What are the Types of Banking CRM?

Understanding the importance of Customer Relationship Management and its applicability in banking (including new branches like investment banking), it is now essential that you understand that it is of three different types. Each type comes with its own set of characteristics and is useful in some specific scenarios.

Banking business comes with its unique set of goals, needs, obstacles, and perception. It is requisite that you employ a CRM in banking and ensure that it integrates with the objectives seamlessly.

In this article, we discuss three main types of CRM and their applicability to help you in choosing the best one for yourself.

Types of Banking CRM

Let us start by understanding the three major types of banking CRM and how it works in a bank?

Operational CRM

As the name suggests, operational CRM helps businesses in managing their day-to-day affairs such as marketing, sales, service operations, and other integral tasks. It assists the organization in generating leads and in sending them down the funnel while capturing all the necessary data along the way.

Also, these CRMs are responsible for supporting the front end to attain more effective communication with the clients by storing their data conveniently.  

Features of Operational CRM in Banking

  • You can manage all your contacts in a centralized platform.
  • You get the luxury of lead scoring, which lets you pay more attention to the most important one.
  • You can now automatically assign sales tasks to the requisite team member based on deal value or customer actions.
  • It ensures marketing automation that allows you to assign funnels based on available information.

Analytical CRM

Operational CRMs gather information and store them in a centralized location, whereas the analytical ones analyze the data already collected. It assists the organization in understanding their customers better and approach them more productively.

It uses analytical tools like data mining and others to acquire relevant information like the pattern of purchases, or the amount spent on every such purchase. It will help you locate the target market of your strategies to make them more useful.

Features of Analytical CRM in banking

  • It acts like an organized data warehouse. It is responsible for creating upsell and cross-sell opportunities.
  • It creates a 360-degree customer view.
  • You can forecast your sales using analytical CRM
  • It can draw attributions or possible touchpoints which can help you in converting a lead into a customer

Collaborative CRM

Also known as strategic CRM, it is responsible for strategically sharing customer information with different business departments. It replaces the idea of blatantly sharing data to making informed decisions on what kind of data will be useful to a particular division and supplying them accordingly.

Collaborative CRM ensures that all the departments in an organization collaborate to achieve the most important business goal, i.e., retaining existing customers and creating new ones by improving communication with them.

Features of Collaborative CRM in banking

  • It helps you to efficiently manage your relationship with the clients by understanding their preferences, goals, and other vital aspects.
  • It assists you in excelling at interaction management by breaking down barriers between departments and ensuring a smooth flow of data.
  • It ensures that you get good points in document management by keeping it all organized and under a single head.

Which CRM is the one for you?

We have tried our best to help you to understand the various types of CRMs available in the market. The next important question is, which is the one for you? Here is the CRM that you should opt for yourself –

  • It automates the redundant or the less critical processes in your workflow and helps in reducing the workload of your employees.
  • It integrates well with your existing software and human resource.
  • It should be easy to migrate your data from the previous software to the chosen one.
  • You get 24*7 human assistance to help you out of any hole at the earliest.
  • It is capable of providing useful reports and insights.

Read our article on “How does CRM work in a bank?” to understand more about the system.

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