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Top 10 Financial CRM Software in 2024

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 organizations 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 customer 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.
Financial CRM software regarded as the most valuable by financial planning and investment advisory firms.

Source: Statista

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

Top 10 financial CRM software

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

Below you can see our analysis of financial CRM tools in terms of the commercials and market presence. You can sort Table 1, for example, by the ratings.

Vendor NameReviews on G2Pricing optionsFree trialEmployee sizeRatingsDeployment
Creatio224Starts from $25 / month per user6004.6/5Cloud
Mobile
Desktop
Zoho CRM2,374Starts from $14 / month per user
billed annually
17,0004/5Cloud
Mobile
HubSpot Service Hub1,817Starts from $50 / month for 2 users9,0004.4/5Cloud
Mobile
Vymo155Not provided✖️5004.6/5Cloud
Mobile
Redtail CRM132Starts from $99 / month per data base854.3/5Cloud
Mobile
Desktop
Total Expert101Starts from $69 / month✖️3004.5/5Cloud
Wealthbox CRM85Starts from $45 / month per user604.6/5Cloud
Mobile
Desktop
Salesforce Financial Cloud84Starts from $225 / month
billed annually
✖️75,0004.2/5Cloud
Mobile
IRIS CRM68$1,799 / month✖️354.6/5Cloud
Mobile
Affinity60Not provided5354.5/5Cloud
Mobile

Note: With sponsors at the top, other vendors are sorted by the total number of reviews in descending order.

Here is our analysis of financial CRM tools in terms of the capabilities and features. As all vendors offer workflow management, we did not include this capability in the table. You can sort Table 2, for example, by no code/low code development capability.

Vendor NameNo code/low code
development
Advanced
customization
Internal auditAdvanced compliance
management
Integration with
third-parties
TrainingCustomer supportQuality
of support
CreatioAnti-money laundering
Know your customer (KYC)
WebSocket, OAuth, SOAP, REST, OData, LDAP, WebAPIIn Person
Live Online
Webinars
Documentation
Videos
Phone Support
24/7 (Live Rep)
Chat
9.1/10
Zoho CRM✖️✖️RESTIn Person
Live Online
Webinars
Documentation
Videos
Phone Support
24/7 (Live Rep)
Chat
7.5/10
HubSpot Service HubNot providedAnti-money launderingRESTIn Person
Live Online
Webinars
Documentation
Phone Support
24/7 (Live Rep)
Chat
8.9/10
Vymo✖️✖️Not providedREST, OAuth, LDAPIn person
Documentation

Phone Support
8.8/10
Redtail CRM✖️Know Your Customer (KYC)RESTLive Online
Webinars
Documentation
Phone Support8.9/10
Total Expert✖️N/A✖️✖️RESTIn Person
Live Online
Webinars
Documentation
Videos
Phone support8.3/10
Wealthbox CRM✖️✖️Not providedRESTLive Online
Webinars
Documentation
Videos
E-mail support9/10
Salesforce Financial CloudLow codeKnow your customer (KYC)REST, SOAPLive Online
Webinars
Documentation
Videos
Phone Support
24/7 (Live Rep)
Chat (with additional costs)
8/10
IRIS CRM✖️✖️Not providedRESTIn Person
Live Online
Webinars
Documentation
Videos
Phone support9.2/10
Affinity✖️Not providedRESTLive Online
Webinars
Documentation
Videos
24/7 (Live Rep)
Chat
9/10

*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.

Top 9 financial CRM software capabilities

1- Workflow management

Financial companies plan to invest in automation in 2022.

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 different 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

Low code/no code CRM 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. The flexibility that comes from AI-enabled CRM, 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.

CRM internal audit capability by Creatio.

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 their investment in the CRM.

For those interested, here is our data-driven list of CRM software.

Transparency statement:

AIMultiple serves numerous emerging tech companies, including Creatio.

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Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
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Begüm Yılmaz
Begüm is an Industry Analyst at AIMultiple. She holds a bachelor's degree from Bogazici University and specializes in sentiment analysis, survey research, content writing services and Customer Relationship Management (CRM) systems.

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