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.
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 Name | Reviews on G2 | Pricing options | Free trial | Employee size | Ratings | Deployment |
---|---|---|---|---|---|---|
Creatio | 224 | Starts from $25 / month per user | ✅ | 600 | 4.6/5 | Cloud Mobile Desktop |
Zoho CRM | 2,374 | Starts from $14 / month per user billed annually | ✅ | 17,000 | 4/5 | Cloud Mobile |
HubSpot Service Hub | 1,817 | Starts from $50 / month for 2 users | ✅ | 9,000 | 4.4/5 | Cloud Mobile |
Vymo | 155 | Not provided | ✖️ | 500 | 4.6/5 | Cloud Mobile |
Redtail CRM | 132 | Starts from $99 / month per data base | ✅ | 85 | 4.3/5 | Cloud Mobile Desktop |
Total Expert | 101 | Starts from $69 / month | ✖️ | 300 | 4.5/5 | Cloud |
Wealthbox CRM | 85 | Starts from $45 / month per user | ✅ | 60 | 4.6/5 | Cloud Mobile Desktop |
Salesforce Financial Cloud | 84 | Starts from $225 / month billed annually | ✖️ | 75,000 | 4.2/5 | Cloud Mobile |
IRIS CRM | 68 | $1,799 / month | ✖️ | 35 | 4.6/5 | Cloud Mobile |
Affinity | 60 | Not provided | ✅ | 535 | 4.5/5 | Cloud 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 Name | No code/low code development | Advanced customization | Internal audit | Advanced compliance management | Integration with third-parties | Training | Customer support | Quality of support |
---|---|---|---|---|---|---|---|---|
Creatio | ✅ | ✅ | ✅ | 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 | 9.1/10 |
Zoho CRM | ✖️ | ✅ | ✅ | ✖️ | REST | In Person Live Online Webinars Documentation Videos | Phone Support 24/7 (Live Rep) Chat | 7.5/10 |
HubSpot Service Hub | Not provided | ✅ | ✅ | Anti-money laundering | REST | In Person Live Online Webinars Documentation | Phone Support 24/7 (Live Rep) Chat | 8.9/10 |
Vymo | ✖️ | ✅ | ✖️ | Not provided | REST, OAuth, LDAP | In person Documentation | Phone Support | 8.8/10 |
Redtail CRM | ✖️ | ✅ | ✅ | Know Your Customer (KYC) | REST | Live Online Webinars Documentation | Phone Support | 8.9/10 |
Total Expert | ✖️ | N/A | ✖️ | ✖️ | REST | In Person Live Online Webinars Documentation Videos | Phone support | 8.3/10 |
Wealthbox CRM | ✖️ | ✅ | ✖️ | Not provided | REST | Live Online Webinars Documentation Videos | E-mail support | 9/10 |
Salesforce Financial Cloud | Low code | ✅ | ✅ | Know your customer (KYC) | REST, SOAP | Live Online Webinars Documentation Videos | Phone Support 24/7 (Live Rep) Chat (with additional costs) | 8/10 |
IRIS CRM | ✖️ | ✅ | ✖️ | Not provided | REST | In Person Live Online Webinars Documentation Videos | Phone support | 9.2/10 |
Affinity | ✖️ | ✅ | ✅ | Not provided | REST | Live 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
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.
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.
If you need help in your vendor selection process, we can help:
External Links
Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.
Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.
Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.
He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
To stay up-to-date on B2B tech & accelerate your enterprise:
Follow on
Comments
Your email address will not be published. All fields are required.