The 10 Best Banking CRM Software & Tools 2023 (Free & Paid)

Are you looking for CRM software for the banking industry? When looking for the best CRM software for your bank, it's essential to find one that will fit all your needs. When conducting online research, you can confuse many market options. Hence, it can be challenging to know where to start. You need not worry too much about the CRM as you now have the Banking CRM Software’s buyer's guide. This guide will walk you through everything you need to see in the best banking CRM for your bank.

» What should you know about banking CRM software?

Banking CRM software is CRM (Customer Relationship Management) software for banks that provide optimal value to customers via effective communication. CRM for banking is the most advanced way for the banking industry that offer the most reliable customer support. It is customized software that helps the bank implement new customer-centric strategies under one system. It enables bank tellers and employees to store customers’ confidential information, like contact information, products, and interactions. The banks also use the CRM for scheduling appointments based on the client’s response to the personalized emails and the response they get from social media posts.

You can improve user experience by investing time and capital in creating a firmer foundation.

» Salient features of Banking CRM Software?

Banking CRM software helps banks and financial institutions manage customer relationships. It is a customer relationship management (CRM) software that every bank uses in the banking sector. Banking CRM application typically includes contact, account, opportunity, and case management. CRMs help banks and other financial institutions manage customer relationships. Banking CRM tools also enable banks to reduce costs and boost sales by automating banking processes. Here are some banking CRM system features that let you get the best from your clients.

• • Customized features: If you are a bank manager seeking specific features in financial CRM systems, you’ll have the option to go for a customized banking customer relationship management software that meets the requirements of banks and other financial institutions. The E-CRM for banking emerged in the global market via the Internet and web technology that facilitates banking CRM implementation.
  • Automation: Every corporation is now switching to automation which reduces the labor of the workforce by performing repetitive tasks, which in turn increases the efficiency of the staff. The banks are not far behind in CRM implementation. CRM solutions for banks and financial services are tools that banks and other financial institutions use to reduce the time spent on repetitive work that generates at least eight times the revenue for every penny you spend.
  • Contact Management: Banking CRM software typically includes a contact manager that allows users to store and manage customer contact information in a central database. The contact manager uses CRM to record and track bank customer interactions. Furthermore, banking CRM applications also offer centralized data management that streamlines the deployment of tasks to concerned departments, which enables easy and effective communication with customers, facilitating real-time performance reporting, contact management, employment management, etc.
  • Account Management: An account manager is another common feature of banking CRM software. This tool allows users to store and track information about customer accounts in a central database. The information contains each customer's bank balance, transaction history, and credit scores. The account manager also usually provides tools for managing customer portfolios and tracking investment performance.
  • Third-party integration: Connecting the CRM software with other tools saves your time and resources. Now, you will find the top banking CRM software that comes to you with third-party software integrations. However, the catch lies in selecting the software compatible with your system that you can implement with little or no effort.
  • Employee tracking: You would often find that employers are cautious about the happenings within the organization. Banking CRM tools provide the solution for your requirements. The CRM software enables you to track the login hours, the number of hours worked, the accomplished tasks, meetings, number of sales made, etc. It also provides access to the dashboard to the team leads and the management to view each employee’s individual goals.

» What are the Benefits that you get from Banking CRM Software?

Banking CRM software provides several benefits for banks and financial institutions. Besides the efficient functionality of the CRM software, the CRM also increases your ability to manage customer relationships tactfully. Banks can track customer interactions, preferences, and needs with banking CRM software. Your information would facilitate improved customer service, target marketing efforts, etc. The financial services CRM software can also help banks increase operational efficiency and reduce costs. The benefits that you get from CRM in banking are:

