As markets grow and technological advances increase, the demographics and expectations of customers also change. While client satisfaction and maintaining their loyalty used to work in the past, it is no longer enough on its own.

The higher market growth and technological advancement, greater the expectations of the customers. It is no longer enough that financial firms just ‘maintain’ customer loyalty, they also need to find out new ways to acquire more customers.

And implementing a CRM for financial services is the only way to go about it, that apart from opening new revenue streams, also offers you…

1. The ability to give personalized services to customers

2. Improve operational efficiency

3. Give you a 360 degree view with insights on each customer

4. Integrate with mobile, social technologies

5. Unifies all functions and departments on a single powerful platform.

Having a Financial CRM software is only the first step in acquiring customers. Below are six other ways business can acquire more customers through CRM.

1. Ensure that information is shared across functions
It is bothersome when a client receives calls from different people from the same company, who are all asking the same thing. When this happens, one starts to wonder, is this company really organized? This is the quickest way to lose clients and hurt sales.

Hence, all the teams across board should be up to date on what different teams are upto and socially collaborate on their daily tasks. Social tools inbuilt into CRM allows you to share files and notes too, in real time.

2. Design custom journeys
Designing acquisition journeys (with digital visual designers) goes a long way in acquiring more customers and keeping them interested in completing the on boarding process. Easier on boarding creates a great impression that in turn attracts more customers.

3. Allow the Sales Team to Benchmark Their Performance
One of the things that a Financial CRM software does is that it offers parameters for measuring performance. By employing this information, each individual in the sales force can evaluate how they are performing in customer acquisition. This way, it is easy to scale up or correct errors that have occurred in their work.

4. Allocate Resources Wisely
Financial CRM entails having the wisdom to gauge the individual needs of each customer. Bigger clients may demand more attention and thus more hands when handling their affairs. In other cases, some clients may be a long shot, thus requiring a measured approach and lesser resources.

5. Make Reporting As Easy As Possible
One of the key benefits of a CRM software for financial services is the ease with which reports can be delivered. However, having a resource and using it are two different things. Your team doesn’t have to spend countless hours. The time that the team saves making reports can be used in making additional sales.

6. Follow-up on Notifications and Reminders
In sales and marketing, maintaining contact with a prospect is key. However, of equal importance is to follow through on agreements with clients. Failure to do so can lead to the loss of important relationships. Since most CRM software do provide these reminders and notifications, ensure that each person in team follows-up whenever necessary.

These are just a few of the ways CRM can be used to acquire new clients for financial services businesses.


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