Designing a Versatile CRM Solution for Financial Service Firms

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The benefits of CRM software for financial service firms extend beyond sales and marketing support. These powerful solutions also help you manage your enterprise more effectively, offering flexible and versatile functionality which helps streamline business practices in addition to managing client and customer relationships. However, in order to maximize this versatility, CRM solutions for financial service organizations such as banks and investment/wealth management firms must be carefully designed. This requires an advanced understanding of the full capabilities of CRM software, as well as up-to-date knowledge of emerging trends in the way it is used within banks and investment/wealth management firms.

First, consider the ways in which CRM products for banks and investment/wealth management firms help boost efficiency and cooperation among employees at all levels of your organization:

* They provide comprehensive views of customer information, enabling key personnel to more easily identify clients of high value and target them with added specificity
* CRM solutions promote the automation of important tasks, boosting overall operational efficiency and reducing errors and oversights
* They increase the value of your business' investment in information technology

Next, let's look at some industry-specific benefits of CRM software applications, beginning with banking:

* Front-line staff gain easier, more complete access to customer information, enabling them to provide better service
* Demanding, high-volume tasks can be streamlined for increased efficiency across both front-line and management levels
* Easy integration with technologies that monitor risk exposure
* New sales opportunities can be more easily identified
* Integration of bank policies aimed at service pricing and customer retention
* Significantly reduced operational costs, in bank branches as well as customer service call centers and central offices

Wealth management companies also enjoy industry-specific benefits from financial services CRM software, including:

* Detailed, targeted and real-time customer information management solutions that help you retain clients and provide higher levels of client satisfaction
* Integration of sales tracking and trend tracking initiatives
* The ability to more easily and accurately identify clients of particularly high value
* The ability to deliver customized marketing and promotional offers to end clients with varied needs
* Access to dynamic, data-rich analytics, and powering filtering and querying tools to help you make the most of that valuable information

Finally, be aware that more and more companies are successfully integrating CRM with social media strategies, to increase the overall power and benefits of the solution exponentially. As we noted in our February 2013 post, "Harnessing the Power of Social Media to Keep Your Customers Happy", ..."social media is not only a powerful marketing tool, but it is equally critical for delivering effective customer service and managing customer relationships." Also in a February 2013 post on, "Measuring and Evaluating Your Social Media Effort", "...(social media) channels undoubtedly create opportunities for businesses not just to "talk" at customers but to "listen" and respond in highly relevant ways.

Equally important to designing and integrating a social media strategy within your CRM solution is defining meaningful and actionable metrics to power your Marketing and Sales engines. Again from "Many business professionals are gaining greater access to their company's social data but are not quite sure what to do with it. If you are among them, implementing social CRM processes can help you organize, analyze, and act upon social data to achieve revenue-generating benefits." From a business development perspective, properly developing a social media strategy, and capturing and leveraging data ensures a strong potential return on investment for your CRM solution. It also has the potential to trigger a rapid acceleration in the rate at which your business is growing.

At Green Beacon Solutions, we provide innovative and comprehensive CRM and ERP platforms designed to meet the challenges facing businesses in the financial services industry. Our team of ERP and CRM experts work constantly to stay on top of trends that hold the potential to propel our clients to higher levels of success. To arrange a consultation, please contact us.

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