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Banking CRM Software
What is Banking CRM Software?
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.
Banking-specific Functionality
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. |
Evaluating Banking CRM Software
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:
- What sector of banking/financial services are you in?
- Does the software integrate seamlessly with accounting and other software systems already in use by your company?
- Would you benefit from a system that supports upselling?
- Do you want to be able to track your best referral partners and reward them accordingly?
- How important is e-mail marketing in your lead generation process?
Have an opinion on this guide? Email the authors. We appreciate the feedback.
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SoftVu
SoftVu is a marketing automation solution designed specifically for the financial services industry. The system offers sophisticated email marketing and lead nurturing. It extends lead scoring with an Automated Credit Screening.
Leads360
Leads360 is a lead management and sales solution for the financial services industry. This web-based software is a highly secure system with built-in calculations, integrated file storage and strong lead nurturing functionality.
GoldMine CRM
GoldMine CRM is a leader in CRM, with all the features and functionality to meet the needs of your banking organization. It is available in multiple editions, each with extensive sales, marketing and service features.
LeadMaster Lead Management
With an automated workflow and a customizable user interface, LeadMaster is an ideal CRM solution for banking organizations. The system is web-based and offers native integration with Microsoft Outlook.
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Genoo Marketing Automation
Genoo is a marketing automation system designed for SMB financial institutions. It is an affordable hosted solution, with a competitive feature set that includes lead management, demand generation and Salesforce integration.
Mothernode CRM
Mothernode CRM is a web-based system designed for the SMB user. Unique features include the opportunity generator and the financial summary, which illustrates each client's financial transactions with your business
Help Scout
Help Scout is a web-based, scalable help desk solution that gives small businesses or teams a single email inbox to address customer concerns and engage their audience. Help Scout is the industry's first "invisible help desk".
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