The 5 Best CRM For Banks In 2021

The 5 Best CRM For Banks In 2021
Vlad Kovalskiy
August 27, 2021
Last updated: August 27, 2021

CRM in relation to the banking industry?

CRM for banks share plenty of similarities with traditional multi-purpose CRM platforms used in a variety of other industries. All of them are built for establishing and managing strong and long-lasting relationships with clients, as well as providing a wide selection of tools to help users understand their customers better and deliver quick solutions.

And speaking of CRM functionality, most financial institutions are looking out for software that can include the following features.

  • Document management tools

  • Advanced analytics

  • Calendars and scheduling

  • Quotes, billing and invoicing

  • Pipelines

  • Customizable workflows

  • Contact databases

  • Lead management

  • Document storage

  • Automation tools

  • Integration with email service providers

  • Built-in telephony

These are basic CRM capabilities that can ensure excellent customer service and help financial institutions improve their sales and marketing efforts.


Why use a banking CRM?

One of the biggest challenges that many banks are facing these days includes meeting their clients' expectations. To stay afloat, they must have in-depth knowledge of each client they serve and act faster than competitors. Therefore, many teams invest heavily in CRM for banks. The right banking software will benefit employees in the following ways.

  1. CRM for banking does all the tedious work of collecting, organizing, and managing customer data, allowing teams to spend more time strengthening their relationships with clients. Thus, every single action a client takes, from putting a specific amount of money away for a rainy day to getting personal loans, is recorded in the CRM and can be accessed by various departments within an organization.

  2. Based on a client's recent interactions with a financial institution, all the information regarding their situation can be updated inside the system in real-time. Thus, if a client gets in touch with the bank through a call center, an employee they talk to can make relevant updates to their profiles. And the next time this client personally visits the bank, the manager can instantly access these notes and get a better idea of the client's financial situation, his or her habits, and preferences.

  3. Banking CRM can create detailed reports giving valuable insights into customer data across the entire organization, their financial behavior, recent product purchasing trends, successful marketing campaigns, and more. With this information available right at their fingertips, marketing teams can easily discover and nurture new opportunities, as well as work towards delivering personalized customer experiences. As an example, bank managers can use this information to identify the most promising areas for marketing additional products and services.

  4. Banking CRM enables employees to anticipate all their customers' needs, understand their frustrations, and ensure their seamless and enjoyable journey throughout their financial lives. In other words, CRM puts clients at the heart of a business and aims at achieving superior customer satisfaction.

  5. Banking CRM makes it easy to streamline complex financial processes with the help of automated workflows. This way, teams across all departments can spend less time working on repetitive tasks and invest more in engaging with customers, setting accurate goals, identifying and solving bottlenecks in production, etc.


#1 Bitrix24

Bitrix24 is a popular CRM and project management solution used by thousands of organizations of all scales all over the world. The software has built a solid reputation on the market, empowering organizations with every tool you can possibly think of to ensure that you get the maximum value from your marketing decisions.

General information

Pricing:

The software offers a free forever plan for an unlimited number of users.

Paid plans start from $49 per month. 

Deployment:

  • cloud-based

  • on-premise

Support:

  • Mac

  • Windows

  • Linux

  • Android

  • iOS

Suitable for businesses of the following sizes:

S M L

Suitable for businesses in the following industries:

  • Financial services

  • Retail

  • HR

  • Restaurants

  • Travel and hospitality

Benefits of using Bitrix24

  • Bitrix24 encourages collaboration within teams via video conferencing, public and private chats, public and private workgroups, etc. This enables your team members to consolidate their marketing efforts and make better marketing decisions.

  • Bitrix24 is built to provide excellent customer service both to potential and current clients. Aside from an in-built call center, the software empowers teams with an instant messenger, integrated social networks, various web forms, and interactive bots.

  • You can also create and manage an unlimited number of projects and tasks within your CRM, allocate various roles and responsibilities to your employees, and keep track of their performance on an ongoing basis.

  • A wide selection of templates and customization tools help employees build a system they will feel comfortable working with. The software also enables users to create professional-looking landing pages using a library of royalty-free templates to ensure higher conversion rates.

Key CRM features for financial institutions

  1. You can receive timely, in-depth reports and predictions regarding current and future sales trends, as well as measure the contribution of each employee to your business growth.

  2. Everything ranging from emails and SMS messages to invoices and reminders can be automated, allowing your team to spend less time doing routine chores and focus more on achieving higher customer satisfaction.

