Top 10 CRM for Banking Industry in 2022

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There has been a rapid increase in the number of customers using banking services and serving all of them effectively is a daunting task. Software providers have integrated CRM software for bank that helps them serve their customers in a personalized manner, thereby boosting relationships and customer satisfaction.

CRM has become an integral part of banking infrastructure to manage their clientele. However, when it comes to CRM for the banking industry, there is a whole array of software available in the market. In this article, you will learn about the top 10 CRM solutions for the banking industry in 2022.

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What is CRM in Banking?

Customer Relationship Management (CRM) in the banking sector helps in managing a bank’s relationship with existing and potential clients through a set of collected data, integration of communication channels, and streamlining customer service.

CRM in the banking industry allows banks to collect, store, analyze and leverage valuable data to gain and retain high-value loyal clients.

Importance of CRM in Banking Industry

CRM is essential for every business that deals with many customers or clients. However, when it comes to entirely customer-dependent industries like banking, CRM is of utmost importance. Here are some of the reasons why CRM in the banking sector is crucial.

  • Record and manage customer data, communications, and interactions across channels.
  • Gives banks the ability to have a 360-degree view of their customers, understanding their needs better
  • Allows Customer service team to better serve clients with personalized service
  • Gives deeper insight into clients’ demographics, buying patterns, and data for better policies
  • Identify and retain high-value loyal customers
  • Allows teams to collect data for targeted marketing campaigns.

In short, a good CRM system can help banks improve customer satisfaction and loyalty, increase cross-selling and upselling opportunities, and boost efficiency.

Benefits of CRM in the Banking Industry

Here are the major benefits of CRM in the Financial Services industry:

  • Streamlines Entire Operations: Streamlines and automates the entire client management and service operation of a bank. Right from marketing to sales to customer service through integrated workflows.
  • Improves Customer Loyalty and Satisfaction: Provides a 360-degree view of customers and allows banks to provide personalized service for improved satisfaction.
  • Increases Efficiency: Boosts efficiency by automating repetitive tasks and improving communication between departments.
  • Smooth Workflows: Establishes workflows between different departments leading to improved communication and higher efficiency.
  • Boosts Revenue: Provides better insights of customers for targeted products, services, campaigns, and policies for more revenue.
  • Improves Decision Making: Provides a wealth of structured client data allowing banks to make better decisions about marketing, sales, and customer service strategies.
  • Viable Reports and Analytics: Generates accurate and easy-to-read reports and analytics for setting targets, identifying gaps, and tracking progress.

10 Best CRM to Overcome Challenges in Banking Industry

Our experts have analyzed and reviewed hundreds of CRM software and shortlisted the top 10 CRM for bank industry.

  • EngageBay

EngageBay CRM is a comprehensive CRM software that integrates a large number of customer management, sales, and marketing tools making it a near-perfect CRM system for banks. Distinguishing features like behavior tracking and appointment scheduling are extremely beneficial for banks and insurance companies.

crm in financial services

EngageBay Features

  • Holistic 360-degree customer view
  • Automatic lead scoring
  • Centralized data sourcing
  • Sales gamification
  • Integrated interaction management
  • Social media data extraction
  • Consistent data and interaction
  • Pipeline visualization

EngageBay Pricing: For large institutions like Bank, the All in One plan costs ₹1345/user per month for unlimited contacts.

  • Zoho CRM

Zoho CRM is one of the most popular CRM solutions on the market and for good reasons. It’s feature-rich, offers extensive integrations, and has both cloud-based and on-premises deployment options making it a versatile CRM system. Zoho also offers a Canvas and Developer platform that allows banks to tailor the CRM for specific banking needs.

Zoho CRM for Bank Features

  • Smart selling with conversational AI
  • Omnichannel customer interaction
  • Intelligent alerting system
  • Email and call prioritization
  • Multiple pipeline management
  • Blueprint and validation ruleset
  • Mobile MDM & SDK

Zoho CRM Pricing: The pricing for Zoho CRM starts at ₹944 per month per user. The CRM Plus plans with maximum features cost ₹4130/user per month.

  • Nafhaa CRM

Nafhaa CRM by Silicon IT is a user-centric CRM solution that mainly focuses on customization and ease of use. Nafhaa goes beyond simple customer management and integrated marketing, customer service, and even supply chain management. 

Nafhaa CRN for bank

Nafhaa CRM Features

  • Sales engagement tracking
  • CXO dashboard
  • Third-party software integration and API
  • IPBX device engagement
  • 50+ Integrations
  • User hierarchy for data segregation

Nafhaa Pricing: Nafhaa costs ₹2832 User/year for the Business Pro plan.

  • Salesforce CRM

Salesforce CRM is one of the most popular CRMs on the market. It offers extensive integrations, industry-specific modules and provides a highly scalable CRM solution making it one of the best choices for banking CRM solutions. It helps banks deliver a customer-centric user experience.

Salesforce CRM for Bank Features

  • Industry-specific customized solution
  • Process automation
  • Opportunity management
  • Forecast and pipeline management
  • Omnichannel lead management
  • Social media insight collection
  • AI-powered automation

Salesforce CRM Pricing: Salesforce provides customized pricing plans as per the requirements of the users. Contact Techjockey Team for detailed pricing.

