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Finance CRM – A detailed guide on CRM for financial services

A finance CRM is basically software designed specifically to manage financial services effectively. As we all know, customer experience is the heart of any business. The kind of support you provide to your customers is as important as your services.

Hence, every business needs a helping hand that makes sure they provide the best experience to their customers and create a repeatable cycle of customer satisfaction.

One handy way of ensuring the best services for any business is using a Customer Relationship Management (CRM) software that enables timely services as well as personalized experience for their customers.

So let’s take a deeper look into what exactly Finance CRM is and how does a tailored CRM for financial services domain help them in customer relationship.

What does CRM stand for in financial services?

Customer Relationship Management software is a platform that allows you to see the bigger picture of your relationships and interactions with your company’s customers. It is a tool that, to put it simply, enables you to keep track of all your activities and even gets you rid of the manual labor of managing data.

With a growing economy, the number of investors in the market is also increasing. As per Software Advice, almost 50% of CRM buyers are in one of the four markets: Real Estate, Consulting, Distribution, and Insurance.

According to another prediction from Denis Pombriant, “A great deal of new CRM growth will come from industry CRM aimed at vertical markets like healthcare, finance, insurance, manufacturing, and the like.”

Also, with the statistics of 60% of people using multiple search engines to find a particular website, the use of CRM has increased even further to get more data on their target audience.

This has led to more use of CRM solutions in financial services as well. Today Finance CRM solution is not only a niche industry but a must-have set of tools that enable financial advisors and businesses to deliver personalized and streamlined financial planning services to their customers.

sales performance as related to CRM adoption

Role of a CRM in your finance business

Customer Relationship Management tools are an essential investment you make towards the growth of your business. It is necessary to understand how a Finance CRM helps you overcome any obstacles you face during the sales and let you increase your revenue.

For sales reps

A good CRM is the one that helps sales representatives get more productive and generate better sales results. A sales team becomes efficient when they are all on the same page, have all the data handy, and can communicate in and out of their team with ease.

For sales managers

Managers often face the problem of not being able to keep a tab on their sales team’s activities. CRM software helps them with this grave issue by giving them timely information in the form of analytics and reports to plan better for future sales campaigns.

For financial advisors

Financial advisors need to constantly stay in touch with their prospects and clients, as it helps them build lasting relationships. CRM for financial advisors enables them to scale their business and grab new opportunities using automated processes.

With CRM for financial advisors, you can have access to all your client’s important information, automate your workflows, schedule meetings, make calls, and send emails right from one place. Therefore, if you want to create a lasting connection with your clients, you need to implement CRM for financial advisors.

For sales management (HOD/CEO)

The sales team is always the front face of the company, with the managers backing them up. Hence, the management always seems to take a back seat when it comes to the activities happening in their department.

The perfect CRM would be the one that gives them an insight into what is going on with their team and how the managers are taking their work ahead. They can manage things better without having to actively participate in sales processes.

Why do companies need a financial CRM?

Every financial company has a challenge to face, which is to meet customer expectations. You just don’t need to give the best service, but also great financial advice. This means that you need to have an in-depth understanding of each customer’s industry and provide them with solutions that are best applicable to them.

With an increase in customers’ demands, there’s also an increase in competition within the industry. Therefore, today’s finance businesses need to adopt approaches that are modern and customer-focused, which is why CRM for Finance plays an important role in the scaling of companies.

According to a study, 77% of 110,000 customers surveyed, were willing to stay with a financial institute for a longer period if they felt valued, and 89% even agreed to advocate for that company if they felt respected. Since there are such high expectations from customers, CRM is not just an option for financial businesses, but a necessity.

CRM helps you to understand your customers and provide them with the best solutions according to their needs, all of this in no time.

The right CRM for your company provides you an edge over your contemporaries, making you seem like a better option to your customers for your personalized and quick services.

You can not only get a 360-degree view of your customers’ industries but also provide them with customized solutions. This would not only help their growth but also make your sales process quick and revenue generation easier. Therefore, an ideal CRM for financial advisors, sales reps, sales managers, and CEOs can certainly help you achieve your goals and contribute in your business growth.

