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Benefits and Importance of CRM In The Banking Sector

Benefits and Importance of CRM In The Banking SectorBenefits and Importance of CRM In The Banking Sector


CRM systems are certainly a very useful tool in the business world. It is specifically useful in the banking sector for many reasons. When it comes to the banking business, CRM can immensely improve many of its aspects and assist the banking client as well.

Good customer relationship management is very important in all businesses. Banks can benefit greatly from many of the specific features that can help improve the relationship between them and their clients. It is important for banks to know that their clients are valuable assets. They also need to actively make sure their clients are not running a flight risk. In order for banks to retain their clients, which are essentially their customer base, a working CRM software system is definitely the perfect solution.

This is why this article will explain some of the most important ways CRM can assist you. Keep reading to know more.

Benefits of CRM in the Banking Sector

CRM software can vastly improve many parts of your banking-related work. Here are some of the most important benefits of having good CRM software in the banking sector specifically.

Improved Customers Segmentation

One of the most important benefits of CRM in the banking sector is the highly improved segmentation of customers. This lets banks divide their customers more accurately based on specific factors including age, gender, and so on. CRM also permits you to segment customers based on their behavioral patterns and trends. This may include investment preferences and size, membership duration, loans, and so on. You can greatly improve customer retention by having this info.

Better Insights That Greatly Improve Campaign Success Rate

Mostly, the CRM used in the banking sector is analytical CRM. This means they are mainly used for evaluating huge numbers of client data. The software proceeds to generate useful info to be used. These stats give you important insights relating to consumer behavioral trends. This can help you identify discrepancies.

Enhanced Productivity

CRM in banking also greatly increases productivity. Employees can decide what their next steps will be in order to improve customer satisfaction. Employees can also choose which customers will be on their target list based on the insights generated by CRM software. This saves a huge amount of time and effort which increases and enhances productivity.

Recommended CRM Software Systems

This section is provided in order to help you find the most suitable CRM software system for you. Now that we have mentioned the most important ways CRM can benefit you in the banking sector, here are some of the best CRM software options provided below. Keep in mind, however, that these are only some of the available choices.

1. CRM is a great option for you to look into! Their features include the following:

  • Exportable contact database
  • Customization
  • Total visibility
  • Mobile-optimized
  • Constant monitoring
  • Open API
  • Lead/Pipeline management
  • Tracks prospects, clients & deals
  • Consolidated contact information has five plans that have a lot of useful features designed to help your business grow!

The Individual plan

This is a free-of-charge plan that has features such as unlimited boards, unlimited documents, over 200 customizable templates, android and iOS mobile apps, and 500 MB storage.

The Basic plan: $8/user/month

On top of everything in the individual plan, the basic plan includes contact management, deal management, endless visual sales pipelines and contacts, mobile CRM, and 5 GB of storage.

 The Standard plan: $10/user/month

On top of everything in the Basic plan, the standard plan includes a timeline view, guest access, automation of up to 250 actions per month, a 2-way email connection with Gmail and Outlook, a calendar view, and 20 GB of storage.

The Pro plan: $16/user/month

The Pro plan has everything in the Standard plan, in addition to time tracking, customized notifications, marketing management, approval automation, workflow automation, private boards and docs, a 100 GB file storage, and so much more.

The Enterprise plan: Quote-based

The Enterprise plan offers everything in the Pro plan, plus features like premium 24/7 priority support, advanced reporting & analytics, enterprise-scale automation & integration, enterprise-grade security & governance, tailored onboarding, multi-level permissions, a dashboard that combines up to 50 boards, and a 1000 GB file storage.

You may also request a 14-day free trial for any of the above plans before making any commitments.

Read our full CRM review to know more.

2. Zendesk

 Zendesk CRM is another excellent option to consider. Here are some of the features:

  • Sales email intelligence
  • Native dialer
  • Integrations and API
  • Sales prospecting
  • Sales reporting and analytics
  • Mobile CRM
Plans by Zendesk:
  1. Sell Team plan: $19/user/month, billed annually
  2. Sell Professional: $49/user/month, billed annually
  3. Sell Enterprise: $99/user/month, billed annually
  4. Sell Elite: $199/user/month

The more money you spend per plan, the more benefits you are guaranteed.

Read our full Zendesk CRM review to know everything it can offer your business.

3. Salesforce

Salesforce is our last suggested software option. It is a perfect option for many. Here are some of the clouds salesforce offers:

1. Sales Cloud | Starts at $25/month

The price of this cloud begins at $25 for the Essential tier, $75 for professional, $150 for Enterprise, and $300 for Unlimited.

2. Service Cloud | Starts at $25/month

The Service Cloud offers Essential, Professional, Enterprise, and Unlimited tiers with the same pricing from $25 to $300.

3. Marketing Cloud | Starting at $400/month

The studios available in this cloud are Email studio, advertising studio, and Social studio. You can also connect third-party applications to make the process of marketing even better.

4. Commercial Cloud | Quote based

The Commercial Cloud supports online shopping, and it can be very helpful for retail businesses. 

Read our full Salesforce CRM review to know more about which features come with which plans.

Final Thoughts

As can be seen above, CRM is vital in the banking sector. For all of these reasons, it is highly recommended to use a good CRM software system. In the list provided below, we recommend some of the best CRM software out there. We strongly suggest you use one of these software systems.

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