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FINTECH Embraces the Benefits of CRM

Published on August 10, 2020
2 min read
Marketing
Icon Saphyte Team
2 min read
Updated:

In the present time, financial institutions are facing the same challenge today as 15 years ago. Despite the fact that everything is modernized and are transitioning to digital transformation, Fintech businesses are still trying to figure out how to obtain a 360-degree view of their customers whilst being consistent throughout all contact points of the company.

For Fintech business (Banking, Financial Services and Insurance), having a 360 view of their customers is a great priority. Why? It all boils down to having a better bottom line.

The Banking, Financial Services, and Insurance (BFSI) sectors operate at an increasingly fierce competitive pace. In order to keep up, these sectors must turn their focus on customer relationships and experience.

The challenge of having a 360-degree view of Fintech industries is just the tip of the iceberg. Underneath it all, there are plenty of challenges that the Fintech sector faces. Here are some of them.

Keeping up with consumer expectations

The market trend today focuses mostly on customer experience, and most finance businesses are feeling the pressure because of the expectation and demand on the level of service, especially when it comes to technology.

Customers demand and want their banking experience to be simple, fast and secure. This is an understandable statement, because we live in a fast-paced world and customers expect a smooth sailing experience within the finance sector.

The increasing competition from financial technology companies

Financial technology (FinTech) companies consist of start-ups that use software to make financial services more accessible, efficient and reliable. With the increasing popularity of Fintech companies over traditional banking institutions, they have disrupted the processes of the traditional way of doing financial business. That is why finance companies who still cling to the old methods of doing business need to adjust to the changing demands of consumers in order to ensure competitiveness and stability.

Regulatory pressure

Regulatory requirements are ever-changing. They continue to expand, and banks need to spend a large part of their open budget for compliance, and must build systems and processes to keep up with the escalating requirements.

All the while, constantly evaluating and improving their operations at the same time, in order to keep up with the pace of change in the financial industry today.

Why Fintech Companies are embracing the benefits of CRM?

Contact Management

CRM allows you to further nurture your leads and build customer trust along the way. In order to do that, your business must have a reliable customer information repository at its disposal. You can only do that with a reliable contact management system.

A contact management feature is responsible for storing and securing your customer database. From names, positions, lead scores, and even the nature of a lead’s business. Having the right information builds quality data. Quality data is the main driving point of customer service experience.

Plus, you won’t need to invest in hard drives, because most CRM’s are cloud-based. All your information will be stored in a secure cloud system and can only be accessed by the people inside your team.

Lead Nurturing

Customer information is a prized gem in every sales process. Most especially for the finance sector. CRM platforms are built with a powerful and reliable contact management system and enable its users to have a view of centralized information all in one place.

Most CRM’s are also built with a lead scoring algorithm, so that you can identify whether a customer is ready to convert or not. These features will help you and your team convert leads to actual clients efficiently.

Customized for Scalability and Flexibility

Having a CRM that is built around the idea of growing alongside your business can be a great help, most especially for Fintech companies. A platform where you can customize modules, tools, or processes can be a great advantage.

With a platform that allows you to become scalable and flexible, can grow along with your business and can be tailored according to your business processes, the opportunities for tailored growth are at your fingertips.

Conclusion

Embracing new technologies is a brave and bold move. When you decide to take that step, why not take it with someone who can guide you through the process, until you’re ready to go take the reins alone?

With Saphyte CRM, we can do just that. We understand the core needs of Fintech companies and have the tools needed to help them reach their business goals. Curious? Give us a call and together let’s make your CRM and business journey seamless as possible. Contact us now to book for a free demo.

August 10, 2020