Business, today is all about people and relationships. A sale, especially in the financial services industry involves building a strong customer relationship. The financial service industry has come a long way from offering just a few basic banking and transactional services to offering a multitude of complex financial services and products. Technology has revolutionized financial services and the way these services are delivered to customers.
Customer expectations from the industry have also evolved. Customers today are looking for more than just generic products and advice. They expect personalized interactions and services that are tailor-made to their specific needs and goals. With access to multiple online and off-line channels of communication, they expect quick and easy access to their financial service providers. According to the Accenture Financial Services Consumer Study, 63% of customers expect their banking experience to be personalized. The same study also found that 78% of the respondents were open to using computer-generated support for making investments, prioritizing speed and convenience over other factors.
Why Financial Services Industry Needs CRM Tools
To keep customers happy, financial service providers have to go that extra mile to deliver the user experience that their clients seek. Managing different customers and their various preferences is not easy. However, with the right CRM (Customer Relationship Management) tools and strategy, the whole process can be managed and tracked effectively.
A CRM tool can help businesses understand the needs of their clients at the different stages of their buyer’s journey, making it easy to provide the right solutions, quickly. Additionally, these tools also provide useful and actionable real-time sales data and insights. CRM users report improvement in sales by up to 29%, sales productivity by up to 34% and sales forecast accuracy by 42%. As per Nucleus Research, the average ROI for CRM is around $8.71 for every dollar spent. Choosing the right CRM tools and strategies is thus critical to the success of financial companies. Having realized the various benefits, Financial companies are also heavily investing in CRM tools to deliver an ideal CRM experience. As per Forbes, the global CRM software market is valued at $120 billion.
What an ideal CRM experience looks like
With various sophisticated tools and technology, companies have many options to engage with customers and prospects. However, the right CRM solution for your business depends on the business goals and level of customization that you aim to achieve. Here are the important factors to consider while building an ideal CRM experience:
1) Reliable
When it comes to financial services, trust is everything. It is crucial to have a reliable and secure system to handle confidential and sensitive customer information. While looking for an ideal CRM solution, business owners should look beyond managing opportunities and sales. They should factor in the cost, reliability of the tool, and data back-up facilities provided.
2) Scalable
As a business expands, client needs and CRM requirements will also evolve. While choosing a CRM solution, business owners should factor in the long-term needs of the business and go for a tool that can support the business in the long run. Most CRM tool providers offer a SaaS model that allows companies to scale their CRM capabilities as they grow. An ideal CRM solution is one that is easy to scale as the business grows.
3) Intelligent Analytics
An ideal CRM solution is more than a data collection and tracking mechanism. Your CRM tool should provide real-time insights about your sales and give you a bird’s eye view of customer activities. These customer insights can help identify new opportunities. The ideal CRM capabilities will thus accelerate innovation and help in delivering high performing services and products.
4) Ease of Use
The core purpose of CRM is to make it easy for businesses to engage with customers. An ideal CRM solution is one that integrates well with the existing company tools. It should be easy to access and use. 81% of CRM users access the tool using multiple types of devices, including laptops, desktops, smartphones, and tablets. Your sales team should be able to use it on the go.
In the end, customers are the real heroes of any successful venture. Take care of your customers and they will stay loyal to you. To win the trust of modern customers, financial companies need to shift their focus from a purely transactional approach to a relationship-oriented approach of sales. Adopting the right CRM solution is critical to effectively acquiring, engaging, and retaining customers. When it comes to engaging customers, every interaction counts.
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