated marketing granted by the system, marketers can create more personalized advertising campaigns to effectively target, engage, and retain their consumers. While communication channels with customers remain open and steered towards sales, CRM can also:

  • Efficiently organize tasks and time of managers in charge of the bank.
  • Allow simplified tracking of important documentation for a better workflow.
  • Optimize the interaction within the company and with the audience to enhance collaboration among teams and with consumers.
  • Provide a 360-degree view of customers.
  • Work well with other technologies to additionally increase productivity.
  • Forecast sales supported by accurate analytics.
  • Elevates opportunity, product, lead, and account management.

Financial CRM Benefits

Accurate View of the Finances

For large enterprises, it can be tough to get a real overview of the entire organization. Such establishments usually host multiple programs, which include a lot of data and multiple spreadsheets. Fortunately, a CRM can accumulate all the important data in a single environment. In other words, you can have all the information you need to manage finances and make precise budget projections in one place and on an interactive dashboard.

Administration Becomes Simple

Given that CRM easily blends with other programs that are regularly used, just like an ERP system, you can place your orders, shipments, payments and more onto the same database. Not to mention that CRM can be, as it preferably should be, used by the customer service and sales department to simplify inquiry management. Think about the time it saves while, yet again, protecting finances from rookie errors.

Automated Management

As previously mentioned, a CRM system effectively organizes the tasks and time of financial managers. With the integrated task manager and schedule, managers are able to send automatic email reminders and notifications when they need to complete projects on time.

Plus, a CRM can also serve as a great collaboration tool due to the dashboard which connects employees with the system. And, the best part is that all account information can be on the main dashboard which can help gain a better business insight through CRM’s interactive graphs. These can be used to precisely identify problems. In addition, you can schedule automatic report updates to further streamline the process.


CRM is becoming an essential tool for any thriving business and financial CRM is only a small part of the CRM strategy. However, although it’s just a portion of what this software can do, its strength in finance should never be underestimated. Why? Because, as you can see, it can bring all of the essential data together in one place and organize it for your easy use. And, in the world of big data, this is the best solution.

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