Ways in which you can grow your business with a financial CRM

Now since you know how important a CRM is for your Financial business, it is also important to understand how you can leverage it to grow your revenue. 

Let’s take a look at some of the solutions that a Finance CRM can offer to your business.

1. Deliver personalized services

CRMs track data from all over your company that enables you to tailor the best solutions for each customer while building trust for a lifetime.

2. Create upsell and cross-sell opportunities

Your customers are always looking for more. When you sell a service to your customers, they also look forward to getting something more later. This opportunity can be used to retain them for a longer period of time while making a new customer base.

3. Streamlined processes

With every employee having a real-time update of every customer, processes become much faster and reliable. This enables any team member to complete processes quickly, saving you precious time and giving satisfactory service to the customers.

4. Better team collaboration

When all the information is available on one platform, it becomes easier for the whole team to quickly get any particular piece of information and collaborate with the rest of the team with ease.

5. Integration with other apps and systems

Juggling between several apps in order to get information about your customers can be a pain in the neck. Your finance CRM acts as a one-stop solution for managing the leads, information, and all other sales processes.

6. Keep the data safe and secure

Keeping data on spreadsheets and note-pads isn’t really the best way to keep track of customer information. CRM is a smart solution that lets you keep all your customer information safe and secure on a reliable platform.

7. Effectively manage leads data

CRM lets you manage all your leads systematically, in order to give you a perspective on which leads are important and which ones can be dealt with later. Find all the necessary information in one place so you don’t waste your time looking for any particular lead.

8. Make data available across all devices

It doesn’t matter whether you have one financial software or more, you can manage your data across all platforms by integrating them within just one CRM. But why is it important to have data available across devices? According to a study, only 22% of companies that did not use mobile CRM met their sales quotas compared to 65% of those who use mobile CRM.

9. Track the entire customer journey

Imagine you can get to hear or read the very first conversation that a customer had with your company, so you understand their activities with your company better. A CRM does exactly that for you; it creates a timeline for each customer and keeps a check on each interaction they had throughout their journey of being your customer.

10. Track performance of finance agents

Wouldn’t it be better if you have a platform to track how your team is working? CRM lets you peek into the sales processes that your sales reps handle in order to be more productive and increase revenue.

How to choose the right financial CRM for your business?

Every company requires maintaining a healthy relationship with its clients so that they can be retained for a long time. A CRM acts as a thread between you and your customers, which can make or break your business. Thus, choosing the right Finance CRM for your financial services business needs is a necessity.

Here is how you can select the right CRM for Finance business and grow exponentially along with your customers:

1. Reduce manual data entry using automation

The right CRM frees you from the busy work of data entry and follow-ups, making more time for you to grow your clientele and sell more rapidly. According to surveys, 82% of companies use CRM systems for sales automation. Choose a CRM that provides automation for all your manual labor and enhances your team’s productivity.

customer engagement platform

2. Maintain a high level of engagement with clients regularly

Relationship management is the foundation of a successful business. Thus, choose a CRM that lets you engage with your clients more effectively and lends you a hand with the personalization of follow-ups and other interactions.

3. Nurture your leads and close more deals

Nurturing your leads while they are still at prospect-level is a hefty task for any finance business. You need to provide something to your leads that no one else apart from you can. Choosing a good CRM for yourself can be the first step towards better nurturing of your leads and take them to the next level.

4. Generate more leads and scale your business

While you are busy maintaining data on spreadsheets, someone else is eyeing your prospects and is ready to snatch them away. Get the help of a CRM that allows you to generate leads and keep track of them while the software takes care of the unnecessary work.

5. Easy to use

What good is a CRM that’s not user-friendly or tough to understand? Choosing a CRM that is easy on your head is the most important aspect of CRM-shopping.

6. Easily customizable

Your CRM might be easy to use, but then, what if you can’t customize it your way? Choose a CRM that gives you customization options so that you can make it your own and make the most out of it.

