According to experts, the global Fintech industry is expected to reach $305.7 by 2023.
Fintech marketing is experiencing exceptional growth in the past few years. All thanks to advanced technology that has made financial transactions super convenient. If Fintech companies want to grow with the market, they need to adapt to the changing environment. What will the future market environment be like?
Customers across industries are becoming more concerned about ‘being valued’. Whether we talk about today or the future, maintaining customer relationships is something that Fintech companies need to work upon. It's what will help nurture clients for better brand growth. To manage customer relations CRM software is an efficient solution.
Here's everything you need to know about this advanced AI solution.
What is a CRM Software?
CRM stands for customer relationship management solution. It's an advanced AI technology that allows businesses to manage their relationships with current and potential customers. We can say it's a modern variant of the traditional Rolodex.
CRM software is made solely with the intent to improve client relationships. Being a business owner, you obviously know how crucial it is to maintain healthy relationships with customers. What an AI CRM does is that it streamlines the business process. You can automate tasks and responsibilities related to client nurturing and support via a CRM.
By removing the involvement of humans from the process, the risk of human errors becomes minimal. Since customer relations are managed by AI technology, you can have peace of mind that everything will be done in the best possible manner. In addition to customer relation management, there's so much you can do with a CRM. Get one for your brand and explore its wonderful benefits.
How Does a CRM Work?
CRM is an advanced AI technology used for improving and maintaining healthy customer relationships. You must already be aware of this. But do you know how exactly this solution works? Don't worry if you don't know. A CRM tool uses an integrated approach for storing client data. In an AI CRM, you get marketing, sales and service automation, all in one place.
So what the software does is that it automated customer interactions and empowers the sales agents with better customer-handling capabilities. It analyses sales opportunities and data to improve marketing and sales efforts. This further helps business delivery steller and satisfying customer support.
With the adoption of CRM software, functions relating to customer support and relationship management can become simpler and effortless. Running a business means curation of large chunks of data simultaneously with other processes. A CRM ensures that data analysis and process management become simple.
Why do Fintech Companies Need a CRM?
Being into the Fintech industry, an obvious question that might come across your mind is - “do Fintech companies really need a CRM”. Yes, Fintech firms indeed need a CRM and here’s why:
Automated Marketing Campaigns
Today's modern customer spends more time on online shopping than visiting a physical store. Therefore any software that helps your brand promote itself online is a must. With that regard, a CRM is one of the best tools you can invest in. It will help you improve your brand's web presence with features such as marketing automation.
Using a CRM such as Teleduce, you can automate your marketing campaigns to interact with potential prospects. Automated marketing campaigns will save time, money and resources, making your marketing efforts less expensive.
Easy Integration With Business Software
Businesses collect and manage loads of data on a daily basis. To reduce data loss and manage them efficiently, modern software is required. A CRM offers easy integrations with a wide range of third-party business solutions. When you invest into a CRM, the hassle of shuffling between multiple software is eliminated.
You can take care of your data and perform other tasks, altogether using just one single platform. From collecting and analysing data to managing marketing and customer relationships, you just need one CRM to take care of multiple business processes. It saves time and reduces the risk of errors.
Improved Data Efficiency And Accuracy
The only way to succeed is to beat your competition. To do so, businesses need to collect and analyse data and make marketing decisions based on the insights. Data-driven decisions are more efficient and bring in greater results for a brand. Using a CRM, data collection is an effortless task.
You can simply automate this process and ensure that the collected information is accurate. Moreover, a CRM also separates and updates collected data based on the latest trends, customers' needs and various other factors. When your data is accurate, you can make the right decisions towards the customer journey.
Ability to Work Remotely
Before technology, almost all business tasks required presence in the office or workplace. But with advancements in technology and the development of modern solutions, that's not the case anymore. By implementing modern technology like CRM into your business, you can attain the ability to work remotely.
Most CRM software is cloud-based. Therefore, it allows you to manage your business processes from wherever you want. From checking marketing campaigns to tracking leads, everything can be done remotely, as long as you use the internet. Thanks to inbuilt cloud telephony, you can also handle customer inquiries from your comfort.
Increase in Sales
Increasing sales is one of the major goals of every business. However, to improve your sales, you would need to take care of lots of things. CRM software can help you increase sales efficiency.
When you integrate CRM into your business process, the software starts to collect customer-related data. The insights into that data are highly useful. They help you better your marketing campaigns, customer retention rate, product/service and tasks related to sales.
Target Higher Quality Leads
To grow your business, you will need to increase sales. For more sales, you would need to target and convert more potential leads. When it comes to lead conversion, most small businesses tend to forget the importance of segmentation. You don't have to start any customer group.
Instead, segment your target group and identify audiences that are more likely to convert. A CRM can help you with that. It enables businesses to study customers and determine leads with higher rate conversion. This way you can get most of our marketing efforts, invested funds and resources utilised. Lead management is effortless as an AI CRM.
With growing competition and changing environment in the Fintech industry, businesses need to invest in solutions such as CRM to outgrow the competition. In today’s blog, we have understood everything important about a CRM - from what exactly it is to why Fintech businesses need it. To conclude, if you want to grow in the market, investing in CRM is worth it.