CRM for Banks: The Ultimate Guide for 2023

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      CRM for Banks: The Ultimate Guide for 2023

      16' read
      16' read

      Customer Relationship Management (CRM) is a software tool that provides banks with a centralized system for tracking, analyzing, and managing customer relationships and transactions. It helps them keep track of their customers’ needs, prioritize them, and respond to their requests promptly.

      Since it helps you efficiently track customer information, you can update them on various offers (like credit card upgrade offers) and send them personalized messages.


      The banking CRM system can be used for customer service, sales and marketing, project management, forecasting, and budgeting.

      A good CRM software helps you measure customer satisfaction, analyze customer behavior and improve customer retention.

      The main advantage of using a CRM system is that it can help banks and credit unions manage their customer database in real-time so that they can identify potential customers at the earliest stages of their relationship with the bank.

      We’ve written this blog post to help you be informed of the notable benefits of using a banking CRM system and the key features of the four main CRM software for the financial industry, so you could pick not just the best CRM but also the right CRM for your banking company.

      Benefits Of CRM For Banking

      Better Customer Service

      Banking companies can use a CRM solution to manage their customer profiles, increase efficiency and improve customer retention.

      In the banking industry, customer and client management is one of the most important aspects of running a business. It’s not just about getting paid or delivering the goods or services you promised. You also have to keep your customers happy and engaged so they’ll buy from you again in the future.

      CRM platforms help businesses do this by storing information about their customers and clients, as well as their interactions with them (e.g., phone calls, emails, etc.). It also helps in streamlining processes such as orders, payments, and invoicing so that there are no delays in getting paid or receiving goods on time.

      So, when you want to contact a particular customer or client, CRM software can provide a list of options based on your previous interactions with them and their preferences. This makes it easier for you to find the right person without wasting time contacting people who aren’t interested in what you have to offer.

      Since a CRM system allows tracking of customer interactions and sales processes, it helps financial institutions understand what works best to improve efficiency. For example, if a company’s website has been optimized for mobile users but they still struggle with understanding their products and services on a mobile device, then it may be time to rethink this strategy.

      This sort of analysis is important because it helps banking companies grow their businesses by understanding who their customers are and how they interact with them on different platforms. The data collected from these interactions can then be used to develop new products or services that will appeal more directly to those customers who need them most.

      Improved Collaboration And Communication

      The goal of a CRM system is to provide a centralized repository where all company data is stored, allowing companies to collaborate on projects, share information and make decisions together.

      A well-equipped CRM software also allows companies to collect new data and analyze it in real-time, allowing them to make better business decisions. It helps them provide better service by analyzing past experiences with customers and recommending ways to improve service levels based on those experiences, therefore helping improve customer satisfaction.

      In addition, it helps banks stay in touch with customers and stay on top of their finances, which can help boost revenue by reducing fraud or other problems that affect profitability.

      A banking CRM system helps a bank establish a comprehensive view of its customers’ needs by providing detailed information about each customer, including their financial profile and spending habits.

      Other than improving the bank’s ability to interact with customers, CRM software also helps banks manage their internal processes more effectively. For example, if a customer inquires about a specific product or service, the system will automatically create an account record in the bank’s CRM system that tracks this activity so that it can be monitored throughout the lifecycle of the sale or transaction.

      Increased Sales And Revenue Opportunities

      With banking CRM software’s lead management tool, you can easily capture leads and track progress via your sales reps converting them into customers or closing deals. The main purpose of this software is to help your company achieve its goals, and increase sales and revenue opportunities.


      You can even use it to engage with customers more effectively by managing your customers’ information including account details, transactions, preferences, contact details, etc. It also offers contact management, which allows you to maintain a list of contacts who are interested in your products or services.

      This will enable you to create marketing strategies based on customer insights that will help you identify high-value customers and target them with targeted marketing campaigns across channels such as email and social media platforms.

      Plus, this also helps you stay in touch with your customers regularly so that they feel valued and appreciated by your organization.

