What’s CRM and How Will it Help the FinTech Industry

Saphyte Team

4 min read

Updated: May 28th, 2020

The way businesses operate has drastically changed over the years. Due to the fast development of technology, businesses have been trying to adjust and keep up with the latest technological trends as most of these changes benefited those who applied them. This process is called digital transformation. 

Digital transformation can either benefit or harm businesses in any industry. One of the sectors that shows evidence of this change is the retail sector. From a brick-and-mortar setup, now they have gone digital with their online stores or shops. Customer interactions have fundamentally transformed. Some of the retail owners have learned to adapt to the hybrid set up – by having a physical store and an online shop at the same time. 

Another example is the financial industry. Like any other type of business, the finance sector has products and services to offer. They also have to deal with customer interaction and more. But with the rise of demand for better services and customer satisfaction, financial establishments have turned to FinTech to enhance their services and adapt to the changes in the business landscape.

But what is FinTech? And how will CRM as a revolutionary approach challenge the sector in the coming years?

What is Fintech?

Fintech is a general term used to describe financial technology. Financial technology is an industry that encompasses any kind of technology with regard to financial services, whether it is from businesses to consumers or consumers to business.

Fintech also describes a company that offers financial services through software or other technology. This includes anything from mobile payment apps down to cryptocurrency.

In a broader sense, fintech companies perform or connect with financial services through the use of the Internet, mobile devices, software technology, or cloud services. Many fintech products require a customer database, contact management system, and many more. This is where Customer Relationship Management (CRM) tools come into play.

What are the emerging technologies related to finance?

As of the moment, the kinds of technology emerging from the finance sector merely scratch the surface. However, here are a few popular examples of the technologies present in the financial sector. 

Artificial Intelligence and Machine Learning

Artificial intelligence and machine learning are commonly used in the FinTech sector. They are expected to help decrease costs, enhance revenue, reduce fraud and security risks, and improve customer satisfaction, among others.

AI bots are one of the examples of the application of this technology. This tech improves the way businesses engage with their customers as AI bots decrease the time and energy required to answer phone calls and receive inquiries from customers. This way, the business can allocate more time to focus on other aspects of the sales process. 

Digitization and Mobile Support

More businesses nowadays are going digital. Even banks are deploying mobile and online banking solutions to further strengthen their operation. This additional touchpoint encourages customers, especially younger and tech-savvy ones, to utilize digital and online systems, decongesting the other touchpoints of the business.

Cryptocurrencies and Blockchain Tech

With all the changes in the way businesses are done and with the increasing demand for better services, an upgrade in business technology is inevitable. Upgrades in analog processes and systems are being done to keep up with the rising demand for speedy and expedient currency exchange. Blockchain and cryptocurrency are products of this demand in the market. 

Cryptocurrencies do not mean that we are moving away from traditional currencies. It might be possible to completely replace traditional currencies, but that may only happen many decades from now. It is also projected that paying with physical money will no longer be present in the future– with just a quick QR scan or NFC scan, payments will be processed within a secure network.

The same is true for blockchain technology. Developments are underway for the technology with the expected application of its technology in many ways within the industry.

What’s CRM role in helping the finance technology sector? 

CRM software is a proven investment for your business. Not only does it help you provide better customer service to existing customers but it is also helpful in finding new customers. Here are some of the ways a CRM system is used in the finance sector.

Marketing Automation

An effective CRM tool is armed with a good marketing automation system. Most CRM solution software carry features that will facilitate the implementation of your marketing campaigns. CRM applications provide tools that help you nurture your leads and turn them into actual clients through personalized service. 

Through marketing automation, you can send out curated information to those who are interested in your fintech products and services. This is usually done through email marketing and posting valuable content on social media. 

Social Media Integration

Social media is a popular avenue for promoting products and services, even if you are in the fintech industry. This is a common marketing strategy if your target market comprises millennials and Gen-Zers. 

With a proper CRM tool, you will be able to implement an engaging and content-rich marketing strategy without the hassle of building more accounts. 

Contact Management

To further nurture your leads and build their trust along the way, you must have complete and reliable customer information at your disposal. To make that possible, a CRM tool is designed to operate using a contact management system.

A contact management system is responsible for storing a customer database. This will include names, positions, lead scores, and even the nature of a lead’s business. The contact management feature will be the driver of the customer service experience. 

How Saphyte can Help the Fintech Sector

With the fintech industry growing stronger, a proper CRM system is needed to supplement many businesses’ growth. This is the primary goal of Saphyte.

Saphyte is built to grow along with your business. Most especially if you want to build your fintech business. The fintech industry’s blood life relies heavily on its users and Saphyte can help you with that. Here are some of the features Saphyte has to help you maintain and grow your fintech empire. 

Lead Nurturing

Customer information is a prized gem. This is why Saphyte’s CRM software is built with a powerful contact management system. The system enables its users to view centralized information in one place. 

Saphyte categorizes your leads by status and updates. Client notes are also built within the system to help users take note of any contact history made by your sales team. These features will help you and your team convert leads to actual clients efficiently.

Sales Management, Client Onboarding

Saphyte is built with the understanding that your sales team needs a seamless sales process. Along with sales forecasting and sales intelligence that provides you with real-time and accurate information for your business decisions, Saphyte also allows its users to make use of third-party identity verification tools to smoothly take clients onboard and expedite the process.

Campaigns are Made Easy

Get your business into full gear and be ready to face your competition. With Saphyte, you no longer need to switch from one application into another and log-in using different accounts every time.

Your marketing campaign activities are all summarized and can be found under the Campaigns tab for easy monitoring, with tools that you can use to optimize your campaigns and increase their effectiveness.

Conclusion

Doing business these days is not easy. But you can maximize your lead generation and sales conversion efforts with the help of the right Customer Relationship Management (CRM) software.

Not only will it help you build a solid customer base, but it will also enhance your abilities to attract new customers and encourage them to buy from you again. Selling your products and services as a FinTech company will not be enough, a more personalized customer interaction is needed for your customers to do business with you again.

Interact with your customers, nurture your leads, and grow your customer base now with Saphyte. Contact us for more information.