• • 360-degree view of bank customers: The individual and business customer profiles contain personal information and professional data like products and services purchased from their banks. The financial services CRM software provides an automated updating of customer profiles after their interaction with the bank. The CRM software integrates both if the customer serves as an individual and a legal entity.
  • Increase in efficiency: The banking or financial CRM eliminates repetitive tasks through automation. Data entry and report generation are examples of repetitive tasks. The automation in banks sets the staff free to work on exciting projects and focus on more value-added activities. In addition, by consolidating customer data into a single platform, banks can eliminate duplicate records and reduce the risk of errors.
  • Security & compliance: Finally, banking CRM software can help banks comply with regulations and mitigate risks. By tracking customer interactions and transactions, banks can quickly identify suspicious activity and take appropriate action to prevent fraud or money laundering. In addition, banks can ensure that sensitive information is adequately protected by storing customer data in a secure central repository. The CRM also enables you to provide access control to the employees according to their roles. It also helps in tracking user activity logs.
  • Effective data management: The banks use investment banking CRM solutions to organize the mass client data based on contact details, products, and services. Only the clients would have access to their profiles. CRM for investment banking allows data storage under a single roof with easy and secure access and management. Storing client data on different databases occupies more space and consumes more time. However, CRM for investment banking allows the entire data management under a single system that results in effective time management. Furthermore, the CRM software consolidates all the information furnished by the clients, facilitates the employees to capture the client interactions with the bank, and offers a single view of each customer regarding their last ATM transactions, loan details, and the entire deal cycle.
  • Valuable insights: Generating valuable reporting is the major challenge a large organization faces in the banking industry, owing to data complexity. The CRMs in banks allow the compilation of compound data into multiple reports, which enables seamless data usage. Banking CRM software also enables the classification of customers into different segments like demography, interests, behavioral patterns, services rendered, and the products they use, which enables the representatives to reach out to them for promotional purposes. Investment bankers get valuable insights based on customer data, which enables them to optimize strategies and campaigns, ensuring customer satisfaction and retention.
  • Marketing campaign management: The banking CRM application helps create personalized marketing campaigns according to customers' spending habits. Some of them are making loan offers, offering attractive interest rates on fixed deposits, pre-approved credit card offers, etc. The CRM enables you to analyze the reaction of the prospective customer to marketing campaigns. The banking CRM software also facilitates A/B testing for marketing campaigns to compare the efficiency of marketing channels like new credit card campaigns.

» What are the steps for selecting the Best Banking CRM Software?

Choosing the best Banking CRM software for your business among the top banking CRM software could be challenging and tricky unless you identify your business requirements. When choosing a banking CRM software, it is essential to consider your bank's specific needs, like software integration with your other systems and user-friendliness. It would help to consider these aspects before taking a final plunge into buying banking CRM software. Here are the steps for choosing the best CRM for the banking industry.

• • Identify your goals: Identifying your goals is the first step to purchasing the right CRM for your business. When you understand the issues you face in a business, you win 50% of the battle. Identifying the problem would help you organize your goals on a priority basis. The organization of goals includes:

› Lead tracking and activity
› Tracking customer base
› Tracking opportunities and closing rates
› Generate customized reporting
› Enhancing your profitability and more

• Understand the implementation of the software: Whether you replace the software or introduce new software in the market, you will always find an implementation period. Sometimes, you also need external help from an outside consultant or an employee who heads the deployment. However, in both ways, you cannot skip the training and testing period as there may be system bugs you need to sort out. Even if the external implementation costs are zero, you would have to bear the training costs while training your staff and uploading the data into the new platform, which could incur substantial costs.
• Prepare for user adoption: Regardless of your chosen CRM system, you may face resistance to change from the team members. Furthermore, your sales team may not be comfortable with a sudden change in the application. The solution here is to make your team feel comfortable with the change and ensure that client data doesn’t get compromised. Hence, it would help to inform the team about the change and take their suggestion.
• Understand the mobility of the product: Product mobility plays a critical role in the present world. To access the new CRM system, a mobile sales team uses many devices, including smartphones, tablets, palmtops, or laptops. Hence, it would help if you found a tool that would be accessible to various web-enabled devices. Today, many salespersons are tech-savvy and adapt themselves to new technology quickly.
• Layout your processes: The banking CRM tools launch into the market with several business processes. The processes vary from person to person or from company to company. Hence, it would give better results if your CRM offered you the flexibility to handle the processes. So, it would help to choose a CRM that results in business growth and adapts to your changing process without replacement.
• Review the compatibility with the present software: Today, you will find that compatibility with multiple systems declined as many applications can get connected through an application programming interface (API). However, you need to check the CRM system’s compatibility with other applications to ensure the smooth functioning of your applications. If you require assistance connecting all your systems through APIs, you must look for a third-party platform for integrating your systems and streamlining your data organization.

» What is the cost of Banking CRM Software?

Vendors fix the banking CRM software cost based on the added features. However, most basic CRMs start at around $10 per month per user. You may have to pay more if you need more advanced features, such as loan origination or customer relationship management. Some vendors offer discounts for larger organizations, so it's always worth checking with your vendor of choice to see if they offer any deals.

» Final words

Selecting the right software for your business could be daunting as you will find many vendors. However, following our buyer's guide and keeping your specific needs in mind, you can narrow down your choices and find the perfect CRM software for your bank.