We wrote this guide to help you determine what kind of system will best suit your organization.
Here’s what we’ll cover:
Here's what we'll cover:
Today's financial institutions face increasing competition from global banks, regional institutions, the Internet and alternative funding sources.
The best solution for this is to improve customer experience—clients that feel valued and receive high-quality service are less likely to look elsewhere. Customer relationship management (CRM) software for banks will help your financial institution improve customer retention and maximize referral opportunities.
In this guide, we will describe banking-specific functionalities, as well as other considerations for evaluating software in this category.
CRM software for banks and financial institutions will have standard features like contact management, sales automation and marketing, as well as the following industry-specific features:
|Banking workflow automation||Banking CRM software is designed to expedite the loan qualification process. All forms and fields contain the information terminology used in the financial services industry, and the workflow will automate processing of loan requests, ensure uniform enforcement of credit checks, help mitigate risk and track account activity.|
|Financial research engine||Some CRM systems, particularly those designed for non-banking financial institutions, will include industry data to consolidate research into one place. This will include product information, competitive analysis, financial news and stock tickers.|
|Security & compliance||Regulation of the banking industry is already complex, and it’s not getting any simpler. One of the biggest benefits of a banking CRM program is that it contains all the security features required for the industry and helps ensure compliance with all regulations, including an audit trail for later use if necessary.|
|Account consolidation & tracking||Most financial institutions store client information in multiple systems, which makes accessing that information labor intensive and unreliable. A banking CRM program will consolidate all this data into one place, so that investments, needs, preferences, payment status and change in risk can all be managed from one accurate, up-to-date location.|
Commercial or residential; regional or national; community bank or credit union; mutual funds or capital markets; every financial institutions has different needs that should be carefully considered before purchasing CRM software. When evaluating the software, ask the following questions:
We're able to offer this service to buyers for free, because software vendors pay us on a "pay-per-lead" basis. Buyers get great advice. Sellers get great referrals.