Managing Financial Services With CRM


The world of the internet and mobile devices have brought a new customer base to financial services industry – the intersection of finance and technology has become inevitable and brought the new software segment – fintech. With larger access to data in wealth management, banking, or insurance companies, the customer base is ever growing and bringing new challenges to handle it insightfully and effectively.

Knowing that the modern customer demands personalized approach and advanced support, fintech companies look for custom solutions to meet these requirements, and the leader in customer relations management is a CRM system which can be tailor-made depending on the type of financial services provider. While the number of software developers, like Elinext or Intland, targeting financial niche is growing rapidly. The data model of custom CRM makes it possible to manage assets, liabilities, and financial accounts for individual entrepreneurs, SMEs, and large corporations.

In this article, we are going to throw a light on the advantages that financial services CRM brings to companies and their clients. To make it more targeted, we outlined the specific benefits for three types of finance-related businesses.

1. Financial Advisors

CRM is still something that is closely associated with sales and leads nurturing, so financial advisors underestimate this software for no reason. Here’s how CRM works for the benefit of financial advisors:

1- CRM stores all the financial history of their clients including all transactions and interactions, family and business relations visualized in the form of dashboards, graphs, and maps.

2- All the client information is kept accurate and detailed so that financial advisors can step aside from the standard finance management and provide their clients with custom solutions based on their needs.

3- By integration with business intelligence tools, advisory work is boosted with well-elaborated financial plans and personalized data-backed counseling.

4- The data is no longer gathered and aggregated from multiple resources manually because of data storage capabilities and thanks to the option to integrate with data processing services.

5- Financial advisors can take actions on the fly adapting to the latest changes happening in client’s profile.

2. Banks

Banking clients are also technology-sophisticated and half of them admit that the banks don’t know their individual needs and preferences. That’s why they look for the new, secure ways of borrowing, lending, depositing of their money or managing mortgages.

As far as big corporate clients are concerned, with the help of CRM they can keep banking information across their channels, business lines and departments all over the world in one place.

The necessary level of trust can be achieved by transaction transparency and security. Custom CRM capabilities may offer tools for data access and usage tracking as well as fraud attacks prevention.

3. Insurance companies

The main mission of insurance agencies is to protect their clients. Insurable events flow from disparate channels, which most agents fail to keep in order. Car accidents from the one side, house claims from another side and life insurance on the top of it – the agent needs to react fast and effectively to make sure the relevant coverage is provided. To gain a comprehensive view of client’s insurance policy and take action, CRM allows insurance agent to create dashboards and tables. What is more, there’s a possibility to make a to-do list related to insurance objects and get notifications right on your smartphone.

With all benefits in mind, it’s no surprise that everybody from retail, mortgage and premium banks to financial advisors and insurance companies are showing ever more interest in financial CRM solutions. However, to make them truly effective, companies need to customize existing solutions or build their own according to the type of their financial services business and internal specifics.

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About the Author

Irina Weber

Irina is a marketing specialist, blogger, guest writer and social media expert for SE Ranking. She focuses on developing new marketing campaigns, analyzing new marketing trends and opportunities, creating interesting and relevant content on authoritative websites.

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