Impact of CRM On Fintech Companies
Updated: 7 hours ago
The world is seeing a radical shift in the evolution of Fintech companies. Managing and maintaining customer relationships is challenging in the face of constant changes in the industry’s landscape. CRM solves this problem and enables fintechs to deliver great customer experiences, leading to repeat transactions, brand loyalty and vertical growth.
Fintechs should consider CRM as a pool of software solutions designed to automate multiple customer touch points. Many companies still limit their understanding of CRM to S.F.A, marketing automation (primarily email) and customer service. As part of our CRM consulting services we advise customers to identify channels of customer interaction and then select applications that when integrated together, form a complete CRM system. Lastly, they need not be from the same vendor.
CRM acts as a single source of truth for Fintech’s – unifying customer’s interaction with the brand. This is critical to determine a customer’s CLV.
CRM blends all channels of interaction together. Including social, chat and Whatsapp with conventional channels of contact center, email and feet on street.
CRM helps achieve scalability. With minimal human intervention fintech’s can automate KYC and customer service, reducing onboarding and transaction completion barriers.
Among the solutions that can be incorporated into a CRM suite are: Cloud telephony, Chat (powered by BOTS), marketing automation, Customer service (now called – customer engagement), Self Service & SFA.
CRM selection should be based on GTM strategy. E.g. if GTM focuses on customer self-onboarding supported by a digital strategy. There might not be a need for an SFA solution. As a result, some conventional CRMs can be excluded from evaluation.
A well thought out CRM strategy implemented via right set of CRM applications can have an incredibly positive impact on the customer journey. As a result, it can significantly improve the customer’s experience and increase revenue per customer.