Finance CRM software for small business

Sales automation

A good CRM software automates and simplifies processes related to the sale of financial products and services, including contact management, opportunities, quotes, and approvals. This way, you have more time to focus on building relationships with clients and selling, and less time on paperwork.
The best financial CRM solutions for small businesses will also provide the necessary insights to identify new revenue opportunities so businesses can make better decisions about pricing and products. In addition, with improved customer satisfaction and loyalty, a CRM is a tool that can lead to higher retention rates and more cross-selling and upselling opportunities.

Workflow automation

A good financial client management software helps finance-based services businesses improve efficiency in many ways. Specifically, it can help by automating many of the workflows associated with managing customer data, from initial client contact to post-sale service. This includes tasks such as client onboarding, email marketing, billing, document submission, contact management, and data entry. Automating these processes reduces administrative overhead to get you to onboard customers quickly and effectively.

A 360-degree view of the customer

The client is the most important element of any business, and this is no less true for small businesses in the financial sector. CRM software offers you an all-encompassing view of the customer, allowing you to see all current and previous interactions with a customer with an organization, across departments, from first contact to after-sales support. This consolidated view means that you’ll notice any touchpoints where the customer may have had a poor experience, and you can address these before they churn.

Improved collaboration

With a CRM system, all your customer data is centralized and can be accessed by anyone with the right permissions. This gives teams the visibility they need to collaborate seamlessly and make better decisions — both of which are essential to providing a stellar customer experience.
An instance of this in action: a loan officer and a relationship manager can quickly resolve a customer query by looking at the same case file in the CRM. Because everyone is working off the same information, there’s no need to waste time exchanging emails requesting updates and/or clarifications.

Increased security and compliance

As far as financial services are concerned, data security and compliance with regulations are of utmost importance. A CRM system can help you meet these challenges by providing robust security features such as role-based access control, which ensures that only authorized users have access to sensitive data.

Data-driven decision-making

A CRM for finance also gives you access to powerful data that can facilitate faster and better decisions. With the ability to slice and dice your customer data in many different ways, you can quickly and easily identify trends and patterns in customer behavior, customer acquisition costs, etc., and take action accordingly.

Improved customer service

It takes a customer-centric approach to live up to the expectations of today’s consumer: one that (justifiably) expects to be treated as an individual rather than a commodity.
In this case, CRMs can improve the overall customer experience by offering guided self-service options, such as client portals, as well as the ability to engage a business across all communications and social media channels. Businesses can take this a step further by leveraging the wealth of data intelligence in their CRMs to deliver a more personalized and targeted level of service.

User-friendly and accessible

Modern CRMs are typically cloud-based, mobile-friendly, and accessible across multiple devices. They also need to have an intuitive user interface that’s simple enough for users to pick up. Ultimately, this saves time on training, allows teams to utilize the CRM’s full potential sooner, and overall leads to better customer and employee engagement.

Scalable

The finance CRM software you choose has to be scalable. In other words, it should be able to accommodate your business as it grows. This might include features such as being able to handle an increased number of contacts, more user adoption, and managing multiple currencies.

Budget-friendly

It goes without saying, but any CRM software you choose should never become an overburden on your finances. You can get started with a basic CRM (vcita starts at $19/month) and then scale up as your business grows.

Easy to integrate

The CRM you choose should also easily integrate with your existing business applications, such as your accounting software, video conferencing system, email marketing platform, and more. This way, you can avoid duplicating data entry across different systems, all while finding new ways to automate existing processes for better efficiency.

Secure

When it comes to CRM software for financial service businesses, data security is important as you’ll be dealing with sensitive customer information. Make sure that your CRM has the necessary features to keep your data safe, such as role-based access control, two-factor authentication, data encryption, and activity logging.

Compliant

Data management in the finance industry has to comply with certain regulations designed to protect clients such as investors, shareholders, and banking customers. Look for a CRM that can prove compliance with a host of regulations. With vcita, for example, all our data is processed in compliance with the General Data Protection Regulation (GDPR), California Consumer Privacy Act of 2018 (CCPA), and more.