CRM in Banking: An Integral Part of Retail & Commercial Banking Infrastructure?

CRM in Banking: An Integral Part of Retail & Commercial Banking Infrastructure?

The expectations of customers from banks and financial institutions are going higher and higher. They want better customer experience, support, after-sales service, etc from their banks.

Typically, a bank has two types of customers

(i) Retail customers

(ii) Corporate customers

Clearly, both have different needs and expectations. You can only accomplish this if your company has in-depth customer information and they adopt a tailored approach for each and every customer. This sounds like a big job and thus requires power software like CRM in banking.

Key Benefits of Banking CRM

  • Increased Sales: A Banking CRM will help you understand the pattern and behavior of your targeted audience. Later you can either use the inbound or outbound marketing techniques to nurture and convert those leads into deals. When it comes to lending out loans, timing and speed are everything. You have to convince the customer before someone else does and this is only possible if you have extensive knowledge of that particular customer.
  • Customized customer interaction: With CRM deployed in the organization it will be easier for various departments within the banks to access the customer information. Later, you can come up with a personalized strategy for each individual customer. Combined customer data from various departments like marketing, sales, and service empowers the employees to convert leads more efficiently.
  • Transparent and efficient communication: Multi-channel marketing is now common. A business tries to reach its target audience through various channels like social media, email, telephony, SMS, search engine, etc. However, centralizing communication coming through all these channels is a difficult task, and that too without jeopardizing the integrity. In this case, a CRM will allow you to track what customers are talking about your brands, products, and services. In addition to this, it will be easier for you to respond to customers quickly.
  • Data Tracking: Marketing has now become a data-driven business. The more data you have related to your leads, prospects, and customers, the more effective your marketing strategy will be. The CRM in banking is capable of collecting information from all major data points across various departments.

Best Banking CRM Platforms

  • Salesforce Sales Cloud

Salesforce is the market leader in the banking CRM industry. It has over 20% market share. Salesforce’s Sales Cloud is specially developed for sales, marketing, and service departments within an organization. It allows the users to have a holistic view of every customer detail. This CRM solution is suitable for commercial as well as retail banks. The highlighted feature of this system is it provides users with AI-based insights, which help the bank’s reps to make smart decisions. It will also tell you about customer behavior, lead scores, and tell which activities are best for certain clients. Overall, it is a great CRM tool that can end your guesswork to a great extent.

  • SugarCRM

SugarCRM is one of those platforms whose priority is customer experience above anything else. Just like Salesforce, SugarCRM is also AI-powered and provides invaluable insights to its users. With the help of Artificial Intelligence, SugarCRM analyzes the historical customer data and gives some actionable data to the users. One of the best things about this CRM is its pricing, even though SugarCRM offers the same functions as Salesforce, the price of SugarCRM is nearly half. Its affordability doesn’t mean that CRM lacks any major features. Sugar is one of the most powerful software, which is also AI-powered.

Both of these solutions have their own benefits and drawbacks, Salesforce is more established and proved its worth, on the other hand, SugarCRM is an emerging technology and is helping a lot of small and medium-sized businesses to grow.