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What Is A CRM For Financial Services?

Flowlu Team
Flowlu Team
7 min read
What Is A CRM For Financial Services?
Generally speaking, one of the most demanding challenges of financial services in a digital world is meeting customer expectations. While your bank may have great lending terms or checking accounts, you also need to offer sound financial advice. 

We don't have to tell you that we live in the information age. This means that you need to have a deep knowledge of each one of your customer's industries to ensure that you take a fast-tailored approach. This means delivering proactive insights, goal-based planning, and even personalized experiences for customers.

As you can easily understand, you just can't seem play continue to rely on all those old tools. You need to take a step forward and start using a customer relationship management (CRM) system. In case you never heard of CRM systems before, it is a tool that can help market to new customers, provide excellent customer service, and close the deal, among so many more.

Ultimately, a CRM for financial services helps you manage customers and better understand their needs. This way, you'll be able to provide them with the right solutions, quickly.

9 Benefits Of Using A CRM System In Financial Services

Before we start talking about the huge number of benefits that a CRM system can bring to your organization, it's important to notice that there are many CRM systems on the market. However, they are not all the same. While some are designed for bigger companies, others are meant for smaller companies; some CRMs can be used by almost any industry but others are exclusive to specific industries.

In the case of Flowlu, one of the best CRM systems on the market, it is a CRM that can be used for financial services. It includes all the crucial features that you need to run your organization. But more than this, it allows you to integrate with hundreds of different apps in case you want.

But what are the main benefits of using a CRM system in financial services? Why should your organization start using one like Flowlu?

#1: Boost Sales:

One of the services that you are probably offering to your clients is loans. After all, you know how this part of your business is incredibly important. It's not only profitable but it also comes with a lot of competition. So, you want to make sure that you stay on top of the crowd. And when you are using a CRM system like Flowlu, you can easily identify, nurture, and convert leads into deals.

#2: Increase Lead Conversion:

It's not uncommon to call a prospect to offer a new service and to discover that he is already benefiting from the same type of service offered by another financial services company. This means that your communication came late. But this can all change when you are using Flowlu. After all, you have access to all the information about your leads. And we're not only talking about their basic contact details. We are also talking about their industry, interests, hobbies, preferences, purchase history, and any other type of information that you collect from them. With this type of information in your hands, you can easily contact leads and offer them exactly what they are looking for.

#3: Deeper & More Customized Customer Interactions:

When you are using a CRM system like Flowlu, each department of your financial services company can access the same information across all customer profiles. This means that each one of your customer profiles will be completed by your marketing, sales, and customer service departments which will help you identify new opportunities to convert leads. And better than this, anyone within your company can get in touch with a customer in a personalized way.

#4: Get Personalized Customer Journeys:

One of your main goals is to make sure that you get a constant flow of new customers. But how do you find them? How can you keep track of them? How can you improve your marketing? Flowlu is the answer to all these questions.

Keeping track of each customer is simply not possible if you continue to rely on old tools. They just don't offer what you need to grow your business. On the other hand, with Flowlu, you get as much data as you can and you will have it all organized. This allows you to see all the trends and get great insights about what you need to do.

You can use Flowlu, for example, to create reports and graphic representations of key data points and trends. You can keep track of customer behaviors and predict their needs. Based on this information, you can then automatically send out suggestions to your staff, inside Flowlu's platform, so they can fulfill their needs with a specific product offering.

#5: Increased Productivity:

We are certain that you have a marketing department on board. But you may be wondering why they might not be doing such a good job. After all, it's hard to convert leads. But what you may not know is that your marketing team is probably within range. Almost eight in ten marketing leads are never converted to sales. But when you are using a CRM system like Flowlu, you will see these numbers going up.

The truth is that a CRM system can save you a lot of time and even money. After all, it minimizes repetitive administrative tasks, streamlines proposals, and keeps your sales team in the loop with just a couple of clicks.

#6: Improved Communication:

When you are using a CRM system like Flowlu, you won't only see the results improving for your customers. You will also see that communication between your staff can improve substantially. From our platform, your staff can communicate directly with each other. They don't need to be always available but if there is something they need to know, you can use the chatroom to leave a message. You may also send files if you want to.

When everyone within your team knows what to do and what has to be done, everything will run smoother.

#7: Inter-Department Data Tracking:

Keeping track of your data is incredibly important. But when you are trying to improve your marketing campaigns, simply knowing the likes, clicks, and visits is not enough. You want to make sure that you also know how many of these behaviors lead to successful sales. This is why Flowlu is such an important tool for financial services companies. With our CRM system, you can track data from several departments.

#8: Provide Better Service:

When you are using a CRM system like Flowlu, you can offer many more services to your clients. From customer service chat to fraud alerts, paperless statements, and mobile check deposits, among many more. Even if you already offer these services, Flowlu can help keep track of all of your customer interactions.

#9: Increase Customer Loyalty:

Customers are extremely valuable to your company. This is why customer retention is so important. To be sure that you have a high rate of retention, you need to offer the right products based on customer needs as well as well-time sales.

With a CRM system like Flowlu, you can access your customer profiles with just a couple of clicks. This will allow you to fulfill the needs of each one of your customers very quickly. In turn, you can be sure that they will turn to you whenever they need a solution to their problems.

Bottom Line

There's no question that a CRM system for financial services is a must-have tool. Besides helping you better serve your customers, it can also help you make the best decisions. Even though there are many different CRM systems on the market, you will find that Flowlu has everything you need. So, just give it a try for free. You don't even need to add a credit card.

Flowlu Team
Flowlu Team
7 min read
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