How To Optimize Your Customer Relations Using Banking CRM

Banking CRM

Customer Relationship Management in banking, as well as financial sector are quite specific, compared to other industries, such as banks and financial companies that sell not their products but their services. In the highly competitive market of uniform financial solutions, such as accounts, deposits, credits, loans, insurances, investments, etc. the winner is the company or bank that better engages retail and corporate clients into the entire cycle of financial relations. CRM in banking targets not a specific deal or transaction, but helps in building long-term relations and an enhancing customers’ satisfaction. Nowadays, banking CRM software is the main tool helping a bank to develop a strategic line of the business and improve current services.

CRM in Banking Industry: Determining a Strategy 

For strategic development you should have a banking CRM solution, allowing you to perform your best on every stage of your relationships with the customers both potential and existing ones:

Identifying your customers

You need a tool to keep your database up-to-date. The better banking CRM solution you have, the lesser efforts you spend for data mining and updating. This stage is a good point to expand your business.


Once identified your customers should be split into the groups, which gives you a possibility to undertake targeted actions and work with every group separately. You may choose your criteria for segmenting and slice your database with no limits, creating groups based on industries, products they use or turnover.


You need a comprehensive tool to manage your communications at any level, including a call center, marketing or technical support, and to keep the whole history of interactions.

Building relationships

When you have all the customer profiles on your desktop or in your pocket, it is easy to engage the customers and always be at the right time in the right place with the proper proposal meeting your customer needs. It will help you reach the level of personalized service and enhance a customer potential.

Analyzing feedbacks

Whether it is an oral feedback of a representative of your corporate client or analysis of virtual behavior of your customers, having it as a starting point of your further development is extremely important.

Modern CRM in banking and financial services are closed loop systems. On the last stage you identify a need or problem and go through the entire cycle again, thus, improving your strategy and maximizing your profit.

5 Best CRM Solutions for Banks: Verifying the Methods

To implement the above strategy you need the right tool that will ensure you managing your tasks easily.  Here you find 5 solutions offering out-of-the-box CRM software for banks:

bpm’online financial services

bpm'online financial services

bpm’online financial services is a process driven CRM designed both for retail and corporate banking.  The best of the solution is a comprehensive 3 in 1 toolset, including bank sales, marketing and contact center management. Intuitive interface makes adoption easy and provides outstanding customer experience. With a smart segmentation you may personalize your marketing campaigns, whilst sale automation allows you to maximize your cross-selling and up-selling. Data enrichment through social media simplifies customer’s profile update. A rather complex realization of advanced features in bpm’online’s CRM for banking is compensated by the opportunities of a customization and professional technical support.

Oracle for banking

Oracle for banking

Oracle for Banking is the whole set of mutually integrated industry-specific solutions including not only CRM in banks, but also an online platform for banking transactions, which is already another level of financial services software.  Oracle digital banking is a recognized product for large financial institutions, though it is quite redundant and expensive for smaller businesses. The software has the immeasurable capacity for advanced financial analyses and reports. Customer-centered corporate banking crm offers omnichannel approach to sales and optimization of bank products and services.

SugaCRM for financial services

SugaCRM for financial services

SugarCRM offers customer database that integrates safely with banks’ legacy data sources. Their bank CRM software has tools to transform customer relationships with a focus on customers’ needs and, thus, to boost retail sales. Embedded collaboration tools promise to increase engagement and create more individual customer experience. The product features some marketing automation solutions but you should check the prices meticulously, as SugaCRM has a rather sophisticated pricing policy with numerous add-ons that could make the final customized version more expensive than it was expected.

Salesforce financial services

Salesforce Financial Services Cloud

Saleforce Financial Services is a cloud-based CRM for banks, offering seamless integration with third-party software. The product includes retail banking to increase sales, premier banking to deepen the relations with corporate clients and some other industry specific solutions, such as mortgage banking. Saleforce engagement tools provide effortless customer retention and smart expansion of your client base.  You can benefit a lot using the product, if only you invest your time to learn it. As reported by users, implementation and initial training may take you quite much time.

Pega banking CRM

Pega banking CRM

Pega CRM features such a solution as the Next-Best-Action based on personalized customer profiles and allows you to plan campaigns using their predictive analytics tool. Giving the customers highly personalized service you may boost your sales and enjoy increasing revenues. BPM tools integrated to the Pegasystems’ CRM banking software empower businesses by creating elaborated processes, although there were the reports stating that the product lacks of customization.

When choosing CRM in banking sector, it is important to understand your needs and purposes and only then you can proceed with checking how the chosen tools conform to your requirements. A reasonable balance between pre-built functions and smart customization will give you the best result.

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