Why should I use a CRM? “It is too costly!”, “But I don’t have time!”, These might be some of the reasons you have for not investing in a CRM software. Believe it or not, a CRM software learns about customers’ needs and behaviours in order to build strong, long-lasting relationships with them. Investing in a CRM software is not a loss because the opportunity cost you incur because of unpursued leads, unrecorded data and unrecognized potential sales is more than that.

The competition in the market is so high, especially for the financial institutions and the customers are looking for and demanding better service if they want their money. Today, many financial organisations like insurance companies, banks, asset management and investment companies are turning to CRM, to gain that competitive advantage, to go that extra mile to impress customers. 

Let’s have a look at some of the benefits of CRM in financial industry. 

1. Identify High value clients and increasing sales: You’ll be able to see which customers provide the largest    portion or contribution to your bottom line, using the opportunity data in CRM. Using the good old pareto principle or the 80/20 ratio, those who contribute 80% of your total value are your high-value customers. You could now Upsell/Cross sell to those customers. 

2. Customer retention: There are many reasons why a customer purchase financial products and services from multiple financial institutions. If they want to retain their existing customers, the traditional financial institutions need to become digitally competent and should be focused on fulfilling all their customers financial needs. A CRM helps to gain a deeper insight into the profile of their customers as well as their spending habits and contact them at the right time with the right products and advice. 

3. Data protection: A financial institution will have a lot of sensitive data, so storage is another area where CRM can help with as it contributes to greater security and data protection and the risk of data breaches can be minimised using internal tools. Also, CRM provides accurate data tracking and recording, which makes it much easier to do a compliance check. 

Are you in need of a simple but customisable CRM? Get Nexgen CRM!