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7 Factors to Evaluate CRM for Financial Services

Date Added: April 10, 2012 10:28:43 AM
Author: Vidhya Suri
Category: Computers & Internet: Software: Tools

Working in the financial sector gives your business the opportunity to provide services to many different types of people on a regular basis. Working with so many people and financial products can become confusing, you need a way to keep track of your interactions and advice offered. Because of this, many financial services companies use CRM solutions to avoid chaos and customer churn. Using CRM solutions is also a good way to help build relationships and promote customer loyalty. If you work in the financial sector, you have many different options to consider when it comes to choosing a CRM solution for your business. Before making a decision as to which CRM program to go with, you have to consider a few factors- 1.360 degree view of the customer 2.Tracking buying behavior 3.Intelligent marketing/cross selling campaigns 4.Auto alerts and reminders 5.Collaboration capabilities 6.Size and scope of your business 7.Integration with other systems 360 degree view of the customer One of the first factors to look at is what type of information the CRM software can collect and display for each customers and is it easily accessible around the clock. Can the CRM solution display a holistic view of your customer to all the stakeholders allowing quick response in crucial situations? When working in the financial sector, you may need to collect a large amount of information about each customer for compliance and also to better serve them. This information should be updated regularly and contain details of their most recent transactions. All CRM systems allow you to track basic personal information such as the customer’s name, phone number and address, but you need to track other vital information and analytics too, if you want to provide the best service. For example, in the financial services sector, you may need to keep track of conversations you have about specific investments, risk appetite and goals. Storing this information in your CRM software allows you to easily refer to it before offering ant advice and it also helps in cross-selling. Tracking buying behaviour Another feature that you may want to look for in a CRM solution for the financial sector is the ability to track customer decisions and activities. For example, if you sell investment products to your customers, you need to be able to keep track of what products each customer prefers and purchases. By tracking this information, you can develop a profile of each customer and figure out what types of investments they like. This way, when a new product becomes available, you can easily print out a list of customers that may be interested in it. Tracking the past decisions of your customers will give you an inclination of how they might be willing to invest in the future and the most appropriate product to offer. Intelligent marketing/cross selling campaigns Before choosing a financial services CRM solution for your financial services, you may also want to find out if it integrates with other programs that you currently use to store important customer and product related information. For example, if the CRM system allows you to integrate with MS Excel, MS Access, real-time stock market systems, etc. this can increase efficiency. If users have to use completely different programs and re-enter data - adoption will be low, buying the CRM program may not be worth the trouble. The ultimate goal of using financial services CRM solution is to increase customer loyalty and avoid churn in a competitive and crowded business environment. This software has the potential to improve the user experience by making the marketing and sales processes easier and more efficient. Because of this, it has the potential to keep your customers coming back for more. With most businesses, customers can get the same products you offer from a competitor. The reason they come back to you is because of the service you provide - accurate updates, market insights and timely advice. Regardless of which financial services CRM solution you choose, make sure the solution provider has a good domain knowledge and past experience of implementing in organisation similar to your size and business. You should always check for references and tangible benefits the implementation delivered.