Best Financial Services CRM Systems
Financial services CRMs provide a system of record for communication with other companies. CRMs specific to the needs of financial advisors and their agencies provide the contact and task management features, as well as workflow automation, associated with general CRMs. These systems are typically used by hedge funds, investment banks, traditional banks, and insurance agencies to strengthen customer relationships and assist in building new ones. Features unique to CRMs for financial agencies might include prospecting...
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Learn More About Financial Services CRM Systems
What are Financial Services CRM Systems?
Financial services CRMs provide a system of record for communication with other companies. CRMs specific to the needs of financial advisors and their agencies provide the contact and task management features, as well as workflow automation, associated with general CRMs. These systems are typically used by hedge funds, investment banks, traditional banks, and insurance agencies to strengthen customer relationships and assist in building new ones.
Features unique to CRMs for financial agencies might include prospecting workflows, compliance-minded communication tools, or customer onboarding workflows with finance-specific assessments. These systems also provide financial document imaging and storage management, as well as integration with investment portfolio management tools.
The size of the financial industry and its growing market create more competition within institutions. This can make it more difficult to stand out. Integration, storage, and client outreach capabilities make these systems necessary for building and maintaining customer relationships.
Financial Services CRM System Features
Some common features found within financial services CRM systems include:
- Contact/customer database
- Financial account management
- Sales pipeline management
- Customer price quoting
- Calendar/scheduling
- Analytics & reports
- Expense tracking
- Collaboration tools
- Document management
- Activity dashboard
Financial Services CRM System Comparison
When choosing the proper system for your organization, consider the following:
- Industry type: Though most of the products will be geared towards financial institutions, make sure they are suitable for your industry. Insurance agencies, for example, may not want to purchase a product that is designed to meet the needs of banks.
- Customization: Some businesses may require more customization for reports and workflows. Be sure the vendor offers customization within certain features.
- Ease of Use: How easy is the product to use? Is there a steep learning curve? For tasks such as searching for clients, make sure the product isn’t too difficult to use.
Pricing Information
The pricing for financial services CRM systems depends on the number of features and users. Subscriptions with limited features usually cost around $10 to $40 per user per month. For more pro/premier packaging, look to spend between $50 and $100 per user per month. Some products offer a free version with limited users and features, as well as a free trial.