Financial market is highly technology driven and one of the largest buyers of CRM solutions. The adoption rate is high among banking, brokerage and retail financing service sectors. Process automation has helped finance industry to offer improved customer services by providing personalized financial and portfolio management solutions.
Reasons for widespread acceptance
During the global economic slowdown financial and especially, the mortgage industry was hard hit and faced survival threats from large write-offs and bankruptcies. In order to survive in the competitive and volatile environment, banks and finance institutes were forced to turn their interests on their existing customer base. The cost of acquiring new business is always high in the financial industry but on the other hand, companies can expand their current business volume through up-selling and cross-selling by nurturing their existing relations.
The CRM solution for finance industry is focused to offer industrial solutions to:
What financial institutions aim to achieve through CRM
The main aim is to offer focused customer services and to acquire new businesses simultaneously. A comprehensive customer service automation tool for financial institutes aims at offering:
What a CRM for financial sector offers
A comprehensive CRM solution for finance industry must offer an analytical sales performance review to the user to help him offer focused and customized financial solutions to his clients.