      You can also integrate your website with the CRM software so that it can pull in all the relevant information from it and provide it directly on your dashboard without having to go through multiple steps.

      Increases Customer And Employee Loyalty

      A banking CRM provides a centralized repository for customer data, which allows banks to get a 360-degree view of their customers and better understand their needs. This, in turn, allows banks to provide more personalized service, a better customer experience, and develop deeper relationships with their customers. It also helps you identify potential new customers and cross-sell or upsell opportunities.


      A CRM system provides tools that allow banks to track customer behavior and preferences. This information can be used to create targeted marketing campaigns that are designed to further engage and retain existing customers and customize the services that banks offer to their customers, which makes them feel more valued and appreciated.

      It can help you automate and streamline customer interactions, making the overall experience more convenient and efficient. This increased convenience can lead to higher levels of customer satisfaction and loyalty.

      In addition, banks can use loyalty programs to incentivize customers to maintain their relationship with the bank. By offering rewards for continued business (like Amex’s customer retention offer of several thousand Membership Reward Points), banks can earn the loyalty of their customers.

      Plus, a banking CRM can help banks to build loyalty among their employees by providing a platform for employee recognition, reward, and referral programs. By showing appreciation for their employees’ hard work, banks can create an environment in which employees are more likely to stay with the bank and continue to provide excellent service to its customers.

      The Four Best Banking CRM Software


      Pipedrive CRM for financial services focuses on visual sales pipeline management enabling you to take well-informed decisions for your business. It provides you with a 360-degree view of your leads and customers, helping you to enhance the customer experience.


      By using Pipedrive’s Banking CRM, you can:

      • Get a better insight into your customers’ requirements
      • Provide better product recommendations
      • Establish a lasting and loyal customer relationship

      It provides four feature-rich paid plans to enhance the productivity of your banking organization:

      • Essential at $9.90/user per month — Helps in organizing the sales process.
      • Advanced at $19.90/user per month — Offers easy-to-use email for quick scalability.
      • Professional at $39.90/user per month — Helps in boosting revenue and improves overall performance.
      • Enterprise at $59.90/user per month — Offers unlimited customization and support.


      Increased Productivity With Automation And Performance Insights

      Pipedrive allows you to automate the string of repetitive tasks, allowing you to focus more on delivering quality service to fulfill the customers’ requirements. It enables you to:

      • Automatically send personalized emails to your customers
      • Automate sales tasks
      • Create workflows for sales processes
      • Filter demographics or review email lists
      • Auto-create deals

      Its visual sales pipeline management provides you with Performance Insights, which can help you in addressing the requirements of your insurance, banking, mortgage, or other financial services.

      Lead Generation With Personalized Campaigns

      Pipedrive empowers you to create attractive marketing campaigns to help you target the right audience. By giving your customers a personalized experience, you can generate high-value leads.

      You can personalize email campaigns to increase your customer base by using:

      • Drag-and-drop email builder
      • Catchy templates
      • Customer segmentation and labeling options
      Powerful Third-Party Integrations

      Pipedrive uses four core modules in financial services and allows easy syncing of your business data with third-party apps. You can integrate your business with some popular financial service tools such as:

      • Agency management
      • HR incentive management
      • Core processors
      • Leasing
      • Investment systems


      Email Glitches

      Pipedrive fails to automatically assign emails to the clients. The glitch sometimes causes an email to land in the other clients’ deals in this CRM tool.

      Also, it is not possible to assign an email to multiple deals. Emails cannot be flagged with an appropriate classification such as marking an email as starred, as important, etc.

      Poor Customer Support

      Pipedrive has been reported to offer subpar customer support. The complex internal processes prolong the resolution as a result of which the issue remains unresolved most of the time. Since customer support works as per European business hours, a direct conversation with the support becomes a task for clients from a different time zone. Also, due to poor tech use, chatbots do not work well.

