Fintech CRM: The Smartest Way of Earning Your Customers’ Loyalty?

Introduced in 1993 by Tom Siebel, the Customer Relationship Management (CRM) system is an ironclad business tool that helps end-to-end management with all customer, partner, and supplier relationships. 

When it comes to Fintech, a CRM solution can laser focus on the customer’s specific financial sector needs to sell more – sometimes exponentially more if the system is worth its salt – as well as build customer loyalty. 

In this article, we’ll go through some of the most important things you need to know about CRM systems, so you can unleash the full potential of your Fintech business. 

What is CRM Software and How Does it Work?

A CRM system houses a number of key processes including platforms, business initiatives tools, and software, all focused on optimizing relationships and interactions with clients. This also includes the sales funnel that encompasses all interactions from first contact to a happy and loyal customer. 

How Does CRM Work When it Comes to Fintech?

Keeping in mind that the Fintech industry these days wouldn’t be able to run properly without it, it’s a stretch to say that CRM is the best solution you can hope for in terms of digital transformation and efficiency. 

In terms of transactions, CRM is perfect for the entire process using tech to perfect the whole transaction process. It’s the sword and shield of Fintech businesses.

Transactions are the bread and butter of Fintech businesses, using advanced tech to solidify the whole process. But if sales strategies don’t always work in the industry, how can you have a peace of mind? 

CRM systems are your solution. Especially keeping in mind that sales is the sales department is where customer relationships are being taken care of. 

More often than not financial companies spend months coming up with products to sway their prospects, only to hit a wall in the end. 

Fintech CRMs collect all the necessary data concerning the interactions between the customers and the company so they can acquire more in-depth knowledge that can help them adjust their strategy. 

By using these precious insights, managers can steer their resources on meeting their client’s precise needs and solving their problems, while spending less time on unreliable leads. 

Top Benefits of CRM Systems for Fintech

To get a fuller picture of CRMs for the Fintech sphere, you’d want to familiarize yourself with all the goodies it can deliver. 

Precise, Customer-Focused Processes

To drive sales, focus on the biggest target: making your customers happy. A CRM system can help your sales team by syncing customer-centered info, setting you apart from your competitors.

A Well-Oiled Productivity Machine

Forget about notepads and spreadsheets. Today’s marketers need flexible tools that can bring sales. With a Fintech CRM, your sales team gets immediate access to key info, which helps them provide personalized services and make every customer a priority. 

Better Communication and Data Tracking

A CRM worth its salt collects data from departments like sales and finance. This makes it easy to track customer behavior and improve communication with your clients.

Understanding Your Customers

To earn a customer’s loyalty, get to know them well. A Fintech CRM records interactions, purchases, and needs, which helps you offer products and services that will resonate with them.

Building Loyalty

All these steps are in place to delight the people that have decided to invest some of their hard-earned cash with you. By giving them what they need at the right time, you create loyal customers who spread the word and recommend your brand to others.

{{cta-banner}}

But How Do You Choose the Best Fintech CRM?

By now, you know what a CRM is and how a Fintech CRM can be a game-changer for generating precious business data. You probably can’t wait to integrate one into your operations. 

Here are some key questions you should be asking yourself when choosing the right CRM for your business:

1. Is this CRM affordable? Will it fit your budget now and in the future? Make sure you’re getting everything you need without hidden costs that might pop up later. 

2. How secure is this CRM? Since customer data is sensitive, especially with financial information, it’s important to make sure that it  meets current security standards and regulations.

3. What about scalability? While a CRM that works for you now is great, you want one that can grow with your business. Can it handle more customers and records as you expand?

4. Customization is also key. Every business has its own workflow, so you’ll want to adjust the CRM to fit your needs rather than forcing it to fit your business model.

5. User-friendliness matters too. If your team finds it complicated, adoption will be a challenge. Look for something intuitive that your Sales, Marketing, and Service teams can ease into.

6. And don’t forget about support! You’ll want 24/7 assistance to quickly resolve any user issues. Delays in getting help can negatively impact staff morale and customer satisfaction.

As you explore options, also keep these features in mind:

• Look for a cloud-based platform that lets you access it from any device.
• Choose a system that maintains a complete record of your customer base and their interactions.
• Make sure it allows you to create funnels for marketing, sales, and customer success.
• It should easily integrate with tools like ERP, marketing automation, and accounting software.
• Your CRM should help you discover why customers leave so you can improve your strategy.
• It’s also helpful to have opportunity alerts to create more solid deals.
• Lastly, go for a system that produces detailed reports to give you insights into your company’s performance.

The Biggest CRM Challenges in the Financial Services Industry

Let's be real, the Financial Services sector faces some common CRM challenges that can really impact how businesses operate. No matter if you’re part of a traditional bank, a new challenger, a large hedge fund, or a small broker, customers are the lifeblood of your business. If you don’t manage them well, everything can come down crashing.

Many issues often arise from poor internal organization. When teams have misaligned goals, operate in silos, or work with scattered data, it can throw a wrench in the works, especially when closing those lengthy and complicated deals.

Also, if your teams aren’t clear on which customers to prioritize, which leads to pay special attention to, or which accounts are at risk of dropping off, your growth efforts could come to a halt.

But by centralizing and organizing your customer data with a Fintech CRM, you can deal with these challenges head-on and help your teams build stronger relationships with both new and existing customers.

Final Words

Choosing the right customer relationship management (CRM) solution for your business can be quite a challenge. With so many options available – some tailored to specific industries and others more general – it can feel overwhelming. Each platform comes with a long list of features that you need to consider carefully before you even think about presenting to stakeholders, migrating data, and getting your team up to speed. 

With Smartico.ai, the first and leading unified CRM Automation/Gamification system on the market, all your Fintech CRM concerts can be taken care of in the blink of an eye. With a massive arsenal of powerful tools and AI capabilities, you can be certain that your customers will be more than satisfied, leading your business to reach its full potential. 

For a free in-depth tour of Smartico.ai, and to find out how it can help you crush your competition, visit: https://smartico.ai/request-a-demo