The 10 Best CRMs for Banking Success

Ensuring a seamless and enjoyable customer experience is crucial for banks. With competition rising from cryptocurrencies, borderless bank accounts, and fintech solutions, it’s unsurprising that many banks are feeling the pressure. Plus, consumers are coming to expect a more personal banking experience, too.

More and more banks are investing in CRM infrastructure for banking platforms. CRMs help banks provide a personalized customer journey that caters to the individual, making each customer feel valued.

In this post we’ll dive deeper into the uses of a CRM for banking, including its benefits, features to look for, and our picks of the best CRMs for the banking industry, including monday CRM.

What is a CRM for banking?

A customer relationship management platform, or CRM for short, helps banks track interactions with their clients, automate tasks like data entry, communicate consistently, and analyze data to segment customers and track performance. Whether you want to focus on improving your marketing, sales, revenue or customer service, a CRM should improve communication both internally and externally while helping banking teams manage customer relationships down to the individual level.

One of the unique challenges of banking in a digital world is meeting customer expectations. In the information age, this implies having in-depth knowledge of each customer, taking a tailored approach, anticipating customers’ needs, and doing it all faster than your competitors.

The benefits of using a CRM for banking

CRMs aren’t just another type of software to add to your tech stack. When implemented correctly, they can help teams thoughtfully approach strategies to nurture customer relationships.

Stronger customer relationships lead to happier customers who are more likely to trust your bank and purchase additional services.

There are a whole host of benefits to reap by using a CRM for banking, such as:

• Target the right way: By using a CRM to get a better understanding of your customers, you can better target and upsell products and services to the right customer at the right time
• Omnichannel service: Integrating all your client communications in one place makes it easier for you to see when a banking client reaches out to a call center, banker, or sends a message so you can see their entire history in one place
• Streamlined operations: Staff can be more productive by easily accessing client information and storing important documentation in one place rather than pulling data from multiple platforms, eliminating siloing
• Stronger retention: Customers who get personalized service, made possible by a CRM, feel more appreciated and are more likely to stay a client of your bank
• Improve customer trust and loyalty: When teams are able to collaborate better, the ultimate result is better customer loyalty. For example, if a customer service agent notes that a client inquired about a lone, the information can be updated in a CRM and a loan agent can get back to them with more information
• Gather insights: Use real and reliable data to generate reports that give you more insight into your sales, trends, customer accounts, successful campaigns, and more. This will help you better shift and tailor your services to your clients

Features to look for in a banking CRM system

One of the best ways to find the right CRM software for your bank is to consider the features you need to make your work more efficient. CRMs give you access to tons of features, but if you’re not considerate of your specific team’s requirements, you can find yourself purchasing a platform with lots of bells and whistles but not enough features to fit your needs. Here are a few key features to look out for in a banking CRM system.

• Analytics: You should always have access to up-to-date customer data to gather insights on your sales, team performance, customer satisfaction, and areas you can improve
• Automations: A good CRM will allow you to create custom automations so that you can breeze through manual tasks like sending communications and getting notifications
• Integrations: Make sure the platform you choose connects with the tools already in your arsenal, such as marketing platforms, banking software, customer service systems, etc.
• Mobile access: Bankers work on the go, so your CRM should do the same. Look for a platform with a robust mobile app so that you can access all your data at your fingertips
• Security certification: As a bank with sensitive information, you need to ensure your CRM and all its data is secure according to regulatory requirements, so look for a platform with access controls, security updates, encryption, and more
• Document sharing: From signed contracts to quotes and other important files, look for a CRM that makes document storage and collaboration quick and simple
• Lead management: A CRM should help your sales team track and manage potential clients who show interest in your bank so they can be nurtured with regular follow-ups

The 10 best CRM platforms for the banking industry

Selecting the right CRM involves a few different considerations. First, you need to find a platform with features that align with your top priorities when it comes to building customer relationships. Some banking CRMs may be more focused on customer service, which won’t be a good fit for teams who need to create and nurture more leads. Below, we’ve broken down 10 of the most popular CRMs for banking on the market so you can see which one best fits your business.

