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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.
CRM software feeds on data. The numbers and information in the software help management and business managers make decisions that benefit their companies. These decisions are made from an informed point of view, powered by automation software.
Your customer data is your gold mine. Fintechs are highly involved with their customer's financial data.
Top CRM Statistics Fintechs Should Know
1. Return On Investment
The average ROI for CRM is $8.71 for every $1 spent. This stat from Nucleus Research shows how automation can increase sales while reducing costs. With that, automation then gives you more time to focus on conversions. Additionally, automation can manage these strategies and get rid of outsourcing. If you don’t need to outsource, your marketing overhead can decrease.
2. Increase Of Leads
80% of marketing automation users saw their leads increase, and 77% saw the number of conversions increase. This stat from Venture Beat shows us that over half of the 43 automation platforms surveyed increased leads and conversions. This is because marketing automation connects marketing and sales to reach the same goal, ultimately increasing the ROI. The stats show how marketing automation will most likely be a successful investment.
3. Email marketing brings 360% ROI
While social media marketing might be considered most suitable for automation, email automation is more popular, according to a 2018 report from Getresponse.
The Email Marketing and Marketing Automation Excellence report from 2018 suggests that the top three most used marketing automation techniques are email automation (64%), profiling and targeting (26%), and personalization through dynamic content (23%).
4. 58% of marketers use automation software to upsell products
According to Moosend, 58% of marketers consider upselling one of the most important uses of marketing automation. Upselling involves getting your customers to make additional purchases or spend more money through strategic marketing communications.
You can use automation software to set up and send automated post-purchase emails to your customers that recommend additional products based on their personal purchase history, interests, or how they’ve interacted with your website.
5. CRM Industry Is Growing Exponentially
In 2020, the global market for Customer Relationship Management was valued at $52.64 billion. The impact of the pandemic in the same year accelerated the demand for CRM significantly. Companies needed a new way to connect with clients in a digital age. By 2028, CRM technology should be worth around $128.97 billion worldwide. - Fortune Business Insights
6. 92% of companies adopt a CRM to serve their customers
In today’s business environment, focusing on your customers and their overall experience is instrumental to your success and revenue growth. It’s also the primary reason most organizations adopt a CRM. Many features built into these platforms are designed to communicate with customers through email, phone, or chat and create a smooth service process through tools like payment processing and service ticket management.
MonkeyPesa is an example of an excellent CRM system for enhancing customer experience and keeping the focus on them. One particular feature is the ability to create AI bot live chat conversations with customers on your website. Users can help customers and leads navigate your website or take service requests through a conversation builder. Once fully designed, customers can often go through their journey with your brand without needing a live rep.
7. CRMs can improve sales by up to 29%
Sales technology can increase 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 them. 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.
CRMs also help you track newly attained revenue through reporting and dashboard features. Pipedrive, for example, offers a real-time dashboard that posts information about deals closed, revenue generated, and sales activity, such as emails or calls made as they occur throughout your operation.
8. Increased conversions
77% of business owners had an increase in conversions after using marketing automation software, according to Sales Fusion. Additionally, marketing automation reduced marketing overhead by 12.2%, and The sales pipeline rate of B2B marketers using marketing automation increased by an average of 10%.
Marketers see the potential of marketing automation and are already taking advantage of the marketing automation market. Productivity, conversions, and sales rates are all positively impacted by marketing automation.