CRM in Financial Services focusses on the techniques used in customer relationship management and how these techniques can be implemented in financial services. This is especially important in financial services where the market is changing rapidly: retail banking, credit cards, insurance, mortgages, PEPS and pensions.

A properly implemented CRM system will assist in identifying market’s needs and determining how narrowly to segment these markets. CRM can also help in improving customer loyalty. Customer retention is imperative to the success of financial companies. CRM systems use customer profiling and segmentation techniques to analyse niche product markets and allow these customers to be targetted.

We have worked with a number of large financial institutions to successfully implement CRM within their organisations. Please see our case studies area for further information. 

The financial services market in the UK is one of the key sector in the economy - we have found that these establishments need to track communications across their entire customer base. From individual customers to large companies with many different departments and staff members.

CRM is structured in such a way that you can quickly track complex business relationships and the different types of communications involved -filtering and other tools allow you to quickly drill down to the specific information you require.

What is CRM? read more ...

"A bank that has a customer with a mortgage, checking account, savings and investments wants to be able to see them all together but also to value them together and market appropriately," said Mary Pilecki, senior analyst at Forrester Research, noting that it is a trend she sees in many types of financial services firms, from banking to insurance.

This movement away from the traditional Product orientated focus to the more appropriate Customer Focus has led to improvements in marketing, increased Sales Opportunities and higher levels of customer care

Aggregate, automate and analyze

The current trend amongst financial services firms – banks, mortgage lenders, insurance companies and investment firms - is to improve their CRM processes by aggregating customer data for easier access by customer account managers, doing more analysis of customer behaviour, and automating more elements of the service and sales processes.