1. monday CRM

Best for: Banking teams looking to close deals faster with enhanced visibility and customization options

Recently voted a G2 top sales product for 2023, monday CRM will give your team visibility into the entire sales process from lead to close. You can create and customize boards to reflect your how your team manages customers, with columns you can add for proposed products, lifetime costs, risks, personal data, and more.

monday CRM features

• Build custom automations for repetitive tasks, reminders, follow-up emails, and more
• monday CRM’s built-in AI can automate lead evaluation and streamline finance requests to uphold SLAs
• Get visibility into customer data with a dashboard with insights and recent analytics
• Integrates with 200+ of the most popular work tools for seamless collaboration

monday CRM pricing

• Plans starting from $12/month/seat
• Four plans to choose from: Basic, Standard, Pro, and Enterprise
• Free trial available
• Find out more about monday CRM pricing here

2. Salesforce Financial Services Cloud

Best for: Financial institutions that want a financially-focused CRM with AI capabilities

Salesforce Financial Services Cloud is a fully customizable CRM module for sales, marketing, and support, catering to the financial services industry. With it, you can access, store, and collect data for banking, wealth managers, and insurance platforms in one place. This type of finance CRM allows teams to access the tools they need to make smarter customer relationship decisions.

Salesforce Financial Services Cloud features

• View customer relationships and key data in one place to find service and sales opportunities
• Use AI to facilitate onboarding, financial discovery, and to streamline disclosure and consent processes
• AI-powered automation for better customer service and self-service capabilities

Salesforce Financial Services Cloud pricing

• Prices start from $300/user/month
• Multiple plans available based on the services you need
• Free trial available

3. SugarCRM

Best for: Financial organizations looking for actionable insights to retain more customers

SugarCRM prioritizes customer experience by using historical data and artificial intelligence to provide actionable insights into managing customer relationships. This affordable yet powerful platform helps your team support business growth, automate marketing tasks, and improve customer retention.

SugarCRM features

• AI-driven insights for customer relationship management and data-backed predictions
• Focus on individual sales to better engage customers and close deals
• Set automations to nurture leads and optimize the lead qualification process

SugarCRM pricing

• Plans start from $19/user/month
• Three plans available: Essentials, Advanced, and Premier
• Demo available

4. Creatio

Best for: Banks looking to automate and customize business processes easily

Creatio is a no-code platform for both CRM and business processes. Creatio combines marketing, sales, and customer service on one platform, giving financial teams data and insight into the entire customer journey.

Creatio features

• Track, capture, and nurture leads in a cohesive database while Creatio helps you identify opportunities for cross and upselling
• Get a 360-degree view of your client including history, portfolio, loyalty, and wealth management programs
• Make lending easy with loan application management and automated debt collection tools

Creatio pricing

• Plans starting from $25/user/month
• Three plans to choose from: Growth, Enterprise, and Unlimited
• Demo available

5. Microsoft Dynamics 365

Best for: Financial teams requiring deep customer data management and business insights

A powerful CRM for financial institutions, Microsoft Dynamics 365 also functions as an ERP (enterprise resource planning) product with powerful analytics. The platform puts AI front and center to help teams increase productivity and understand their customer better with deep insights.

Microsoft Dynamics 365 features

• Seamless integration and data synchronization with other Microsoft products
• Copilot, Microsoft’s AI tool, assists teams in creating more personalized services and closing more deals
• Create automated sales sequences to help your team cut out manual repetitive tasks

Microsoft Dynamics 365 pricing

• Plans starting from $65/user/month
• Multiple plans and pricing based on business requirements
• Free trial available

6. Vymo

Best for: Financial institutions looking for a mobile-first CRM for sales engagement

Vymo is a sales engagement platform for financial institutions that aims to be a mobile-first CRM. Vymo helps financial businesses handle sales, collections, lending, insurance services, and more from one unified platform. With the platform, teams can manage leads and activity on the go from anywhere they are.

Vymo features

• End-to-end digital debt collection tools to handle it all
• Identifies actions to help relationship managers nurture relationships
• Manage early-stage delinquency and debt recovery digitally

Vymo pricing

• Quotes available on request
• Demo available

7. 360view

Best for: Banks and credit unions that need robust reporting capabilities

360view is a CRM platform built specifically with banks and credit unions in mind. As the name suggests, its main benefit is to provide a 360-degree view of relationships, products, services, and more. You can track unlimited relationship types, such as vendors, customers, and employees. It also can track loans past due and provides robust reporting.

