By Ambroży Rybicki, CEO and co-founder of ARP Ideas
Growth. A word that means everything to innovative FinTechs, seeking every possible advantage to maintain a competitive edge. FinTechs today are rapidly investing in their growth, in a bid to engage customers effectively and foster loyalty, pouring their resources into various communication channels and services, ranging from mobile apps and social media to websites and email communications.
Yet, with such a plethora of communication methods and a wealth of valuable data to collect, challenges arise. This is exactly where Customer Relationship Management (CRM) systems step in, integrating with these channels and acting as a strategic solution to drive growth and enhance customer experiences.
In fact, when used to their full potential, CRM systems really can be an indispensable tool in driving the future of FinTech forward. Beyond just sales tracking, a good CRM system can also incorporate integrated marketing tools and a customer service module. Modern CRM solutions now enable the use of analytical mechanisms, granting FinTech companies valuable insights into customer interactions. By recording and analysing these interactions, CRM systems can suggest effective offers and activities that strengthen customer relationships. A truly great CRM should integrate multiple data sources and provide support for existing customers, acting as an informed advisor and ambassador for the customer.
Still, knowing how to harness CRM systems to their full potential is a pain point for many FinTechs. However, it’s crucial for companies looking to consolidate the entire customer journey in one place and leverage that data to influence service offerings, optimise transactional processes, and run more efficient marketing campaigns. By utilising CRM systems correctly, FinTechs can unlock a range of benefits including complex customer analytics, automated marketing and enhanced security.
So, let’s delve into this. How can FinTechs harness CRM systems to achieve their maximum potential, and what results can they expect?
Extract the value of data
Analytics lie at the core of every successful FinTech venture, but not all companies fully interpret and extract value from the vast amounts of data at their disposal. Enter the CRM.
CRM systems offer advanced analytical capabilities, empowering FinTechs to gain valuable insights into customer behaviour, market trends, and business performance. Integrating CRM data with external sources, such as social media or transaction histories, allows FinTech firms to build comprehensive customer profiles and develop more targeted strategies.
Embracing this data-driven approach will lead to more personalised recommendations, improved risk assessments, and optimised financial planning, ultimately driving customer satisfaction and retention.
Protect yourself, and your customers
In the highly regulated FinTech industry, where safeguarding sensitive customer information is paramount, CRM systems with robust security features are invaluable. These features include encryption, user access controls, and data backup mechanisms.
An advanced data access management system is crucial as it employs encryption techniques to secure data during storage and transmission, preventing unauthorised access. Detailed access controls can be established, ensuring that only necessary data is shared with individual people/roles.
CRM systems with secure system architecture will also protect customer data more effectively, preventing data leakage and enhancing overall security. By implementing CRM-driven security measures, FinTech companies can instil confidence in customers, fostering trust and loyalty.
AI, your new ally
AI assistants integrated into CRM systems, such as Microsoft’s Viva Sales, automate routine tasks, enabling sales teams to focus on strategic activities. In the FinTech sector, these AI assistants analyse complex financial data to provide personalised advice, helping salespersons offer relevant products or services tailored to individual customers.
Moreover, AI assistants transform how sales teams prioritise and manage leads, analysing data points and scoring leads based on their likelihood to convert. This intelligent lead management, combined with real-time coaching and feedback capabilities, becomes an invaluable tool for sales teams striving for efficiency, better decision making and overall sales effectiveness in the competitive FinTech industry.
Scale up
The flexibility and scalability provided by CRM systems allow FinTech companies to expand and adjust their operations as needed. For startups in the FinTech space, this proves to be a significant advantage.
CRM systems enable businesses to better accommodate growth with options to integrate new functionalities and manage increased customer volumes. They also allow for more scalable and cohesive internal infrastructure, providing seamless communication as teams expand and work from different locations.
As an example, ARP Ideas works with various companies, including those in the FinTech space, providing automated, custom CRM solutions tailored to their specific business needs as they grow. This has resulted in improved sales, faster processing, and more efficient collaboration for their customers.
In the fast-paced world of FinTech, CRM systems really can be the secret sauce to reaching new heights. By fully harnessing the capabilities mentioned above, FinTechs can streamline processes, enhance customer experiences, increase operational efficiencies, and ensure flexibility for growth. Embracing CRM technology is one thing, but learning how to use it best for your growth is another – that’s where the secret to success lies.
For FinTech visionaries seeking more from their CRM systems, reevaluating current systems and consulting external IT specialists, such as ARP Ideas, will be key. FinTechs are not alone, and tech specialists such as myself are here to help and advise on how to gain the most value from CRM systems. Together, we can help the FinTech industry unlock new possibilities and foster more growth.