  • HubSpot CRM

HubSpot CRM is a popular CRM solution that offers a wide range of features to help banks manage their customer relationships. The software is designed to provide a complete view of a customer, from initial contact to post-purchase follow-ups. HubSpot also offers extensive integration and plugins, making it a preferred choice for banks.

HubSpot for banking customer relationship

HubSpot CRM Features:

  • End to end customer history tracking
  • Lead scoring and management
  • Configurable workflows
  • Automated email and social media scheduling
  • Data enrichment and segmentation
  • Advanced reporting and analytics

HubSpot Pricing: HubSpot offers a free plan for small businesses. However, HubSpot offers custom pricing plans for banks and financial institutions. Contact the Techjockey team for detailed pricing. 

  • Oracle NetSuite CRM

Oracle NetSuite is a feature-rich Bank CRM system designed for banks and other financial institutions to deliver a personalized brand experience. Oracle CRM also offers a wide range of features to help banks manage their customer relationships, including lead management, opportunity management, and partner relationship management.

Oracle NetSuite CRM

Oracle NetSuite Features:

  • Salesforce automation
  • Comprehensive reporting & analytics
  • Quota management
  • Partner relationship management
  • Customer service management
  • Industry specific modules
  • Compliance management

Oracle NetSuite CRM Pricing: Oracle offers custom pricing plans for banks and other NBFI. Contact the Techjockey team for detailed pricing.

  • Freshsales

Freshsales is another comprehensive Banking CRM solution that boosts efficiency by streamlining and integrating the sales and marketing processes of banks. Freshsales banking CRM also offers extensive integrations and plugins, making it a versatile CRM software.

Freshsales Features:

  • AI-powered chatbots and deal insights
  • Fully customizable web forms
  • Visitor intent tracking
  • Predictive contact scoring
  • Slack integration
  • Dynamic forecasting
  • Automated sales campaign
  • Contract life cycle staging

Freshsales Pricing: Freshsales provides a ₹1651/per month/user (billed annually) Enterprise plan for Banks and financial institutions.

  • LeadSquared

LeadSquared is a leading one-stop banking CRM solution allowing banks to manage their entire customer lifecycle. LeadSquared CRM for banking lowers ownership and customer acquisition costs by streamlining the acquiring, onboarding, and engaging process.

LeadSquared for HubSpot for banking and customer relationship

LeadSquared Features:

  • Workflow customization
  • Enterprise grade security and control
  • Multi-channel engagement
  • Mobile CRM for bank agents
  • Cross-sell/upsell engine
  • Debt recovery module
  • Corporate banking management

LeadSquared Pricing: LeadSquared has a custom pricing plan for large institutions like banks as per their requirement. Contact the Techjockey team for detailed pricing.

  • Solid Performers CRM

The Solid Performers CRM is a great choice for banks looking for comprehensive, affordable, and easy-to-use CRM software. It is a great CRM for financial institutions due to its additional modules like Document management, PI management, and deal management. It also has advanced reporting and analytics capabilities, making it a great choice for growing banks that what to close more leads and track performance efficiently.

Solid Performers CRM Features:

  • Chatbot lead generation
  • Ticket management module
  • Campaign and invoice management
  • WebForm builder
  • Third-party integration and API
  • Document management
  • Customization dashboards
  • Campaign management

Solid Performers CRM Pricing: Solid Performers CRM’s offer is a Triangle Plan subscription at ₹1151/user/month. However, it also provides custom plans for banks and other financial institutions. 

  • automateCRM

automateCRM is a comprehensive cloud-based CRM software with open-source integration and full customization. The VI Data Studio helps to generate extremely vital analytics and reports for predictive analysis and marketing optimization.

AutomateCRM Features:

  • Support and service automation
  • Affiliates management
  • Project management
  • Drip marketing campaigns
  • Message scanners
  • Pipeline management and automation

AutomateCRM Pricing: The basic plan for AutomateCRM costs ₹590/user/month. However, financial institutions could contact the Techjockey team for custom plans as per their needs.

FAQ Section

  1. What CRM do banks use?

    There are several CRM software options available to banks and other financial institutions. Some of the most popular CRMs used by banks include Freshsales, LeadSquared, Solid Performers CRM, and AutomateCRM.

  2. How CRM is a useful tool in the banking sector?

    CRM software is a versatile tool that is used to manage customer data, track customer interactions, and generate reports and analytics. Additionally, it is also used to automate sales and marketing processes, streamline communications, and improve customer service.

  3. Do banks use Salesforce?

    Yes, Salesforce is one of the most popular CRM software platforms used by banks. It provides various features and tools that are specifically designed to meet the needs of the banking sector.

  4. How is Salesforce used in the banking industry?

    Salesforce is used in the banking sector for several different purposes. For example, it is used to manage customer data, track customer interactions, generate reports and analytics, automate sales and marketing processes, streamline communications, and improve customer service.

  5. Which is the highest-rated CRM in banking?

    LeadSquared is one of the highest-rated CRMs for the banking industry. It offers a comprehensive suite of banking-specific features like borrower management and corporate relationship management that make it a great choice for banks.

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