Fintech is among the largest evolving industries today. Its two components, finance and technology, sit right at the heart of the evolving world – let alone the marketplace. The relevance of fintech pervades through all industries and even our personal lives. Be it traditional financial services, like banking and insurance, or novel ways of investment, payment or budgeting, fintech has transformed the entire financial services sector.

Meanwhile, emerging technologies have given consumers a whole variety of services to choose from to fulfil their financial needs. Like in every industry, consumers of the financial sector increasingly demand better experience from their service providers. As a matter of fact, surveys indicate that customer experience is now the major determinant of success for any brand. Sitting on the node of all market transactions, this finding applies to fintech at least as much as it does to any other industry.

CRM solution

Therefore, it is vital for fintech companies to invest in building strong relationships with their customers. A Customer Relationship Management (CRM) system is the solution that allows companies to do just that. There are several reasons why fintech companies should employ a CRM solution.

CRM tracks customer behavior and provides personalized experiences

The time for traditional methods of banking and investing is long past. Customers expect rapid service delivery from their service providers, via myriad communication channels, and want their preferences to be known and remembered. They demand to be presented with content, offers and services that are consistent with their specific tastes and requirements. A CRM system takes charge of delivering just the kind of content that individual customers like. And it does this not only by assimilating their feedback and complaints, but also by actively tracking their behavior online and running complex analytics on it. As a result, it is able to consolidate all the data of every customer or lead in a unified database and, in turn, deliver a unique and tailor-fit user experience for every customer.

CRM integrates all your existing services into a unified platform

The one thing businesses from any sector cannot live without is efficiency. Just as much, in fintech, scalability is an inevitable need for every company if it means to last. A growing business and an increasing customer base translate into more work and need for more workers. Add a new service to the recipe, and the enterprise finds itself hurtling through establishing new departments, hiring more employees, and deploying new software. With a CRM solution, on the other hand, you can unify all of your business’s needs on one platform. With highly adaptable automation tools, the CRM system can take over functions of all of your departments and perform them seamlessly.

CRM is safe

Banks, insurance services, crowdfunding platforms, digital payments and every other financial service all have one thing in common. They all require the most robust security features to prevent breach of sensitive data and loss of money. In 2020, we are all well aware of security risks that we face if our data is not properly protected. The financial sector is especially vulnerable due to the nature of its services. Therefore, it is crucial that companies only employ solutions that are trustable, up-to-date and meticulous. A good CRM system will make absolutely sure that the integration of functions, simplicity of use, rapid communication and personalized service delivery will not compromise users’ sensitive data or safety in any way.

The businesses landscape across the board is evolving at breakneck speed. The only way to stay relevant is to evolve with it. As more and more businesses as well as individual users shift to non-traditional methods of financial transactions, fintech companies increasingly need to offer not only novel solutions but also attractive platforms that can successfully cater to both the needs and preferences of customers.

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