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Many clients find that some of the most personal decisions in their lives are those that are financial, because the financial decisions you make or that a company makes for you affect your entire future, and you are entrusting a financial company to make the right decisions for you.

Financial service agencies have to work with clients all the time who do not have an understanding of basic financial details, and who may not have a clear picture of where they are going financially or how that relates to their financial futures. It can be a difficult job to make sure that customers have the information they need in order to make sound financial decisions, and financial businesses often need to act as guides to get the client where they want to go. The use of a financial services tool for customer relationship management may help financial institutions gain a better understanding of client needs, as well as a way to deliver information to the client quickly and efficiently.

Client Data Management

In the past, the management of client data took place manually, which overwhelmed sales staff with paperwork, and left many clients in the dark about their finances. However, new technology has changed how financial services firms manage client data. The use of G Suite CRM makes it easier for financial sectors to manage client data. For example, sales representatives in a financial company that uses CRM tools can get a background history of the client and use that information to send the client information relevant to their financial goals.

The CRM management of client data means more than just keeping track of a client’s name and address. The application manages contact information, demographic data, interactions with the client and the results, and their transactional history with the institution, which simplifies the interactions with clients for everyone associated with the company. Clients do not appreciate running down their entire transactional history for every person in the business, so having everything about the client in front of an employee is helpful. Also, CRM software may help managers target the client for specific new offerings that may help the client reach his or her goals.

Data and Sales

Not only does a CRM tool help all personnel in the financial services company become familiar with the client and his or her individual needs, the tool can also connect data and sales in a new and unique way. Research has demonstrated that the use of CRM tools can increase sales by more than 25% with a rise in productivity and sales accuracy as well. In some research, participants reported that productivity at some financial institutions rose by close to 50%, which is a huge increase.

The increase in sales force productivity may be because the integration of CRM data and client information means that the sales staff is not wasting time looking up customer data, but instead are able to focus on meeting with clients and selling production, which makes for a happier sales force, especially when they are focused on earning a commission.

CRM and Financial Services Business Growth

CRM can aid the growth of financial services in several different ways. First, CRM allows the sales team to instantly have information at their fingertips about the clients when they call, including all of their past interactions with the company.  In addition, the information on clients is available to agents whether they are in the office or out of the office on any device. Rather than relying on the expertise of a salesperson, or the amount of training and certification he or she has received, the sales force can focus on client requests, and client needs based on past requests. The salesperson’s knowledge of the client and their past interactions with the company helps the representative build trust with the client.

In addition to building trust with the client, CRM tools can also identify for managers strengths and weaknesses of their sales team. Some representatives are better at face-to-face meetings, while others are better over the phone or via email. If the manager knows what the sales force is struggling with, he or she is better able to offer training to develop those skills more fully. In addition, managers may be able to change internal procedures in the company, which may promote trust of the sales force as well as client trust. If sales continue to increase through the use of CRM, the sales force will more likely get behind it and encourage its use.

In addition, before the interaction with the client even takes place, CRM software can generate leads based on current customer data, which can be used to see if there were other people in the area who might want the products that the financial services company can offer, and then target the prospective client with information on different kinds of financial vehicles the client might need depending on work history, age, marital status and personal goals.

Lots of people know that they need help with their retirement plan, especially since increasingly, businesses no longer offer a pension, and Social Security may or may not be around when clients reach retirement age. For that reason, many people know they need help with their financial goals but are not sure how to go about working towards their retirement goals. Financial institutions can provide clients with the information they need to meet their goals. It becomes easier for financial institutions to keep up with new products as well as their client needs when they have all the information about the client at their fingertips. With help from CRM software, financial institutions can target their clients and give them the assistance they have been looking for.  In addition, institutions can use the data from CRM software to help them find new clients and target them for information they may need to make sound financial decisions.

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