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The 8 Banking CRM Features Every Bank Should Have Enabled
Banking & Finance, IT Outsourcing,

The 8 Banking CRM Features Every Bank Should Have Enabled

QArea News Editor
4 m read
QArea News Editor
QArea News Editor
October 30, 2019
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Reading Time: 4 minutes

How do you go about choosing the top features banking CRM should have?

Below, you’ll find the 8 critical features that will help banks win over every customer. You’ll know whether or not your CRM is worth the effort, how to automate data, and how to evaluate all of the marketing and sales efforts.

59% of customers report that tailored engagement based on past interactions is very important to winning their business. This means that banks should consider the customer’s best interests above anything else. To do this, a client-centric CRM is a key.

Banking CRM failures:

Reports say the top 4 reasons people are not satisfied with their CRM and are willing to switch to another one are the following:

– The banking CRM software is hard to use;
– The banking CRM has too many unnecessary features or doesn’t have the right features;
– The banking CRM costs too much;
– The banking CRM vendor’s customer service is poor or unhelpful.

There’s a way to fix this. Let’s jump right in.

Why CRM is important in banking:

  • Contact Management

Don’t you want to know what segments your target audience is made up from? How to better reach them, and which marketing strategies are worth giving a try and which are not?

The financial industry trends in 2019 are all about satisfying the demands of increasingly connected, demanding, and tech-savvy customers. It’s also all about user-centric relationships and ways banking CRM can improve communication with their clients.

94% of customers claim that contact management is the most important thing to add while setting up new CRM. With it, you’ll know right where to get the valuable insights about your customers and you’ll be able to brainstorm ways to introduce new features or services to them.

Nearly every contact management feature in banking CRM provides the personalization data banks need to effectively communicate with their clients making them feel truly valued. If there should be only one thing to add to your CRM, it should be a contact management feature.

  • Interaction Tracking

Banks that build trustworthy relationships with their clients need to rely on all previous communication with them. Why is it so important?

Interaction history allows to record and store all customers’ behavior on bank’s website or apps, online chats, calls, interactions with sales reps. This then gives managers the ability to track specific products and services as well as customers’ retention and frequency of repetitive interactions. But more importantly — it saves clients from the need to explain their questions to every new person they speak to!

  • Scheduling, Reminders

Imagine that banks should manually remind millions of clients to pay bills or refill the balance? Every second for every new client. It would be just a catastrophe for fintech product development managers, right?

With scheduling and reminders features, it becomes much easier to manage all these processes automatically. Banks are able to keep an ear to the ground by sending smart notifications to their customers using specific data and services.

  • Pipeline, Funnel Monitoring

It’s a well-known fact that pipeline visibility is crucial for marketing and sales growth. Thanks to funnel monitoring banks can estimate which pipelines are effective for business growth and which are useless.

This, in turn, helps banks to quickly react to marketing changes and cut less profitable channels. Having a well-established fintech product development process and tools like pipeline monitoring helps banks to become more flexible, deliver important reports, forecast risks, and set more effective goals.

  • Sales Automation, Analytics, and Forecasting

Automated sales systems are among the most crucial technology trends in the finance industry to consider while choosing features for future banking CRM. Being a part of previous elements, sales automation is more about saving sales reps’ time and allowing them to focus on more important tasks. For example, careful examination of sales analytics might show you which customers are more likely to convert in the future. Such tasks as outgoing calls and follow-ups might be automated to optimize the sales process.

Sales forecasting is based on data from customer surveys, polls, social media information, insights, and results of previous campaigns. It’ll help to direct future strategies and make more precise forecasts for specific audience segments. With the help of sales automation and forecasting features, banks can launch better sales initiatives and improve metrics for

  • Marketing Automation and Forecasting

Effective marketing and sales cooperation is the main pillar of every company growth. While sales close the deal and celebrate the win, marketing is all about prefrontal preparation and communication.

That’s why marketing automation and forecasting are so important for banking CRM systems. With their help, marketers can calculate the effectiveness of campaigns, conversion rates, revenue, and even new market opportunities.

  • Reporting

Accurate analysis of specific data is what marketing, sales, and clients rely on every minute while interacting with the banks and vice versa.

Reports might be of different types, collect specific data, and be right on time when banks and clients need them. It eases the whole decision-making process, helps get any piece of information in a useful, compact way.

  • Integration

Integration with social media, automated platforms, third-party services might be one of the most useful features for any financial CRM system.

Banks can improve market communications through integration with automated systems, for example, by launching highly-customized email campaigns with the help of email marketing services. Or inform clients about rate changes, new features, rewards, and bonuses.

In conclusion

Financial software innovations step in the era of new customer relationship management systems — more customized, flexible, and data-driven.

As a result, financial CRM acts more like a personal assistant for both clients and banking workers, allowing them to cooperate in the best possible way.

Still, have questions about what CRM can do for you?

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