Customer relationship management (CRM) systems for financial services provide companies access to the tools that can help them understand who their clients are and what they want.

However, having a CRM is simply not enough as it’s estimated 43% of businesses that utilise CRM are failing to use even half of their CRM systems correctly.

A well-implemented CRM strategy can help businesses decipher a client story and feed it back into the pipeline to help deliver an exceptional client experience.

The CRM financial services requirement

Over recent years the finance industry has undergone a huge shift in operations. For example, with the size and value of the industry increasing, so has the client base. Companies have to deal with a global market, all whilst operating with transparency.

Finance Meeting

through technology and with customer satisfaction growing in importance. This is where financial services need to implement a sound CRM strategy.

What strategies to implement

CRM strategies are just as wide and varied as the companies that use them and it’s up to the business to best determine which ones they go about endorsing.

Deeper client interactions

With so many channels of communication available to brands, there are many opportunities to address:

  • Questions
  • Complaints
  • Compliments
  • Updates on maintenance

By unifying these channels in your CRM, you can capture client interactions, record follow-ups and provide quick responses.

Finance Client

Investing time and resources into effective social media management is often a smart move on any customer-facing business. The modern client embraces social media as a platform to interact with brands with immediacy.

“Customers who receive a response on Twitter are 30% more likely to recommend the brand and respond a full point higher on customer satisfaction surveys.”
Wayne Huang

Leaving reviews or expressing frustrations are all likely possibilities. If your CRM is set up to register and notify a human response you will be able to turn a negative expression into a positive experience.

Offering self-service

There’s been a steady rise in the trend of giving back control to the client. In an age when convenience is key, people want to access their bank accounts, submit questions and manage activities on any device at any time.

Finance Self Service

Many brands offer customers more control with a self-managed portal where they can access help resources, view data/accounts and communicate with their bank. By giving this instant access to your users you reduce the resources and personnel needed for customer service, all whilst facilitating a better client experience.

Tailored campaigns

With a CRM strategy geared towards marketing, you can create bespoke email campaigns.

“personalised marketing emails received 29% higher open rates and 41% higher click-through rates than those without.”

These act as great touchpoints to get through to your clients and can be useful when:

  • Reinforcing brand integrity
  • Increasing awareness
  • Inform of promotions
  • Providing additional support before phone outreach

Communicating specific information to targeted clients will likely increase engagement rates,increasing your marketing ROI.

Unique client journeys

As well as tailoring your campaigns you can also craft unique client journeys when utilising your CRM. Provided you have an adequate amount of data on your clients you can start to determine the trends.


With a well thought out CRM strategy, you can create reports and graphics of key data points and trends. Which you can distribute amongst your team, use to inform your marketing strategy and keep clients satisfied with an accurate prediction on their needs.

Increased client loyalty

76% of consumers say customer service is a primary factor in how they value a brand. A great service provided to your clients is a crucial part of the sales funnel that keeps your clients coming back.

With a CRM strategy in place, you can have instant access to client records. Tediously asking clients for their details every time they call is a sure-fire way to test their patience and waste time.

Instead instantly pulling up their details and every interaction means you can assess past issues to help solve their problem. This seamless process will help the relationship between client and brand prosper, encouraging client retention.


The financial services industry is finally able to place customers at the forefront, thanks to advancements of CRM systems, providing the tools necessary to craft custom client experiences.

The world of finance is a client-driven world and the branches that serve the individual and their needs are most likely to succeed.

If you’d like to read more about how to re-establish the trust between you and your data with a data governance strategy.

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