      Microsoft Dynamics

      Microsoft Dynamics CRM (now called Dynamic 365) merges core banking functionalities with essential data to help you monetize customer data and improve customer retention. With deeper customer insight, it empowers you to manage risks proactively and take calculated decisions while handling operational costs.


      Microsoft Dynamics offers an expansive range of plans segregated across various spheres such as:

      • Customer Data Platform
      • Service
      • Sales
      • Supply Chain
      • Marketing
      • Commerce
      • Finance
      • HR
      • Project Management
      • Small and Medium Businesses

      The price begins from $1500/tenant per month.


      Powerful Customer Acquisition And Onboarding

      Microsoft Dynamics automates the sales process and allows you to attract customers by establishing personalized interaction. It uses its AI-enabled insights to design personalized campaigns to increase the customer acquisition rate.

      It uses intelligent chatbots in its automated process to proactively initiate conversations, provide quotes, and qualify leads. This data helps the bankers and relationship managers to get strong insights with productive lead scoring, enabling them to focus on the prospects which are most likely to convert.

      With Teams, it allows you to organize virtual meetings across the channels with your customers, enabling you to give them a personalized experience. This further helps you provide a seamless customer onboarding process.

      Risk Management With Intelligent Automation

      Microsoft Dynamics uses low-code/no-code automation for risk management. It lessens the business risks by using Robotic Process Automation (RPA). With its Adaptive AI (which closely observes fraud patterns), it protects your online financial data from any malicious attack. It analyses the customer data and identifies any possible risks by integrating the data with its key risk management tools.

      Native Microsoft User Experience

      Microsoft Dynamics uses the same user interface as Microsoft Outlook, which makes it easier for you to get acquainted with its working pattern. By making the adoption of Banking CRM easy, it helps in cutting down the training time, and also proves to be cost-effective.


      Expensive Paid Plans

      Based on the required tools, Microsoft Dynamics is quite expensive, especially for startups and small businesses. The platform requires purchasing additional modules since it offers segmented functionality. Plus, it offers no free trials.

      Also, building marketing lists in this tool is quite a task. The glitchy software challenges the import of lead inquiries to be turned into marketing lists.

      Data Storage Limits

      As a banking company grows, the requirement for increased storage capacity also grows. Microsoft Dynamics offers 5 GB storage which doesn’t suffice for an enterprise-level organization. Every additional storage costs $9.99/GB per month.


      Salesforce comes with an array of CRM tools for various banking sectors enabling you to provide your customers with a personalized and seamless digital experience.


      • Retail Banking — Allows you to engage with your customers in real-time across any device effortlessly.
      • Mortgage Banking — Provides you with access to all the important information required in the mortgage process, and helps enhance relationships with brokers and customers.
      • Premier banking — Helps you to get predictable insights into your customers’ behavior to gather data related to career milestones, career objectives, etc. This assists you in the timely fulfillment of your customers’ needs.
      • Business Banking — Empowers you to streamline the loan origination and process workflow by providing you with a complete understanding of your customers’ (at both personal and business levels) financial needs.
      • Commercial Banking — With its purpose-oriented commercial banking tools, it helps in cost reduction and improves the personalized banking experience.
      • Investment Banking — Its investment banking solutions enable you to streamline the workflow and move forward with compliance deal management. It enhances team (like sales teams) collaboration and simplifies data analytics.

      Salesforce offers four robust paid plans under its Financial Cloud category:

      • Starter-Enterprise Edition at $225/month per user
      • Starter-Unlimited Edition at $375/user per month
      • Growth-Enterprise Edition at $300/user per month
      • Growth-Unlimited Edition at $450/user per month


      Compliant Data Sharing

      The Compliant Data Sharing solution by Salesforce allows you to configure the data sharing rules while complying with the company’s policies and regulations. Without the need for any complex code, the administrator can control and observe who can access the data or with whom the data can be shared. This helps in avoiding conflicts and keeps critical data protected.

