Categories: CRM Implementation.9.6 min read.

Banking CRM: Benefits and How to Choose the right solution

Banking CRM Software is becoming the key solution for banks to grow in the highly competitive industry. It is no longer enough for banks to stay competitive by only offering attractive lending terms or interest rates. Instead, the major pressure lies in growing brand loyalty, engaging, and retaining.

About the Author: Celine Nguyen

A Marketing content writer with expertise in technology, innovation, and creativity — Passionate in technology solutions that transform lives and works.

By Celine Nguyen

Banking CRM Software is becoming the key solution for banks to grow in the highly competitive industry. It is no longer enough for banks to stay competitive by only offering attractive lending terms or interest rates. Instead, the major pressure lies in growing brand loyalty, engaging, and retaining.

Businesses can achieve those via improving customer relationship management by fastening and automating the process, using the rich customer-related data to communicate with prospects and current customers effectively. And that’s the stage of banking CRM solutions.

Benefits of Banking CRM

Banks always want to understand customer insight and predict what they want to give the most irresistible offers and win more sales. Moreover, banking officers usually have to deal with many customer data and lengthy processes while ensuring the KPIs are met timely.

Moreover, to successfully sell banking products, the sellers need to identify the prospects by studying their information. Then, another challenge is effective communication with them via multiple channels such as calls, messages, emails. The productivity will be uncompetitive if it takes time to search for customer information and deal with separate communication channels.

Thus, more and more banking managers realize that CRM will be their next valuable investment to transform their business. Banking CRM can unite all the necessary means from customer data to communication tools into one place. All the information is available and updated in real-time. A well-formulated automated process enables the staff to focus on clients more instead of administrative tasks.

Internally, CRM allows managers to track their team members’ performance better. It also boosts the collaboration of the teams. Eventually, this enhances productivity.

Last but not least, with CRM, banks can collect and organize their giant amount of customer data. Then, it is possible to generate reports with clicks and have more data-driven sales plans.

Essential features of a helpful banking CRM

Now it’s time to take a close look at the key features of CRM software that can assist you.

Collect and consolidate Customer-related data

A good CRM must give you a 360-degree view of each client with their preferences, habits, social status, and so on. You can also access the history of transactions to know how the clients like to spend money.

You also can see their history of all the contracts, operations, transactions, if there were any loans or mortgages, etc. Their reactions to your marketing campaigns also are tracked.

Thereby, you can have an exact prediction about who are the most potential prospects and what they want. It is also easier if you are approaching a big client who a personalized offer would attract.

Effective lead management

CRM can be useful assistance to help you communicate with leads and prospects to save your time. You will have tools to build automated funnels to approach customers via a set of emails and notifications. You can do tests several times and get the result instantly about how to approach new leads right.

Moreover, these automated funnels work as a filter to help you spot out the most potential prospects easily with less time.

Data-driven plans

CRM can help you to organize clients into categories with specific behavior and reaction to your communication attempts. This enables you to build accurate, personalized campaigns and forecast the conversion rate and revenue.

Enhance the productivity

With CRM, your team’s work and progress are tracked exactly. You can see how each person interacts with the clients and the result of each case in real-time. This lets the bank management train staff on demand and put clear goals that the whole team can achieve.

How to choose the best CRM for banks?

There are endless options of CRM solutions for your consideration. There are a few key things that will make a choice easy and efficient.

Strong Access and data security

It’s good if your teams can access the information from any device and any location. So it’s good to have a web interface. There should be a gradation of access levels from the minimum to a full one. It’s good if any document can be accessed and viewed with ease.

You collect sensitive personal information about customers, and you shouldn’t violate GDPR. So you should make sure that only bank employees can access the information.

Scalability and Customization

If you think of developing your bank into something more than you have now, you should consider such an option as scalability. What do you need to make this happen? How much cost and time will you spend on this? One of the possible options is choosing a SaaS model where you get all the software in services.

Automation options

It’s good to evaluate the efficiency of the features and tools available in the chosen CRM software. Analyze how you will transfer your sales pipeline into the software to create the automated processes. You can also mind the visual attractiveness of the software interface and the way you perceive the displayed data.

Analytic Tools

This is an important feature of any CRM platform that will provide you with an accurate analysis of the collected data. You will use it to craft accurate forecasts, and you will rely on it when making decisions. See what kind of analytical features and tools the CRM software can offer.

Holistic Banking CRM Solution From Arestós

Arestós is a professional ERP and CRM consultant based on the Odoo platform. We provide not only high-quality software development but also practical consultancy about using CRM to enhance your business.

We follow effective project management processes focusing on the clients’ needs and keeping up with business growth. 

Contact Arestós now to adopt the most effective ERP solution and become the pioneer of your competition.

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