Finance Solutions- Key Features and Limitations of CRM.

One of the most popular and top users of CRM are finance companies. The banks, insurance companies, and other investment firms are employing Customer Relationship Management software to automate the interactions, monitor the trends, and analyze their customers. Therefore, finance CRM is the same as a general CRM at its core, but it only differs in being a custom CRM system with regard to its industry specifications. A finance CRM helps the finance companies to aptly tackle the revenue and customer attrition problems. 

The facts on the basis of which you should use or not use CRM for your finance company are listed below: 

Features of CRM for Finance Companies:

1- Provides Complete Overview of the Market:

CRM provides finance companies with a complete overview of their financials and customers. Based on the balance, credit scores, debts, loans, and incomes, financial companies become able to draw results as to what services they are potential to avail of.   

Finance CRM monitors the transactions, preferences, and interfaces that provide a good source of information to companies to give impulsive responses to address the problems. 

2- Customer Management:

The CRM keeps the data related to the clients’ information. It has a database that provides the cloud which contains detailed information related to the customers that enhances easy access to them. The finance CRM is also handy to generate leads and manage them properly. Guiding leads to the right place, the right services, and the right information is as much as important as garnering leads. Finance CRM does this. Also, customer engagement on the top is the key feature of finance CRM as an ordinary CRM. The automated impulsive follow up guides to leads and customers can be attained with finance CRM. Its tools to enhance customer engagement such as email newsletters and tracking relationships are key to properly manage customers. 

3- Sales and Workflow Customization and Automation:

The workflow automation helps the finance companies to spend less time on routine tasks and give time to customer management. Standardized workflow automation also increases operational efficiency. It will automatically generate alerts on incomplete tasks and assure the follow-up. The CRM integrated into marketing campaigns uses records and insights to boost the sales conversion process. 

4- Financial Reports

It is important for financial firms to understand and interpret upsell and cross-sell opportunities. The analytic tools of financial CRM provide an understanding of the company’s performance and productivity. It provides the data of revenue garnered over a period. This can be a handful in knowing the prospects for the future. The engagement of the customers provides insights into what you are doing right and wrong. 

Limitations of CRM for Finance Companies: 

Just as many advantages of Microsoft dynamics 365 partner, there are certain limitations which are as follows. 

1- Lost data:

Some CRMs have the option of automatically backing up data but some do not have it. In such cases it requires to back up the data manually, if it is not done, the company can lose the very crucial data. Losing data means losing the customers’ contact and market overview scales. The financial firms will have to then restart from zero, which is very hard and painful to do. 

2- Security Issues:

The attribute of CRM to store and analyze data makes it vulnerable to security threats. The involvement of a third party who collects sensitive information of the customers put the security of the customers at stake. It means that this may jeopardize the integrity, veracity, and much more of the financial firms.

3- Technical Support:

For running the CRM, you will have to either recruit an expert or avail services of CRM providing organizations. Availing of the services of organizations is very adequate but becomes costly at the same time. 


My name is Phoebe Lambert and i am an experienced social media manager in Nextgen Media Ltd and guides you about social media, media management related topics.