• Ssemujju Lewis E

The Benefits Of CRM For Fintech

Updated: Jun 21

Players in the financial sector continue to seek better experiences. Surveys indicate that customer experience is now the primary determinant of success for any brand. This calls for the employment of CRM. CRM enables Fintech companies to collect data to facilitate smooth customer relations management.


Skip ahead to:

  1. What is CRM?

  2. CRM For Fintech

  3. Benefits of CRM for Fintechs

  4. How to choose the best CRM for Fintech


What Is CRM?

Customer relationship management (CRM) is the tool for managing your company’s relationships and interactions with existing and potential customers to improve business relationships and grow your business. This encompasses all tools, skillsets, and tricks you use to keep customers.


Good CRM encourages brands to keep linked to their existing and latent customers, builds faithfulness, crafts customer relationships, and maintains joint customer service, increasing sales and productivity.


CRM For Fintech

The tech in Fintech stands for technology. Therefore, CRM marries efficiency and digitalization to better service provision in the financial sector.


CRM feeds on the data provided from interactions between a company and its clients to understand their behavior, gain insight, and improve the entire process. For example, Fintech can carry out personalized communication with its clients with a CRM tool.


In addition, CRM provides an omnichannel for FinTech for improved customer service. Omnichannel is a lead nurturing and client engagement strategy where a company avails all its products, offers, and support services to customers or prospects on all channels, platforms, and devices. Omnichannel marketing is where companies promote their products, offers, and support services to customers or prospects on all channels, media, and devices through consistent and engaging branding and intentional messaging.


Read: Omnichannel Marketing; Definition, Benefits, Examples & Tools


Omnichannel marketing is customer-centric marketing. A customer-centric strategy is based on putting your customers first and at the core of your business to provide a positive experience and build long-term relationships.


Benefits of using CRM For Fintech


1. Increases productivity

A good CRM can increase your profitability by streamlining administrative processes in your sales, marketing, and service divisions and letting you focus on building and maintaining the customer relationships that matter. Without the support of an integrated CRM solution, you may miss growth opportunities and lose revenue because you’re not optimizing your operating processes or making the most of your customer relationships or sales leads.


2. Customer Retention and Loyalty

Because companies want to keep sales going and increase productivity, customer retention is one of the essential aspects. An easily accessible view of a customer’s daily interactions makes it easier to anticipate issues and deal with complaints. Knowing customers’ problems and finding solutions is one of the most significant assets in customer retention.


3. Customer behavior

The time for traditional methods of banking and investing is long past. Customers expect rapid service delivery from their service providers via numerous communication channels and want their preferences to be known and remembered. In addition, they demand to be presented with content, offers, and services consistent with their specific tastes and requirements. A CRM system takes charge of delivering just the kind of content that individual customers like.


4. Boosts Sales

Through CRM, salespeople can quickly determine their progress through individual teams by approaching clients one-on-one and getting feedback about the products and services and how best they can improve these services. They can also understand their performance more by measuring it during campaigns and finding more information about what can be done. This helps the entire company, which helps to achieve the estimated goal or target.


5. Customer-Centric

CRM for Fintech collects all the data in one place, enabling your sales team to administer a strategy that guarantees the satisfaction of your customers.



How to choose the best CRM for Fintech


Choosing the right CRM tool might sound hectic, but you will know the right CRM tool to select for your business with the guidelines below.


1. Make out and recognize your business needs

What do you need? You ought to understand your business needs to choose the right CRM tool that fits your Fintech profile and portfolio.


2. Identify the tools and the features you want to include in your CRM

Point out the features you need to have in your CRM, depending on your business needs. However, the standard features across all CRM tools include; marketing automation, lead tracking and management (suitable for sales and marketing teams), contact management, task management, project management, third party integration, customer data management, sales management, and workflow automation, and many others.


Check your features for customer-centricity, cost, and ease of integration with other tools.


3. Ease of mobility

In the current era of technological advancement, everyone has embraced working from home and remotely. Therefore, to keep relationships with customers consistent, teams have to be given access to client information so that they can observe sales pipelines and perform day-to-day roles remotely. This change in work mode has called for the adoption of CRM tools that support mobility.


4. The pricing

Price charges are significant for you to know to evaluate whether they can fit into your budget or not. There are free and paid-for CRM software packages, so you can choose the one you want depending on your budget command. Different CRM software charges differently, so you have to be conscious. Some tools give free trial versions though these expire, and you have to go in for the paid version if you are to enjoy using the platform.


5. Test drive the CRM

This is very critical for your business before choosing the right CRM. If need be, and you don’t understand some aspects, ask for a demonstration session from the expert to show you how the system operates and fix anything you think could be missing.


This would also help you inquire about how the CRM system can be maintained like you could decide to do a free trial version to test the performance of the software regarding user experience and functionality. This allows you to understand the ease or simplicity of usage regarding tax executions and accomplishments. Therefore, it is advisable that before you go to buy CRM software, request a free version first, use, test, and prove its usability experience.


6. System integration

This is a vital aspect to consider when choosing the right CRM system. If you are buying a CRM system to help you run your business, you may need to integrate the software with other third-party applications for maximum gain. The right CRM should support services like office 365, Google Workspace integration, ERP, and many other software tools.


7. CRM deployment

You are going to choose between cloud-based or on-premise CRM. However, both solutions have positive and negative effects. With a SaaS, you must log into the cloud-based CRM of your internet browser. The downside is that internet support is vital but may not be entirely reliable. On the other hand, the on-premise software is physically suited, meaning integration with other software tools might become easy due to straight access; however, mobility is limited.


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