CRM Solutions for Financial Services

In today’s volatile and challenging economic environment, many financial services organizations struggle to differentiate themselves from the competition. However, because of the nature of the industry, price, products, and distribution methods are often imitated and duplicated by competitors, making it hard to stand out. One of the main ways a company can become notable is to provide their clients with an exceptional customer experience. Many companies are finding that the best way to attract and retain quality customers is through customer relationship management (CRM), and it with CRM software for financial services that they are able achieve their desired results.

“With Prophet CRM for Finance, we have been able to streamline all of our capital market processes. Before integrating financial CRM software, we did not have a system in place that gave us real–time access to customer account information, which often resulted in lost deals and less than stellar customer service. However, once we made the decision to purchase and install the Prophet CRM for Finance software package, we began to see to experience a difference almost immediately. In fact, our sales increased almost 21% within the first 90 days. We would definitely recommend Prophet to other small to medium financial services firms.”

Sean Williams 
Neestal Financial Consulting, LLC

Whether you specialize in offering products and services in wealth management, insurance, or banking, this resource will show you how implementing financial services CRM solutions can help you develop meaningful relationships with your clients, and subsequently increase your competitiveness and profitability. Continue reading to learn more about the specific CRM needs of the financial services industry, how financial services CRM software addresses those needs, and what Prophet CRM does specifically to help you reach your relationship management goals.

Why do Financial Services have Different CRM Needs?

Financial services organizations from insurance providers to retail banking and wealth management firms constantly face pressure to retain profitable customers, increase productivity within the opportunity cycle, and drive deals to close faster. Companies in the financial services industry require innovative CRM for financial services strategies to create growth opportunities, to adapt quickly to changing capital market conditions, and to provide personalized products and services to their clients. To that end, an effective financial services CRM software is key to effectively managing customer relationships across all channels and customer touch points.


“Due to organizational restructuring, we recently merged our corporate and investment banking divisions. As a result, we had seven heterogeneous charts of accounts that needed to be streamlined into a single automated chart of accounts. We used Prophet financial services CRM solutions to help us create an accounting platform with a single chart of account. This solution has become fully integrated into the daily work for all our managers and employees, and has helped us realize a time and cost savings of around 30%.”

Melody Panza
The Ryossi Group

Because of the highly transactional nature of the financial services industry, financial CRM software should also support core financial transactions such as funds transfers, account onboarding, case escalation, customer profile changes, and loan origination. Also, sales advisors and portfolio managers need to capture industry–specific customer attributes to generate the lead qualification process; therefore, CRM for financial services software should be able to support this key function as well. Lastly, to promote efficiency and effectiveness, financial industry CRM software should completely integrate with an organization’s existing applications and processes across the front office and into the back office to leverage existing software and allow for the real–time manipulation of data.

What Customer Relationship Functionalities are Specific to Financial Services?

Improving your closure rates, maximizing profitability, and increasing customer retention. For this reason, you need CRM for financial services software that provides a comprehensive view of all client interactions, enabling you to better understand and anticipate your clients’ needs. Subsequently, you will be better able to capitalize on cross–sell opportunities by delivering targeted offers based on each customer’s unique profile and risk tolerance. Which is key to your organization’s ability to successfully managing risk, boost profitability, and deliver accurate financial advice and tailored services.

“Prophet CRM has helped us consolidate and standardize financial, purchasing, and sales processes company–wide. We have significantly decreased the amount of time it takes to for management and employees to isolate and access pertinent data. As an unexpected plus to using financial CRM software, over the last six months, we have experienced improvement in our financial and purchasing best practices as a result of being able to track activity with the built in analytics. Yes, we would refer Prophet to our peers in the financial services industry.”

Naim Odom
Symone, Inc.

To be competitive, it is imperative that the core functions of your organization operate smoothly and efficiently. Therefore, you should want to implement financial CRM software that incorporates productivity features and mobile solutions that increase your operational efficiency, encourage productivity, and reduce busywork so your people have more time to engage in meaningful and relevant customer conversations. Financial CRM software should also seamlessly integrate with your existing systems and software to help reduce the overall cost of ownership and extend the value of your technology investments. In short, financial industry CRM software should reduce your operational costs and boost your organization’s bottom line.

Can Prophet Help Financial Services in Customer Relationship Management?

Once you have identified your financial services organization’s specific CRM needs, you are ready to proceed with incorporating financial CRM software into your organization’s operations. Prophet offers CRM software for the financial industry that integrates seamlessly with Microsoft Outlook. Since Outlook is one of the most widely used e–mail platforms, a primary benefit of using Outlook–integrated CRM software is user familiarity with the Outlook experience. In addition, the software can help to improve your employees’ performance and efficiency through the use of automated tasks and embedded desktop productivity features.

Prophet CRM software for the financial industry also enables companies that want to compete based on relationships to centralize pertinent client data in order to gain valuable insight into the needs and preferences of their clients and prospects. With Prophet CRM, you are able to track sales activities, identify profitable clients, and isolate key trends using real–time analytics and dashboards. Such activity will significantly help you boost customer loyalty and improve your company’s bottom line.