Financial Services CRM: A Guide to Streamline Your Finances

Financial Services CRM: A Guide to Streamline Your Finances

A self-sustaining business can be achieved using the best financial services CRM for business. Learn more about how enterprises are leveraging financial services CRM to manage company finances. 

What is Financial Services CRM?

Before we delve into financial services CRM, let's briefly learn about CRM.

Customer relationship management is a technology that manages an organization or business’s interaction with its customers using data analysis to study large amounts of information concerning its current and prospective clients. Now financial services CRM has also become an essential part of CRM for all businesses.

Financial services CRM allows financial advisors and enterprises to give personalized financial planning to customers. Financial services CRM will enable you to overcome obstacles you may face during your sales and help increase your revenue.

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Best Financial Services CRM Features and Benefits

Here are some best financial services CRM features along with their benefits:

Reporting and Analytics

Financial services CRM offers many reports on acquisition, retention, behavior, etc., that can be used to analyze the customer’s journey. Financial CRM allows you to make custom reports for your business according to the relevant data using the best CRM analytics systems.

Activity Tracking

Financial brokers generally have a long list of things to do and meeting points between the business and the customer. The activity tracking feature allows financial brokers to see if every step has been noticed in their interaction with the customer. Financial services CRM also enables financial brokers to add custom steps to the customer’s demand.

Workflow Automation

This is an important feature offered by financial services CRM. Financial brokers have a long process of dealing with clients from start to end. Here financial services CRM solves the problem by streamlining the whole process automatically. Financial services CRM also allows you to customize steps according to one's needs.

In-built Calling and Outreaching

Financial advisors have to contact their customers many times. This built-in calling feature of financial services CRM makes it hassle-free for financial brokers, allowing you to email or call your customers directly.

Financial Services CRM Vs. Accounting Software: What’s the Difference?

You must wonder about the difference between financial services CRM and accounting software. We know all about financial services by now, but before starting, what exactly is accounting software?

Accounting software is a critical component of ERP or Enterprise Resource Planning. Accounting software manages the day-to-day financial transactions of a company, including asset management, expense management, accounts payable, accounts receivable, reporting, and analytics. Now, what's the difference between financial services CRM and accounting software?

The main difference is that accounting software generally only provides services for “accounting.” This includes bank management, financial reporting, basic revenue/sales recording, and tracking. It is designed only to manage one specific area of business. 

On the other hand, financial services CRM and managing areas accounting software includes inventory tracking, warehouse management, customer relationship management, commerceBarcode scanning, and more. 

Financial services CRM covers more facets of business as compared to accounting software. Although accounting software is more specific in nature and function, it lacks integration. This integration is better provided by financial services CRM. Financial services CRM links the financials with the concept of causality. 

How to Choose the Best Financial Services CRM

Suppose you are a business looking to choose the best financial services CRM. Do give this a read.

Remember, you are not aiming to buy the best financial services CRM software but the one that is the best for your business and its needs. First of all, knowing your business requirements and markets will decide what financial services CRM you have to choose. Next, consider the cost of the financial services CRM you are looking to invest in.

It depends on subscription plans as well as deployment methods. If you are a small business, first start with free financial services CRM and then upgrade to paid solutions. Cloud-based financial services CRM are usually more affordable. While choosing the best financial services CRM, look into the vendors because you will need to contact them from time to time. You will be relying on the company for customer support for as long as you use the software.

Most importantly, the vendor must be able to provide training through in-house seminars or online courses. After selecting a particular financial services CRM software, go for a test drive before investing in it. Most vendors offer free trials before you have to fill in the price for it. Look into the critical features of an excellent financial services CRM. These features include:

Contact databases store all the lead databases in one place so that financial services CRM can draw the information when needed. The sales pipeline allows sales managers to investigate each step of the sale.

Another feature, like customer price quoting, allows you to customize quotes. When choosing the best financial services CRM, integrated billing is another feature to consider. This includes templates for invoicing and storing payment records. Financial account management is another feature. It provides oversight for accounts like loans, investments, etc.

When investing in an excellent financial services CRM, remember that good software will offer visibility for every stage of the sales journey. Look for a financial services CRM that provide automation of previously time-consuming tasks. Some financial services CRM provide templates for invoices that make generating documentation for financial records easier for companies.

A good financial services CRM also makes remote working possible for companies. It includes customer management for sales and marketing easier for both in-office and remote working. Mobile or web-based applications for financial services CRM makes it easier for workers to access data from the comfort of their phones. 

Many financial services CRM offers many features, but your business can have some of those features. Make a priority list, what are the absolute needs you have for your business before investing in one for your business. Compare the best financial services CRM vendors in the market before selecting the right CRM partner for your business. 

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