Top 9 Financial CRM Software Benchmarking in 2023

As the financial sector’s dynamics continue to evolve in 2023, the necessity for customized IT solutions becomes more obvious. During this digital revolution, the global customer satisfaction rate for banks decreased slightly, registering a score of 3.94 out of 5, a tiny drop from the previous year. Meanwhile, research shows that more than 70% of financial firms are actively attempting to use the power of digitized solutions such as Customer Relationship Management (CRM).¹²

This article explores the key benefits of financial CRM software, its essential capabilities, and provides the top benchmarking solutions in the market.

What is financial CRM software?

Financial CRM software is a specialized application developed to streamline the operations of financial corporations. It integrates Customer Relationship Management (CRM) basic functionality with finance-specific features such as compliance management, transaction tracking, and client portfolio management. Research shows that CRM is the most valued software in the fintech industry as of 2022 (See Figure 1).

Financial CRM software is ideal for:

• Banks
• Investment firms
• Insurance companies and more.

Source: Statista

Figure 1. the most valuable software by financial planning and investment advisory firms worldwide as of 2022.

Top 9 financial CRM software capabilities

1- Workflow management

Source: Harvard Business Review

Figure 2. Where financial companies plan to invest in the next two years

More than 60% of companies in the financial industry plan to invest in solutions that enable workflow automation (see Figure 2). Businesses can use this feature to automate and streamline daily processes. It facilitates transactions or interactions with customers at numerous phases of the business, from initial contact through the final sale and beyond. Making sure all tasks are completed in the correct order and are not overlooked increases the efficiency of business operations. 

2- No code/low code development

This feature provides tools that enable non-technical users to build unique functions and apps within the CRM. Businesses will no longer have to rely on IT or software engineers for every update or upgrade, speeding up the rate at which the CRM can be tailored to specific needs.

3- Advanced customization

All CRM tools provide some level of customization. The software can, however, be adapted to the particular requirements of a company thanks to advanced customization. This entails personalizing the user interface to suit preferences, designing custom fields for specific data, and establishing unique reports that offer valuable insights. This flexibility ensures that the CRM works for the business, rather than the business having to adapt to it.

4- Internal audit

This function allows businesses to conduct in-depth analyses of their operations and transactions, ensuring compliance with regulatory standards and identifying any inefficiencies or irregularities. It provides tools to maintain transparency, accountability, and control over business operations.

Source: Creatio

Figure 3. Example of an automated dashboard allowing for internal audit

5- Deployment

Whether a business wants its CRM on-premise, hosted in the cloud, or a hybrid of the two, having multiple deployment options allows the selection of the model that best fits the business needs and infrastructure. This flexibility can also support future growth, allowing businesses to shift their deployment model as they evolve.

6- Advanced compliance management

While many CRMs offer basic compliance management, advanced systems might include more robust tools for complying with regulations like GDPR, CCPA, and anti-money laundering (AML) laws. They might also offer features like KYC (Know Your Customer) processes and automatic updates when regulations change.

7- Integration with third-parties

A CRM should not exist in isolation but needs to connect with other tools used by the business. This could include email marketing software, social media platforms, accounting software, or data analytics tools. Seamless integration ensures data can flow between systems, improving efficiency and providing everyone with access to the most up-to-date information.

8- Training on the platform

Implementing a new CRM can be a complex process, and it’s important that teams know how to use it effectively. Training services can include online tutorials, in-person workshops, or ongoing support to help teams get up to speed. This ensures that businesses can derive the most value.

9- Customer support

An essential capability, robust customer support ensures teams can get help when they need it. This could include 24/7 live support, a comprehensive knowledge base, and dedicated account managers. This ensures minimal downtime and helps teams derive the most value out of the CRM.from their investment in the CRM.

Vendor selection criteria

After identifying whether the vendors provide the capabilities presented above, we narrowed our vendor list based on some criteria. We used the number of B2B reviews and employees of a company to estimate its market presence because these criteria are public and verifiable.

Therefore, we set certain limits to focus our work on top companies in terms of market presence, selecting firms with:

• 35+ employees
• 100+ reviews on review platforms including G2, Trustradius, Capterra
• at least one Fortune 500 reference

The following companies fit these criteria:

1- Creatio

2- Vymo

3- IRIS CRM

4- Wealthbox CRM

5- Total Expert

6- Hubspot Service Hub

7- Redtail CRM

8- Salesforce Financial Cloud

9- Zoho CRM

As all vendors offer workflow management, we did not include this capability in the table. Below you can see our analysis of financial CRM tools in terms of the capabilities and features mentioned above. You can sort Table 1, for example, by no code/low code development capability.