7. Keep your customer data safe and secure

A good CRM is one that is safe to use and keeps all your important data secure. Choose the one that’s certified with the best of safety measures so that you can sell without having to worry about your data safety.

6 Key features of CRM for financial services

Just like your sales processes would be different from that of your competitors and other industries, the same way your ideal CRM would be different than that of other companies too.

Choosing the right CRM for your business is the vital step that you take towards your business’s growth. Here are some features that allow you to scale up without having to go through all the hustle:

1. Automated emails

In today’s tech-savvy world, it is impossible to reach prospects without using emails. Be it pitching new leads or following up with the ones already in the pipeline, emails are the fastest means to grab your prospect’s attention towards your services.

Salesmate offers a wide range of solutions for email marketing and selling, be it integrating with Google Suite (Gmail), sending personalized emails, scheduling future email campaigns and follow-ups, or keeping track of your e-conversations.

With powerful automation, Salesmate allows you to do the most tedious of tasks with much ease and excel at the art of emailing.

2. Built-in calling and texting

Ever juggled between phone and laptop while you are in the middle of closing a very important deal? It happens when you have to use more than one device at a time to get done with a simple sales process.

Salesmate makes your work easier with its built-in calling and texting feature, where your team can store all the contact details. You can even get virtual phone numbers for your reps, dial toll-free numbers, record calls on the system itself to get to them in later stages, forward calls teammates, and even make calls without dialing a number at all with the help of Power Dialer.

With the help of ACD, Automated Call Distributor, where incoming calls get distributed among the team, you can ensure that no call ever gets unnoticed. Bulk text your contact list to maximize your communication channel with your clients so that no lead ever slips out of your hands.

3. Sales and marketing automation

No one likes doing monotonous tasks of data entry and follow-ups on their own. Salesmate has a solution to this day-to-day problem that sales reps always face- Automation of the Sales processes.

Be it email and text follow-ups, or planning activities and setting reminders, Salesmate automates all of your workflows in such a way that it’s customizable according to your needs and can personalize interaction with your customers.

Engage your customers more effectively while staying on the lookout for new ones, saving yourself time and increasing revenue generation.

4. Sales intelligence

Sales processes are tedious and need to be tracked. Thus it’s necessary to get regular reports on sales patterns and the team’s productivity.

Salesmate gives you an accurate report on all your sales activities, along with providing a detailed analysis of past sales figures and forecasting of your future campaigns.

5. Team collaboration

Nothing hurts the team spirit like the lack of a streamlined platform that allows you to work together with your team in real-time. 

Salesmate has come up with a solution that can boost team collaboration with team inbox, mentions, and notes on the platform, where any team member can access the inbox with all contact information, mention their team members, make comments and paste notes for future references.

6. Contact management

Keeping track of several contacts on different platforms can be tiring. Salesmate brings all your contacts in one place by importing them from different software and even spreadsheets, allows you to customize fields for different contacts according to your requirements, and gives you a 360-degree view of your contacts’ journey with your company.

Salesmate CRM for finance creates a timeline for each contact so that reps get to know about every contacts’ previous interactions and prepare for their sales call.

Frequently Asked Questions

What is CRM in financial services? 

A Financial CRM is a tool that helps you manage relationships and customer interactions effortlessly. CRM helps you manage new leads, on-going deals, and communications all under one roof, so you can improve customer relationships and revenue. 

What financial CRM works with Quickbooks?

Salesmate has a native integration with Quickbooks. You can get a detailed view of your invoices, payments, and estimates in Contacts with just a few clicks! 


Every company’s success depends on the productivity of their employees, especially their sales team. An effective sales team following the right sales process is just not enough to get the best results. Hence, CRM becomes a valuable tool and an important investment for the growth of your business.

With many Finance CRM solutions available in the market, Salesmate stands out as a user-friendly, safe, customizable, and scalable software solution that enhances your team’s productivity and brings more customers to your business.

Parijat Lamba

Being an avid reader, Parijat developed a keen interest in writing at a very young age. She's passionate about topics like Spirituality, History, Psychology, and Philosophy. She's now a Product Specialist at Salesmate and strives to write her own novel someday.

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