Top Benefits of a CRM System For Finance Services

Making CRM count for financial services


The challenge

A unique challenge for the Financial sector in a digital world is trying to meet your customer expectations. Unfortunately, you can’t just have one or two great services to make you stand out like in a retail environment, you must be able to offer a full end-to-end financial solution that ticks the majority of your customers boxes.

In the information age, that means having in-depth knowledge of each customer’s industry, taking a tailored approach, and doing it all faster than ever before.

Your customers demand goal-based planning, your insights need to be proactive rather than reactive and with a personalised touch. With all the recent developments in the financial services industry, especially around the recent royal commission, a Customer Relationship Management (CRM) solution is no longer optional. It is a critical part of your future success and can help and organisation market to new customers, close deals and provide excellent customer service.

When we think about CRM for the Finance and Insurance industries specifically, there are some key benefits that a CRM system can bring to help you achieve the above goals.

Lead nurturing and quicker conversion

Once a lead enters your lead funnel, you want to nurture them with your best content in order to provide yourself with an opportunity to show them how your products and services are going to better their lives.

Traditionally most companies have used email programs such as MailChimp to handle their email communications. But to stay at the front today, companies need to be also using a CRM to help manage their lead nurture programs and help enable a quicker conversion.

A CRM offers you visibility at each stage of the sales journey, offers reminders of when to make customer contact, helps you track and nurture your bids and leads and collaborate with colleagues in a live environment as you progress.

Pipeline and reporting

A strong pipeline of projects that are currently being bid on, or being planned, is vital for any organisation in the financial services sector. A CRM provides the visibility to easily track and manage real time opportunity pipelines with the power of integrated business insights reporting, so you always know where you are at.

A CRM frees up your resources to focus on what matters most – winning business. You are able to see the projects you may be bidding on or working towards winning, what stage each is at in the sales process, due dates, who is looking after what, when the last activity was completed and what needs to happen next.

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The source of truth

A CRM offers a single point of truth for contact information, allowing an organisation to input all the key information on a customer and projects in a single location. Each contact can also be classified according to relationship status, such as long-term customers or prospects. This can also be extended to include all of your external entities such as banks and competitors.

By having a single source of truth, the information can be used during any point of the sales process to provide a complete picture of your relationships, account status and where you are in a project.

Know your competition

Financial services is one of the largest sectors in the global economy, making up 7.5% of commercial services. But where there is money, there is also competition. And competition for customers in financial services is intense.

Some CRM systems, such as Microsoft Dynamics 365, offer a competitor function that provides a wealth of important sales and marketing data. You can store information about the companies that you compete against every day and track who you’re up against during the tender process – to ultimately see which competitors you’re frequently winning or losing against.

This kind of reporting functionality provides valuable insight and a leg up against the competition, allowing you to change tactics in future bids, perform detailed SWOT analyses and evaluate your win/loss percentages.

Improved Customer Experience

Even if your organisation has a small number of distinct products, your customer service depends on your team’s ability to answer questions about them, and solve problems, quickly - hopefully without handing the customer off to a different department to get the question answered.

With a CRM system built for the financial services industry, you can easily keep all departments on the same page and your team is equipped to answer any difficult questions that come their way.


A CRM is no longer limited to just standard business or retail verticals and are now and essential items for any organisation offering a good or service. For the Financial Services industry, it presents a new way to manage workload, track customer information and benefit from a standardised sales and customer relationship process. At the same time, you gain real insight into your sales process and results, which can provide a real and immediate return on investment.