Find out how CRM software can transform your financial services company, whether you work in wealth management or investment banking.
CRM (customer relationship management) software helps businesses track interactions with their clients. While these software solutions have been around for decades, they are expanding and turning into mobile solutions with the growth of cloud-based models.
The CRM industry is expected to reach $128.97 billion by 2028. If your firm isn’t using a CRM yet, it will be soon.
In fact, a 2021 survey by Harvard Business Review found that 64% of financial service companies place “improving customer experience (CX)” as a top-five priority in the near future.
The features of a CRM vary depending on the product’s core audience. Still, they do have some common factors to look for as a financial organization.
Banking and other financial services are becoming increasingly digital. In 2021, 67% of U.S. customers used their bank’s mobile app, and 41% of customers were labeled as “digital-only”.
These clients aren’t only using your app. They visit your website, email customer representatives, and even interact with your brand on social media. All these interactions contribute to their customer satisfaction.
The financial services industry is shifting from a controlled experience to an environment where customers can navigate their way with less help. This power is great for individuals, but it makes customer retention more important than ever.
You need to track your clients and communicate with them to stay connected. A CRM can help by providing features like automation, segmented marketing, and analytics.
A CRM for financial services improves communication both internally and externally. Whether you want to focus on improving your marketing, sales, or customer service, a finance CRM has a feature for you.
Automation is one of the biggest reasons to invest in a CRM. Syncing your CRM with your Gmail or one of the hundreds of other apps lets you keep everything up to date in real-time.
Everyone in your organization benefits from storing the information in one secure database. Suppose customers tend to find your business on social media. In that case, you can chat with them through a messenger app, but the information can still sync with your CRM.
You can do the same with emails. And if the customers reach you by phone, you can record calls and ensure all the information your team needs is in respective customers’ files. This reduces back-and-forth communication and improves your workflow.
When it comes to outreach, you can use email templates. You can create a few options for your sales team to choose from and automatically incorporate data in the emails from your CRM for financial services.
Grand View Research shares that 91% of companies with 10 employees or more use a CRM solution. These companies are helping their employees become more productive and freeing up time for more outreach.
With a mobile-ready solution, your financial advisors can access client information everywhere. They can visit clients and bring their accounts with them.
The best CRMs integrate with the other tools like Outlook and Salesforce, saving your workforce time and removing human error from copying the material again.
A CRM for financial services provides your sales and marketing staff with accurate data. They know when a specific customer revisits your pricing page or clicks on a marketing email.
This helps them approach customers when they are most likely to convert.
Customers hate calling their service provider and repeating their issue to multiple people. This frustrates them and forces them to stop using a service.
PwC’s global survey found that 32% of respondents would leave a brand they love after one bad customer service experience. And 43% of consumers said they’d pay more for good service.
Instead of passing customers’ calls between multiple reps and having them reexplain their experience, you can store their interactions in your CRM system. Your customer support team should know what the customers purchased, which websites they visited, and who they interacted with.
Salesforce shares that 85% of sales staff with data on customers’ propensity claim this data helps them make better sales pitches to customers.
When your representatives have all the information about a client, they can help a client across multiple platforms. They can upsell a customer and provide a premium customer experience.
A CRM for financial services offers several customer support tools.
You can empower customers by using CRM tools — like a knowledge base. They can access information at any time and find answers to their questions.
Or they can benefit from chatbots and live chats to get their issue resolved around the clock.
Account-based sales help you promote the right services for each client, but it requires building trust with your customers.
With a CRM for financial services, you put this front and center by focusing on what your clients like. You connect with them where they prefer to interact.
Besides that, a good CRM makes it easy for your to qualify leads and pursue the most likely to convert customers. You can nurture those leads into return customers by using CRM to:
When you’re ready to finalize your deal, you can pull up professional-looking quotes with information pulled from your CRM. You can even enable invoicing payments within your CRM and let your customers use their preferred payment platform.
Financial organizations have their unique requirements and often rely on frequent communication with their clients.
Having the features that enable clearer, faster interactions is a top priority.
Besides that, a CRM for financial services should focus on meeting the needs of both the business and clients, with extra attention to security and building client relationships.
Get started with HubSpot for free. We offer both forever-free plans and premium services for businesses with more complex needs.
Check out our free CRM or schedule a meeting with one of our representatives to learn the perfect solution for your business.
CRMs make life easier, but seeing their impact on your business is also important. CRMs have significantly affected companies' growth in the past few years, and their popularity continues to rise.
65% of sales organizations use a CRM in 2020, compared to 59% in 2018 (Salesforce, 2020). The reasons they chose to use a CRM vary, but top responses included automating tasks like scheduling meetings, content delivery, and contract generation.
Many companies have stated they use their CRM software to improve retention. 82% of the respondents in a 2021 survey said "Active customer retention" is one of the most important objectives for their CRM team (Tinyclues, 2021).
The integration is paying off as well. 61% of overperforming leaders report using a CRM to automate at least part of their sales process compared to 46% of underperforming leaders.
CRM systems like HubSpot CRM solve the many challenges presented by growth. CRMs effectively deal with contact management, company, and sales opportunity information.
They also help consolidate interactions through different communication channels, including your website, email, phone calls, and social media.
It’s more critical than ever for marketing and sales teams to function as a cohesive unit, and CRM systems are the perfect solution to help scaling organizations achieve that goal.
CRMs help lead to a better customer experience, communicating more effectively with your organization.
Perhaps most importantly, modern CRM solutions support the complex workflows of fast-growing sales teams. CRM systems keep your team in sync, facilitate more effective use of time and eliminate many of the mindless tasks that take up time without adding value.