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How To Evaluate Financial Services With CRM Software?

by / Wednesday, 27 March 2013 / Published in Business, contacts
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Finance CRM SoftwareIf you are working in the financial sector your business gets the opportunity to provide services to different types of people on a regular basis. Working with so many financial products along with a huge staff can become confusing hence there must be  a way to keep track of your interactions and the advices offered.Hence, because of this reason many financial services companies use CRM solutions to avoid customer churn and chaos.

 Before you decide which CRM software to implement, consider the scope of your business and the following six factors :-

1.)    Does the CRM provide a 360 degree view of the customer?

2.)    Can it track buying behavior?

3.)    Does it have intelligent marketing/ cross selling campaigns?

4.)    Can it generate customized auto alerts and reminders?

5.)    What are its collaboration capabilities?

 

The 360 degree views of the customer :-

 The first factor to be considered is that what type of information the CRM software  can collect and display for each and every customer and is it easily accessible around the clock. Can a holistic view of your customer be displayed by the CRM solution which allow  quick response in crucial situations? A large amount of information about each customer needs to be collected when working in the financial sector. A regular updates of this information is always  needed which must contain the  details of their most recent transactions.All the CRM systems allow you to track personal information such as the customer’s name, address and phone number but still there is a need to  track the other analytic and vital information too if you  wish  to provide the best service. For example track of conversations  about specific investments, goals and risk appetite.

 

Tracking buying behavior :-

There is an another feature of CRM solution for the financial sector which has  the ability to track the decisions and activities of the customer. For example, if investment products are going to be sell to your customers, there is always a need of tracking the products each customer prefers and purchases. A profile of each customer needs to be developed by tracking this information so that the type of investments which  customers like can be easily tracked.When a new product becomes available a list of customers can be easily printed out that might be interested in that investment. The past decisions of your customers  can also be tracked to give you an indication  of how they might be willing to invest in the future.

 

Intelligent marketing/cross selling campaigns :-

Based on the information collected many different platforms of CRM allow you to customize marketing messages to the customers. For example if a  particular mutual fund is promoted by your company you can easily scan through all of your customers that are showing interest in the mutual funds and bonds. Based on the  discussions which you had in the past, you can also note that which customers are going  for more investment opportunities. Customized emails to each customer will be send out  which contains pertinent marketing messages using customized templates. Specific mailing lists can be attached to the monthly newsletters related to the stock market via a mail blaster. Email marketing campaigns and templates can  be sent to either an individual or  groups which includes the list of leads and contacts.

 

Auto alerts and reminders :-

For your financial services business, if you are choosing a CRM solution there is a need to find one that generates reminders which are based on the configurable settings. For getting success in the financial sectors, relationships with your customers must be developed.There are many ways to plan the customer relationship strategies.  Impressive social networking features are incorporated today by CRM which facilitate viewing profile information, mutual friends and comments. Reminder of the important dates in the customer’s lives such as anniversaries and birthdays will also be given. With the help of  automated mailing services for sending greetings and birthday cards to leads and customers, most CRM programs have been integrated.

 

Collaboration between all stakeholders :-

You may also need  to collaborate with multiple departments, partners and even customers.If multiple users are allowed to  access and input information by the financial CRM software then it will increase synergy in the business and will facilitate to serve the customers in the effective  and efficient manner.

For example, notes can be taken on the conversation when someone from your company talks to a customer. That information from the notes can be input to the CRM program. When someone else  contacts the same person, content of the last conversation with that customer can be easily seen by him.  By looking at this the employee does not have to rehash the old information that the customer has already been subjected to in the past. This will save the company time and will please the information.

Irrespective of the fact that which financial services CRM solution you choose always make sure that the  solution provider must have  good domain knowledge.It must be able to organize your business with its CRM solution. The solution provider must also have the past experience of implementing in an organization which is similar to yours in size and operations.

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