Vendor	Reviews on G2	Price	Free trial	Employees (approximate numbers)	Ratings (out of 5)*	No code/low code development	Advanced customization	Internal audit	Deployment	Advanced compliance management	Integration with third-parties	Training on the platform	Customer support	Quality of support (out of 10)*
Creatio	224	Starts from $25 / month per user	Available	600	4.6	Available	Available	Available	Cloud Mobile Desktop	Anti-money laundering Know your customer (KYC)	WebSocket, OAuth, SOAP, REST, OData, LDAP, WebAPI	In Person Live Online Webinars Documentation Videos	Phone Support 24/7 (Live Rep) Chat	9.1
Vymo	155	Not provided	N/A	500	4.6	N/A	Available	Not provided	Cloud Mobile	Not provided	REST, OAuth, LDAP	In person Documentation	Phone Support	8.8
IRIS CRM	68	$1,799 / month	N/A	35	4.6	N/A	Available	Not provided	Cloud Mobile	Not provided	REST	In Person Live Online Webinars Documentation Videos	Phone support	9.2
Wealthbox CRM	85	Starts from $45 / month per user	Available	60	4.6	N/A	Available	Not provided	Cloud Mobile Desktop	Not provided	REST	Live Online Webinars Documentation Videos	E-mail support	9
Total Expert	101	Starts from $69 / month	N/A	300	4.5	N/A	N/A	Not provided	Cloud	N/A	REST	In Person Live Online Webinars Documentation Videos	Phone support	8.3
HubSpot Service Hub	1817	Starts from $50 / month for 2 users	Available	9000	4.4	Not provided	Available	Available	Cloud Mobile	Anti-money laundering	REST	In Person Live Online Webinars Documentation	Phone Support 24/7 (Live Rep) Chat	8.9
Redtail CRM	132	Starts from $99 / month per data base	Available	85	4.3	N/A	Available	Available	Cloud Mobile Desktop	Know Your Customer (KYC)	REST	Live Online Webinars Documentation	Phone Support	8.9
Salesforce Financial Cloud	84	Starts from $225 / month billed annually	N/A	75,000	4.2	Low code	Available	Available	Cloud Mobile	Know your customer (KYC)	REST, SOAP	Live Online Webinars Documentation Videos	Phone Support 24/7 (Live Rep) Chat (with additional costs)	8
Zoho CRM	2374	Starts from $14 / month per user billed annually	Available	17000	4	Not provided	Available	Available	Cloud Mobile	N/A	REST	In Person Live Online Webinars Documentation Videos	Phone Support 24/7 (Live Rep) Chat	7.5

*Based on data gathered from G2.

Disclaimer:

The data is gathered from the websites of vendors. Please keep in mind that some vendors provide a variety of services (e.g., Salesforce), while some are only focused on CRM. That’s why, both their company size and the number of reviews may differ. If you believe we have missed any material, please contact us so that we can consider adding it to our article.

Benefits of using a financial CRM software

1- Increased efficiency in sales through automation  

Sales force automation

A financial CRM program enables businesses to automate various sales-related operations, including:

• contact management
• lead tracking
• sales forecasting. 

This assists companies in streamlining their sales pipelines, improving lead conversion rates, and increasing revenue.

Marketing automation

Businesses can automate repetitive marketing operations by utilizing the marketing automation capabilities of financial CRM software. This covers:

• customer segmentation
• social media posting
• email marketing. 

As a result, companies can ensure constant interaction with customers, customize marketing initiatives, and increase the return on their marketing expenses.

Service automation

CRM software can automate service operations, including ticketing, customer queries, and scheduling. This improves the speed and efficiency of customer service and increases customer satisfaction, leading to increased loyalty and repeat business.

2- Easy process management

Performance management

Financial CRM software provides businesses with tools for tracking and analyzing employee performance in real time. This includes monitoring sales activities, tracking customer interactions, and evaluating performance against set targets. This data-driven approach allows businesses to identify areas of improvement and make informed decisions to enhance overall performance.

Document flow management

Businesses can manage document flows with CRM more effectively. This includes storing, sharing, and tracking important documents such as contracts, proposals, and customer correspondence. Such centralized document management reduces the risk of errors, increases accountability, and ensures all team members have access to the latest information.

3- Enhanced collaboration among employees

A financial CRM software can create a more collaborative work environment by providing a central platform where all customer information is stored. This means that every employee, regardless of their department, can access the same customer data and history. It fosters better communication among team members, ensures everyone is on the same page, and eliminates the silos that often occur in larger organizations.

Transparency statement:

AIMultiple serves numerous tech companies, including Creatio.

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1. “The global bank customer satisfaction survey” (PDF). Statista. Retrieved May 15, 2023.
2. “Taking the Financial Services Customer Experience to the Next Level.” (PDF). Harvard Business Review. Retrieved May 15, 2023.