      Enhanced Customer Relationship

      Salesforce lets you provide your customer with a smooth onboarding process. It allows you to identify the needs of your customers with strong insights letting you build loyalty and give them a frictionless banking experience. With the connected customer data, you can achieve a unified view across the channels and get insights into financial holdings via a single platform.

      Elevated Omnichannel Experience

      Salesforce’s AI and self-service options allow you to manage voluminous data, and customer interactions, and deepen trust with secure digital and mobile processes. It works in three ways:

      • Unifies customer engagement by collecting data from various channels.
      • Empowers you to use clicks instead of codes to strengthen your customer solutions in advance.
      • Uses chatbots and helps agents to transform interactions and personalize the customers’ experience.


      Steep Learning Curve

      The wide number of features and options can be overbearing for new users at times. Getting acquainted with its process can be difficult without prior knowledge of the tool. Some elements of the tool are complicated and organizing them with the user project can therefore be difficult.

      Additionally, there is an occasional latency since it can be used only with internet access. At times, SFDC admins have to be hired to assist in report building.

      Lengthy Setup Process

      The exhausting setup process requires a lot of effort in ensuring that the data from the backlog work is clean and organized. It might require a certain degree of coding knowledge too. The system implementation might require involving a Salesforce worker many times.


      Createio CRM tool is a no-code software that uses BPM (Business Process Management) technology and provides you with the ability to streamline your workflow with automated banking processes. With its robust features, it covers the following banking operations:

      • Lending
      • Bank sales
      • Marketing
      • Bank Customer Journey


      The Creatio CRM bundle includes plans for:

      • Sales — Starts at $30/user per month
      • Marketing — Priced at $3134/user per year
      • Service — Starts at $35/user per month


      Robust Automation For Increased Profitability

      With its powerful sales automation, Creatio helps you in planning, executing, and analyzing the sales process. It helps:

      • in increasing productivity
      • In establishing and expanding the client base
      • In creating a new product portfolio

      Marketing automation helps your team in capturing current and historical customer interaction, enabling you to create, plan and execute result-oriented marketing campaigns by using the most popular communication channels.

      The tool lets you automate all your sales, marketing, and service processes using a single application built on a centralized platform.

      Easy User Interface And Efficient Finance Management

      Creatio CRM for banking companies offers an attractive user interface with a social appearance that allows you to share your user experience across all devices. It also helps you to easily access all the critical data on mobile apps.

      Efficient Finance And Sales Cycle Management

      The finance management CRM by Creatio allows you to use a comprehensive feature set that comprises the following for front-office and contact center automation:

      • Multi-channel communication
      • Management of customer database
      • Management of business processes
      • Agent workplace
      • Strong integration
      • Knowledge and Case management

      The Sales management CRM software by Creatio for the financial sector helps in the efficient management of the entire sales cycle. It comes packed with some key features such as Product Management; Sales Forecasting; Collaboration Tools; 360-Degree Customer View etc.


      Complex Documentation

      The community documentation of Creatio is (extremely) complex to understand and lacks clarity. A majority of the documents are outdated and updates cannot be applied to these. Also, printables and reports are problematic to work with. It cannot print images or any kind of attachments from a section.

      Poor Third-Party Integration

      Specific integrations such as legacy systems or other particular solutions (that require development) are impossible as a result of which you have to develop such integrations. Also, due to the security setup, it is impossible to apply certain changes to the historical records and can be applied only to the current data.

      Wrapping Up

      A banking CRM software is an invaluable tool for banks and other financial institutions to optimize customer service, streamline processes and maximize profitability.


      With a comprehensive CRM system in place, banks can now provide customers with personalized experiences that build loyalty and trust, as well as provide more accurate insights into customer needs. By improving communications with customers through personalized messages, an optimized website experience, data analysis tools, and more, banks can ensure that they are providing a top-notch service that meets the needs of today’s digital consumers.

      Financial institutions should leverage the power of CRM systems to be able to stay ahead of the curve in terms of customer experience, and remain competitive and dominant within their respective industries.