Banking CRM Software


CRM in the banking industry allows financial institutions to increase brand loyalty by improving responsiveness to customer needs and providing better support for them. In this sense, banking CRM software can become a firm foundation for the establishment of effective relationships between bank and its customers by ensuring automation, consolidation and streamlining of business processes.

Main Features of CRM Software for Banks

The main aim of banking CRM software is to consolidate customer information into one place, which can be accessed by stakeholders within the organization. It is also important that the software allows for automation of various processes and the possibility to monitor manager’s productivity and performance.

Although CRM solutions for banks may differ significantly, all of them have the following common features:

  • Contact information management. As a rule, all CRM software for banks provide a database of customer client information incorporating related documents (contracts, invoices, etc.).
  • Relationships tracking. As a complementary function to contact information management, most bank CRM software allow for keeping track of all interactions with the customers – over the phone, via email, social networks, live chat or face to face. Depending on banking CRM solution, some conversations or even all of them may be logged automatically or might require manual input.
  • Workflow automation. Using a set of reminders, alerts, tasks, notifications, banks can standardize and automatize business processes.
  • CRM in banking and financial services should provide managers with tools to generate reports that track performance of the financial institution. Based on those reports, regular analytics can be made to find out results of the past activities logged into the system and to forecast future sales.

TOP-7 banking CRM software

Top 7 Banking CRM Software

Based on the ratings and customers’ recommendations published on the Software Advice, Inc. official page, we made our top 7 banking CRM software list that will help you make the right choice depending on your needs.

№1 Bpm’online

bpm'online banking CRM software

The first in the list is a process-driven CRM for banks provided by bpm’online. The system allows financial institutions to cover the entire customer lifecycle. The solution combines three business directions in one CRM platform: customer management, bank sales and marketing.

The software suits both corporate and retail banking and provides with the best out-of-the-box CRM practices established in the banking sector. The intuitive interface reduces training time and makes the work with the program comfortable and enjoyable.

The software’s drawback is that it’s sales enterprise edition is available only on cloud. As for the rest of the products, their deployment is available both on cloud and on site.

№2 SAP

SAP banking CRM software

SAP CRM for banking is a very strong cloud-based solution for financial institutions. The key features of the software package include:

  • Contact management
  • Lead and opportunity management
  • Customer service module
  • Reporting and analytics tools

Users can track all customer interactions and provide clients with the support based on ticketing system. Customer information may be uploaded from various sources: email, CSV files and MS Outlook.

The disadvantage of the software is its complicacy. To start working with the system, a user should pass a special training.

№3 SalesForce

SalesForce banking CRM software

Saleforce offers a cloud technology suitable for all sizes of businesses in the sphere of finance. Focusing on customer support and sales, it provides the following functionality:

  • Multiple tools ensuring effective interaction with customers and partners (including retail, premier, business and mortgage banking).
  • The artificial intelligence that predicts future outcomes basing on a scoring system and recommends the next steps to be undertaken to follow the financial goal established.
  • Regulatory compliance management tool allowing for monitoring all interactions with clients (showing who interacted with the client and what information was shared).

The minus of the solution is that many users experience problems with the program navigation and that there is no on site deployment available.

№4 NetSuite Software

Netsuite banking CRM software

Cloud-based NetSuite CRM+ software is designed for small and midsize financial institutions. The solution offers automation of the following business processes:

  • Bank sales
  • E-commerce
  • Partner relationship management
  • Customer information management
  • Budgeting and forecasting

According to feedback of the software’s users, the main weaknesses of the solution are non-user-friendly interface and high cost of customizing the modules.

№5 VanillaSoft

VanillaSoft banking CRM software

The lead management software offered for banking and financial organizations by VanillaSoft is a powerful tool to manage sales, email marketing and call recordings. Providing a high level of workflow automation and advanced data security, the solution can make a substantial contribution to the company’s ROI increase.

Among shortcomings of the software, its users name some integration bugs. Also, the clients are not fully satisfied with the customer support of the software developer.

№6 Infor CRM

Infor banking CRM software

Infor CRM provides a powerful financial management technology for small and mid-sized organizations. The main features of the software include:

  • Global ledger with multiple customizable functions
  • Role-based user interface with the processes and information organized by specific roles
  • Embedded analytics for budgeting and forecasting

Apart from minor lags, its users don’t find any cons of the software.

№7 Prophet

Propher banking CRM software

The last CRM banking software in the ranking is a cloud-based Prophet solution representing extension for MS Outlook. The system automates tracking of emails, contacts, meetings, calendar events and communication records. Due to tracking of various data on each customer, managers get a deeper insight into the sales processes and can define the leads that are most likely to convert into opportunities.

The main weakness of the solution is the lack of multiple features available in fully functional corporate banking CRM systems.

Before acquiring CRM software, a bank should carefully analyze its own needs and consider the features that it wants to include to the solution. Taking into account a high importance of CRM software in serving relationships of banks with customers, it is recommended to choose one of the products that have already been proved to be successful in practice used by the leading financial institutions.

Posted by OSCRM


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