360view features

• Gain holistic insights into your business with reports and shared dashboards
• Automate the customer journey to save employees time
• Spot potential growth with features for cross-selling opportunity identification

360view pricing

• Quotes available on request
• Demo available

8. HubSpot CRM

Best for: Banks already using other HubSpot products and focused on building client relationships

HubSpot has become a go-to brand when it comes to platforms for sales, marketing, and customer service. The HubSpot CRM helps you keep track of leads and customers at different stages in their journey through managing contacts, sales, pipeline, digital marketing, nurturing leads, and more.

HubSpot CRM features

• Easily track contacts, emails, and leads in the pipeline from one platform
• Meetings scheduler helps you book more appointments to connect with potential clients
• Create email templates using AI or entirely from scratch for streamlined communication

HubSpot CRM pricing

• Paid plans starting from $15/month/user
• Multiple plans available for individuals, small teams, businesses, and enterprises
• Free forever plan with basic features
• Read more about HubSpot’s pricing here

9. Nextiva

Best for: Financial organizations needing real-time insights and customizable customer journey analysis

Nextiva’s key selling point is how it allows you to personalize the customer journey using AI. With Nextiva, users can engage with their customers on one platform, gain insights from various data sources, and maintain a modern contact center all while improving team collaboration.

Nextiva features

• Centralize all client communications such as call notes, voicemails, chats, video meetings, and more
• Advanced security measures to ensure your organization is compliant
• Automate claims processing using AI to reduce wait times and enhance service

Nextiva pricing

• Plans starting from $20/user/month
• Four plans available: Digital, Core, Engage, Power Suite
• Demo available

10. Oracle NetSuite

Best for: Banks that want a cloud-based solution with both CRM and ERP capabilities

Oracle NetSuite is a cloud-based solution that delivers a real-time, 360-degree view of your customers. NetSuite provides a seamless flow of information across the entire customer lifecycle while promising to streamline compliance and manage risk.

Oracle NetSuite features

• Get complete visibility into unique customers, from interactions to call-center transactions
• Build customer profiles based on behaviors, interactions, sales, and more
• Create segments to upsell customers and personalize experiences with targeted promotions

Oracle NetSuite pricing

• Quotes available on request
• Demo available

Build a secure customer experience with monday CRM

CRM for banking tools are far from one-size-fits-all. Sure, there may be overlapping features and functionality, but not every platform will be suitable for your business. The right CRM makes a big difference when it comes to sales workflows, marketing outreach, and connecting with your customers. With monday CRM you can customize all aspects of your platform to fit your unique workflows.

monday CRM enables banks and financial organizations to create customized sales pipelines, edit deal stages, add and edit as many columns, and manage multiple pipelines simultaneously. For example, you can edit columns to reflect customer details, costs and risks, disclosure of fees, proposed strategies, and more. You can also overlay internal data, such as risk scores, and manage and create target lists as you want.

Here are some of the monday CRM features you’ll love:

• Our modern cloud-based CRM is highly flexible and accessible across devices, so even smaller banks with a more remote workforce can adopt it
• Build custom no-code automations in seconds to do manual work like sending notifications, reminders, and customer follow-ups
• Easily integrate with your existing systems, such as Zapier, Zoom, Gmail, and more
• Track customer interactions over multiple platforms and channels, including calls, emails, and even bank app usage
• Score your leads to better understand your customers and the products they like, the type of account they have, and the services they qualify for
• Access to 27 different work views so all of your team members can access tasks, data, and customer profiles in a way that best suits them
• Use AI to generate emails and communications for more personalized customer interactions
• Set team goals such as quotas for loans, mortgages, and track performance over time
• Use your CRM on the go with the monday CRM mobile app
• Advanced security and governance tools available to keep your customer data safe and compliance

CRMs for banking: An indispensable tool

There’s no doubt that the right CRM can make all the difference for banks and financial institutions. Whether you’re a small bank branch or lending company or a large enterprise, a CRM will allow you to keep track of your customer’s requests so you can serve them better and offer the best service possible.

With monday CRM, the power is in your hands to customize the platform to your liking so that you can continue to focus on growing your business and providing outstanding service.