  3. Lead nurturing. The software is capable of finding new leads on social media and in popular messengers, provides complete insights into their buying behavior, and gives them accurate scores based on their interactions with your organization and products.

  4. Sales funnels and pipelines. Powerful visualization tools like Gantt charts and Kanban boards provide an excellent overview of all the processes going in sales pipelines and help you identify bottlenecks and growth opportunities in each stage of your workflow.

  5. Set achievable sales goals. The software enables users to assign individual sales quotas to each employee and track how close they are to meeting quarterly, monthly, and yearly sales plans.

Limitations

  • Tasks do not have levels of priority.


#2 CRMNEXT

CRMNEXT is widely implemented in the banking sector across the globe. This banking CRM is built to empower financial institutions of all sizes in automating complex workflow processes and delivers a host of highly advanced features to help users build strong relationships with clients.

General information

Pricing:

Not provided by the vendor.

Deployment:

  • cloud-based

  • on-premise

Support:

  • Android

  • iOS

  • Windows

Suitable for businesses of the following sizes:

S M L

Suitable for businesses in the following industries:

  • Banking

  • Insurance

  • Pharma

  • Retail

  • Media

  • Automobile

Benefits of using CRMNEXT

  • The software is powered by AI, which analyzes and collects all data regarding consumer behavior both in and outside the system.

  • Based on the information about clients' purchase history, the software enables users to deliver personalized offers at the right time.

  • The software is open to multiple integrations with third-party applications, allowing users to access complex data in a single front-end.

  • It can provide valuable insights into what customers are saying about your organization on various social media platforms.

Key CRM features for financial institutions

  1. CRMNEXT enables teams to create powerful marketing campaigns, instantly captures quality leads from multiple channels, and provides teams with intelligence about their needs and personal preferences. Users can always stay in touch with their customers through follow-ups, personalized emails, and SMS messages.

  2. Based on relevant workflow processes and recent trends in consumer behavior, the software provides accurate forecasts and helps to move leads faster through sales pipelines using automations. Users can also set goals and track their team's performance in real-time.

  3. The software provides a wide selection of tools, transforming data into detailed insights and allowing team members to identify trends and their causes.

  4. The software enables team members to synchronize their efforts and connect anytime via chats and video calls.

Limitations

  • The software doesn't have an open API.


#3 Microsoft Dynamics 365

Dynamics 365 is an agile CRM for banks, empowering users with a broad selection of intelligent capabilities, delivering operational excellence, and creating a truly engaging customer experience. With the help of its AI-driven functionality, companies can easily organize, manage, and automate multiple business and financial processes, eliminating high labor costs and increasing customer satisfaction.

General information

Pricing:

The software offers a 30-day free trial.

Paid plans start from $65 per user per month.

Deployment:

  • cloud-based

  • on-premise

Support:

  • Windows

  • Android

  • iOS

Suitable for businesses of the following sizes:

S M L

Suitable for businesses in the following industries:

  • Banking

  • Automotive

  • Insurance

  • Public safety and justice

  • Defense and intelligence

  • Pharma

  • Energy

  • Manufacturing

Benefits of using Microsoft Dynamics 365

  • You can easily collect, analyze, and track real-time customer feedback across their preferred digital channels, as well as identify customers most needing your attention. This way, you will be able to understand your clients and provide better services.

  • There are plenty of collaboration tools that bring large teams together under one roof. Whether it's chats, calls, or video conferences – everyone can stay well-informed about the company's latest news. Whether it's photos, documents, meeting notes, or chat history – everything is easily accessible in your team's space.

  • You can tailor emails to individual clients to increase the chance of their conversion, as well as use real-time KPIs and dashboards to track the effectiveness of your marketing campaigns.

  • The software seamlessly integrates with a range of applications, allowing users to create a centralized source of intelligent information, enabling effective cross-department and cross-functional collaboration.

Key CRM features for financial institutions

  1. Eliminate manual data entry. The robust mobile application enables users to create instant notes using their smartphone camera or voice-to-text.

  2. Nurture leads. You can constantly engage your leads and move them down the funnel through periodic newsletters, personalized and timely emails, notifications, AI-powered conversation intelligence in calls, and more. Based on their overall contribution to interaction with your organization, the software gives each lead an accurate score.

  3. You can save time and labor costs by automating invoices, notifications, and various workflow processes.

  4. The software offers flexible forecasting solutions, revealing potential risks and opportunities, as well as identifying current and future trends.

