5 Visible Trends in Financial Services CRM

Financial services CRM solutions have made a big difference for companies in the financial services sector in recent years as they allow companies to focus more on the needs of the customer. While CRM has made an impact for companies in this sector, it is poised to change the industry even further in the future. As CRM solutions continue to advance, financial services companies will begin to rely on them more and more over time.

In the future, financial CRM solutions may put more of an emphasis on social media and networking. Social media sites like Linkedin, Facebook and Twitter have exploded in popularity in recent years and businesses are trying to find a way to capitalize on this movement. With advancements in CRM solutions, companies can more easily interact with their customers and track customer behavior. Online social networks are a type of bidirectional CRM in which both you and the customer can learn about one another.

1. Targeted Offers Using Social Media
For instance, with a quality financial CRM solution, can send out new offers, run campaigns through social networking platforms. You can easily track the effectiveness of the message to see how many people responded to it or clicked on a link within the message. At that point, the information can be recorded in the correct customer’s profile in the financial CRM solution, so that future marketing messages can be tailored to that person.

2. New Methods of Communication
Financial services CRM solutions may also put more of an emphasis on meeting customers where they are instead of trying to pigeonhole them into a particular method of communication. For instance, when a marketing message is sent out, it will encourage the customer to get back to the company in one of several ways. The customer may be able to respond through an email, social networking site, text message, mail or over the phone. 

Regardless of how the customer response to the message, the appropriate information can be input into the CRM program and tracked accordingly. This way, it gives the customer flexibility and increases the odds of getting a response. If you send out a direct mail campaign and you expect the recipients to respond by mail, you may be missing out on many people who would be willing to quickly send out a text message or an email instead of mailing it back. This will increase conversion rates and make customers happier.

3. Managing Regulatory and Compliance Changes
In the financial services industry, companies continually have to worry about changes in government regulations. With much attention on the financial industry in relation to the economic recession across the globe, most financial services companies have to abide by new regulations. Because of this, it can be hard to keep up with all the new rules. 

Many CRM platforms will help financial service businesses stay on top of all of these rules. This can help your company avoid possible fines or litigation and give your customers the service and products they need.

4. Mobile CRM
As technology continues to improve, CRM systems will also integrate with much of it. For example, instead of interacting with your CRM system by using a keyboard and a mouse, you may be able to interact with it through speech. The newest smartphones such as the iPhone 4S have speech recognition capabilities that allow you to simply talk to the device. 

According to Forbes, “for many sales reps, the new iPhone would be more useful, in more situations, than a traditional keyboard and monitor.”CRM developers will eventually integrate this type of functionality into the system so that you can just say what you want to happen and it will be done.

In addition to changing the input method, more attention will also be given to mobile devices. When you work in the financial sector, you are not always able to be in front of your computer. You have to get out and socialize with your customers. Because of this, having access to the CRM portal on your smartphone could be beneficial. When you need to keep track of some piece of information that you just obtained, you simply pull up an app on your phone and then talk to it. Then the information is sent over a cellular network to the server at your business. 

While some of this functionality is already available, it is not quite as seamless as it should be. Besides smartphones, more people will work on tablets such as the iPad as well. Integrating tablet and smart phone applications with the CRM programs at the office will be essential. This makes the data collection process much easier. It can also provide access to this information while sales reps are out in the field.

5. Tailored to Match
More customization will also be seen in the CRM solutions of the future for the financial services industry. In today’s world, most of the CRM programs out there are considered to be one-size-fits-all. This means that regardless of which person in the company is looking at the program, it looks virtually the same and gives the same information. 

In the future, CRM providers will put more of an emphasis on customizing the program to fit the needs of the financial services industry. The employees answering the phone don’t necessarily need access to personal information about the portfolios of customers. Sales reps may need access to all of the information about a customer quickly while out in the field. Because of this need, CRM solutions will eventually be tailored to the different departments of a financial services business so that each person feels comfortable with the interface.

With these types of advancements in financial services CRM, it will also enhance the possibility of working while on-the-go. You may not necessarily have to be sitting at your desk in the office to do your job. This may increase the number of people who telecommute or do some of their work from home. These advancements have the potential to completely change the landscape of the financial services industry over the long-term. 

Ultimately, it will come down to providing better service for the customer and increasing sales for the business. When your business looks to upgrade your CRM software at some point in the future, look for some of these features to slowly be integrated.