CRM has become a vital element for financial services firms to attract, acquire and retain customers. It allows companies to create a single, consistent view of their customers across all frontline employees and enables omnichannel customer experiences. With new entrants and CRM vendors launching industry-specific solutions, there are more and more options available for small and mid-sized deployments or specialized use cases.
In this blog post, we’ll look at shareholder database four ways CRM adds value to financial services, including improving customer experience, empowering employees, meeting growing customer demand, and embracing automation. As the industry evolves, we expect to see more innovation and competition in this exciting and established technology market.
What is CRM software?
In a recent report, titled The Financial Services CRM Landscape , Forrester defines financial services CRM as a solution tailored for financial services companies to gain insight into customer activity and behavior and manage their experience, marketing, sales, and service.
CRM solutions are available on infrastructures that support compliance requirements and enable personalized experiences, customer onboarding, customer service, marketing effectiveness, lead conversion to sales, and employee productivity.
CRM for financial services is a consolidated technological market
The financial services sector has long been one of the major players in the CRM technology market, and remains an area of interest for both established and emerging vendors. While a handful of global market leaders continue to dominate the sector, most vendors are experiencing double-digit growth in both customer volume and revenue.
With new entrants and CRM vendors launching industry-specific solutions, there are more and more options available for small and medium-sized deployments or specialized use cases.
Salesforce, in particular, has established itself as a major player in financial services CRM, with industry-specific solutions accounting for more than $3.8 billion in annual recurring revenue.
As the industry evolves, we expect to see more innovation and competition in this exciting and established technology market.
4 ways CRM adds value to financial services.
