.svg)
In 2024 Britain’s banks – from big banks to mid-tier, challengers to fintech disruptors – have been upping their investment in Customer Relationship Management (CRM) Software.
The banking CRM software market has experienced rapid growth in the last twelve months. Expanding from $13.13 billion in 2023 to $15.40 billion in 2024. The current compound growth rate (CAGR) of 17.3% means banking CRM investment is expected to reach $29.39 billion withing the next four years.
Several factors are fuelling the current growth in banking CRM investment, but two key things stand out in particular – an increasing demand for automated customer insights, and a rising desire to improve customer service.
An increasing demand for automated customer insights
CRM solutions, such as Salesforce, Microsoft Dynamics, and HubSpot, have become an indispensable part of the banking technology stack. The ability to store and retrieve vast amounts of data, coupled with advanced reporting, campaign tools and countless other features has improved sales and marketing efficiency and transformed customer service.
But CRM solutions are static environments, and with customers’ worlds so highly dynamic, banks are increasingly turning to third-party data integrations to automatically augment their CRM environments for more informed decision making.
A rising desire to improve customer service
Delivering exceptional customer service has become essential to banking profitability. The desire to improve customer service is being driven by a need to improve trust and reliability, enhance efficiency, reduce cost to acquire and serve, and deliver personalised interactions at scale.
CRM environments augmented with real-time data and insight from leading third-party data integrations, such as FullCircl, are fast becoming a bedrock of banking success – improving prospecting, enhancing sales and marketing interactions, personalising product and service delivery, maintaining satisfaction, delivering a cohesive customer lifecycle experience, and even predicting future needs.
This forward-thinking approach to CRM investment is allowing banks to stay ahead of customer expectations, be more agile in their decision-making, and continuously innovate and differentiate their offerings.
In what ways can third-party data and insight drive more value from CRM investments?
- A single version of the truth
Consolidating data about prospects and customers from an incredibly wide or sources into a unified record is vital. Banks no longer need to struggle with poor quality data and unstandardised data. With the right strategy and CRM data integrations banks can achieve a unified customer view -including ownership data, company structure etc - and therefore deliver a unified customer experience with consistent interactions across every touchpoint throughout the relationship lifecycle.
- Advanced prospecting and segmentation
Identifying and securing new opportunities for growth remains a challenge. By accessing advanced customer data banks can better analyse their total addressable market, identify untapped opportunities, and segment prospects more efficiently. They can therefore devise more tailored sales and marketing outreach.
- Data-Driven decision making
Utilising data integrations and advanced analytics to provide deeper insights into customers helps banks make more informed and agile decisions. Further harnessing AI analyse this data ensures banks proactively address customer needs and expectations, proactively strategising next best actions for maximum impact and value.
- Real time interactions
The ability to have customer profiles continually refreshed with the latest data and insight means banks can engage with customers in real-time, offering contextual and timely support and personalised product recommendations.
- Workflow automation
Augmenting CRM environments with advanced intelligence is helping banks automate routine tasks, such as research and data entry. This frees up more time for front line sales and marketing teams to focus more on complex, high-value customer interactions.
- Enhances regulatory compliance
CRM has a key role to play in helping banks maintain compliance with regulatory requirements. A meticulous, up-to-date record of customer data is vital for KYC and AML compliance, as well as adherence with legislation such as the Consumer Duty. Being able to analyse overall exposures across an entire client base also empowers banks to work more proactively in spotting trends and emerging risks.
- Environmental, Social and Governance considerations
Access to a wide range of data sources collated within the CRM environment can helps banks track how they are meeting their ESG goals. Enhancing their ability to not only align their products and services with the ESG concerns of customers, but also ensuring that customers meet their own ESG appetites and risk thresholds.
Augment your CRM environment with FullCircl
FullCircl can be integrated effortlessly via API into any CRM environment – Salesforce, HubSpot, Microsoft Dynamics and so on, to deliver a seamless data exchange with real-time risk analytics, and decisioning metrics from the widest range of industry leading global data sources.
With access to data on over 5 million companies in the UK, you can:
- Identify high-potential leads
- Build stronger, more personalised connections
- Automatically keep informed on key customer activities, ensuring you never miss an opportunity to nurture and grow client relationships.
- Utilise contextual insights to drive next best actions
- Stay ahead of the competition with actionable insights
- Access tools that transform your approach to relationship management, driving retention and repeatable business growth.
Take, for example NatWest. By integrating FullCircl into its Microsoft Dynamics environment it’s frontline teams have access to deeper insights into customer behaviours, needs and pain points, as well as any potential risks they pose in terms of KYC and AML compliance. This allows for more personalised interactions and more informed decision-making. With FullCircl seamlessly integrated into the Dynamic interface, NatWest’s users do not need to switch between different systems to access the information they need, thereby saving time, improving the user experience whilst helping boost revenue growth.
With FullCircl integrated into your CRM environment you’ll:
- Increase your finance ready leads by 300%
- Get a 55% higher return on your CRM investment
- Activate the ability to onboard customers as much as 94% faster
Ready to supercharge your CRM investment in 2025? Book a demo now
.svg)