  5. In-depth financial reporting capabilities. The program can also monitor cash flow across the entire organization.

Limitations

  • The software doesn't provide native integration with Gmail.

  • No server code adjustments are allowed in the on-premise solution.


#4 Salesforce Sales Cloud

This software application includes all the tools a financial organization would need to deliver unsurpassed customer service consistent with what clients expect from meeting a bank employee in person.

General information

Pricing:

The software offers a 30-day free trial.

Paid plans start from €25 per user per month.

Deployment:

  • cloud-based

Support:

  • Android

  • iOS

Suitable for businesses of the following sizes:

S M L

Suitable for businesses in the following industries:

  • Financial services

  • Transportation and hospitality

  • Healthcare

  • Retail

  • Manufacturing

  • Communications

  • Media

Benefits of using Salesforce Sales Cloud

  • The platform collects and stores all the information employees need to engage with customers on a meaningful level right at their fingertips. Everything from detailed client profiles to activity dashboards is easily accessible within the system.

  • The app offers plenty of customization options to organize contact databases, dashboards, and various processes in your workflows the way you want.

  • It also keeps track of marketing campaigns across all your channels, shows the impact of specific strategies on pipelines, and provides instant access to all the data regarding each lead.

  • With the help of real-time activity streams, all employees will stay updated about the most essential processes going on within an organization, including projects, campaigns, sales opportunities, and more.

Key CRM features for financial institutions

  1. Telephony integration. The platform can simplify your life by automatically saving and updating all the notes you make during a call. It also turns all the phone numbers inside the system into clickable links.

  2. The service provides in-depth reports into various financial and business operations, delivers accurate predictions concerning future trends, and identifies possible customers' issues.

  3. Automation capabilities. Similar to other platforms, the software is armed with powerful task automation features, eliminating repetitive and manual chores and allowing employees to focus on lead nurturing.

  4. Role allocation. Supported by AI, the platform assigns tasks to the right people and delivers timely updates to customers' profiles based on their recent interactions with an organization.

Limitations

  • The mobile app is not as robust as in other solutions.

  • Mass mailing is limited to a specific number of emails per campaign even in advanced plans.


#5 SugarCRM

Fundamentally an open-source program, SugarCRM has proven to be an agile solution in a range of industries, allowing teams to implement highly professional strategies in their daily activities. It can handle most complex processes and helps teams manage multiple projects, channels, and workflows with ease. Another nice aspect of SugarCRM is that employees can remain completely autonomous as all the information regarding what needs to be done and what has already been achieved so far is readily available one click away.

General information

Pricing:

The software offers a 7-day free trial.

Paid plans start from £41.60 per user per month.

Deployment:

  • cloud-based

  • on-premise

Support:

  • Mac

  • Windows

  • Linux

  • Android

  • iOS

Suitable for businesses of the following sizes:

S M L

Suitable for businesses in the following industries:

  • Financial services

  • Manufacturing

  • Commercial banking

  • Wealth management

  • Insurance

Benefits of using SugarCRM

  • SugarCRM offers numerous automation tools, allowing users to streamline all sorts of complex data, route leads, approve quotes, and deliver personalized updates in just a few clicks.

  • The platform's reporting capabilities are professional. The app historically collects complete insights into customers' behavior and creates accurate forecasts, allowing teams to make the right decisions when the time comes.

  • It also provides outstanding contact management capabilities, allowing users to attach relevant files, make bulk changes to the existing profiles, filter, and sort contacts to their liking.

Key CRM features for financial institutions

  1. The software includes powerful automation tools and enables users to create effective marketing campaigns with professional-looking landing pages. Another nice aspect is lead qualification and prioritization which is based on the nature of the latest engagement of prospects with an organization and their overall contribution to conversations.

  2. AI-powered analytics and reporting capabilities show what's working and what's not and make accurate predictions, allowing users to focus on opportunities with the highest probability of conversion.

  3. Connection with customers. There are plenty of instruments enabling users to reach out to their clients, including integration with email and social media service providers.

Limitations

  • The platform doesn't allow users to attach files to emails.

  • Limited native chat functionality.

There are dozens of CRM for banks designed to address the needs of financial institutions. Yet, choosing the right solution is not a simple task. We have done most of the hard work for you and compiled a list of five top-of-the-line software, delivering a range of out-of-the-box features, ensuring a smooth user experience for industry professionals throughout their entire life within each one of these systems.

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Bitrix24 is a place where everyone can communicate, collaborate on tasks and projects, manage clients and do much more.
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