CRM In Banking: Choosing The Right Solution

CRM in banking

08 Aug CRM In Banking: Choosing The Right Solution

CRM, or customer relationship management, is a powerful automation platform for taking your business to a whole new level. Last years’ practice has shown the excellent results of deploying CRM solutions in more diverse industries and niches of economy that rely heavily on customer communication. Banking is another important sector that has its clients at heart and, therefore, CRM in banking is an imperative option for employers who want to turn their businesses into profit-generating mechanisms. Today there is a great choice of different CRM software systems, such as bpm’online. However, the market is clearly oversaturated with CRM solutions and it is truly difficult to pick one. Let us take you through a few points that will help you find the perfect match for your bank to enjoy the best possible results of this innovative solution.

CRM in Banking: Defining the Initial Goals

In order to embrace the ultimate CRM experience, you should first make a clear outline of what you expect from the program and what the software can offer. Studies show that nearly half of all employees feel their CRM applications could do more. The first thing to consider is the three pillars of every business – marketing, sales and customer support. CRM in banking is no magic wand that will solve all of your problems with a sprinkle of pixie dust, but it is an excellent and solid business to build on your relationships with clients and nearly double your productivity.

CRM in Banking: Setting up Requirements

Automated CRM solutions are not another one-function digital tool. Instead, it offers you a complex of important features. According to 55% of employers, a good choice of CRM software is the one that meets their specific requirements. In order to stay competitive, vendors constantly tweak their software and upgrade it with different functions, however, an optimal CRM system should be able to help you do the following:

  • Manage your contacts successfully, do group e-mailing and draw up contact lists;
  • Financial accounting;
  • Notify you automatically of your clients’ activity;
  • Schedule events and organize online marketing campaigns;
  • Enhance your productivity;
  • Analyze trends and predict your customers’ sales patterns;
  • Process documents automatically;
  • Unify channels of communication;
  • Draw up product catalogs;

Successful CRM solutions, like that offered by bpm’online, will facilitate your entire cycle of client communication, from the stage of initial request to securing the customer’s loyalty. Do not forget to choose a CRM tool that will be convenient for both your HR team and your clientele.

bpmonline CRM in banking

CRM in Banking: Cloud Based or On-premise?

Vendors of CRM software customize to any taste and operation pattern. As a result, you have both traditional on-premise installations along with cutting-edge online implementations, such as cloud solutions. Both have certain advantages and drawbacks.

  1. For instance, many employers opt for on-premise software for reasons of data security. Of course, clients in the banking sector expect their personal information to be safe with the institution they trust, while cases of information breaches now and then turn clients and employees away from online solutions. On the other hand, providers of cloud systems constantly update their security issues and enable you to synchronize and use all web resources at your disposal.
  2. Another argument for on-premises systems is their once-and-for-all installation, which can be a two-edged sword, as it complicates the process of software upgrade. For instance, cloud based solutions are updated automatically.
  3. On-premise system maintenance requires an IT-competent team, while being more online independent, while cloud systems may rely more on your Internet connection.

CRM in Banking: Test Several Options

Once you have considered all requirements that are a must for your business’ successful operation and drawn up a list of CRM software vendors, the last step for you to take is contact as many eligible services as possible. It is also quite useful to run a test-drive of the system and pay attention to all the features of the demo-version that you can benefit from in your everyday work. See if the system tested meets both your initial business goal and more specific requirements. For instance, those who go for a combination of marketing, sales and customer service features, might want to give more attention to single-platform solutions. It may also be a good idea to consult IT and CRM experts or look through reports and product reviews to get a better picture of what the industry’s leading trends and vendors are like.

Last but not least is the usability of the CRM in banking software that you choose. Even the most sophisticated application will prove a failure if it requires a great IT mind to figure out how all the functions work. Surprisingly, 72% of employers would trade some of the advanced functions for a user-friendly and customizable interface. Remember, that technological progress is always moving ahead, so you CRM software should be as flexible and adaptable as your business.

A perfect CRM software, therefore, is the one that complies with your initial business strategy, meets some of the specific requirements of your financial institution, has a basic and user-centric interface and adapts quickly to changes in the business environment. A CRM automatic solution that grows and evolves along with your business is bound to help you generate more income and make your banking business a more productive and enjoyable experience for both the employer and his clientele.

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