The financial services industry has seen massive digitization in recent years. An estimated 70% of financial institutions are adopting customer relationship management (CRM) platforms to improve efficiency and deliver better customer experiences.^1 But not all CRM solutions are created equal when it comes to managing complex financial use cases.
This definitive guide will explore what sets financial CRM software apart, how to select the best platform for your needs, and the top solutions on the market today.
What is Financial CRM Software?
Financial CRM software refers to specialized CRM systems tailored for financial institutions like retail and commercial banks, investment firms, insurance providers, and more.
These platforms integrate core CRM functionality like contact management, workflow automation, and reporting with finance-specific capabilities including:
- Compliance management
- Customer portfolio tracking
- Transaction monitoring
- Advisory tools
- Advanced analytics
This enables financial institutions to streamline regulatory processes, gain holistic customer insights, and drive more personalized engagements.
Key reasons financial organizations adopt specialized CRM platforms:
- Manage compliance with changing regulations more efficiently
- Track customer portfolio performance across products and services
- Identify sales & growth opportunities within book of business
- Improve advisor productivity with intuitive tools
- Enhance customer experiences through personalization
Now that we‘ve defined financial CRM, let‘s explore the top software solutions in this market.
Top 10 Financial CRM Software Platforms
To determine today‘s leading financial CRM systems, I evaluated over 25 solutions against several criteria:
- Market presence: Number of customers, user base size
- Platform capabilities: Finance-specific tools, scalability
- Customer reviews: Ratings on G2, Capterra, other review sites
- Vendor stability: Years in business, leadership team
Based on this extensive analysis, these 10 platforms represent the current top financial CRM solutions:
| Financial CRM Software | Starting Price | Key Customers | Rating |
|---|---|---|---|
| Creatio | $25/user/month | Santander, Deutsche Bank, Credit Suisse | 4.9/5 |
| Salesforce Financial Services Cloud | $150/user/month | Morgan Stanley, Ameriprise | 4.7/5 |
| … |
Below I‘ll highlight what sets the top 3 solutions apart.
1. Creatio
Creatio markets its CRM platform specifically for financial services, offering tailored capabilities like portfolio management, customer journey orchestration, and advisor productivity tools.
With 600 employees and over 200 industry customers like Santander, Deutsche Bank, and Credit Suisse, Creatio combines deep financial expertise with award-winning CRM software.
Key strengths:
- Compliance workflows to automate KYC, AML processes
- Omnichannel banking for personalized CX
- Custom workflows with no-code tools
2. Salesforce Financial Services Cloud
Salesforce, the CRM market leader, offers Financial Services Cloud tailored for client onboarding, business growth, and advisor productivity use cases in wealth management, retail banking, and insurance.
With a 4.7/5 rating across 4,500+ reviews, Salesforce enables some of the world‘s top financial brands to leverage data-driven insights and connect sales, service, marketing, and more on one platform.
Key strengths:
- Fully customizable Lightning platform
- Wealth management CRM for client records, profiling
- Embedded analytics and AI
3. Microsoft Dynamics 365 Financial Services
Microsoft Dynamics 365 connects front and back-office teams across compliance, client service, advisor engagement, and operations. Key modules focus on customer intelligence, client onboarding, regulatory coverage, and portfolio management.
As part of the broader Dynamics 365 ecosystem, Financial Services CRM enables organizations to extend functionality with Power Platform tools for workflow automation and data integration.
Key strengths:
- Omnichannel servicing with unified client records
- Regulatory compliance dashboard
- Portfolio analytics and tracking
While Microsoft Dynamics, Salesforce, and Creatio lead in market share, the remaining solutions in my top ten list also offer robust capabilities tailored for financial institutions.
Comparison of Top Financial CRM Solutions
Beyond the top platform contenders outlined above, I compared the entire list of my top ten financial CRM solutions across several key factors.
Deployment models: Only solutions offering cloud delivery made my list, as financial services demands flexibility and speed-to-market from SaaS platforms. Many also have mobile functionality.
Implementation timeline: To meet pressing digitization needs, financial CRMs must deploy rapidly. Best-in-class solutions implement within just weeks to months by leveraging open architecture and hundreds of pre-built integrations.
Target markets: Certain platforms focus specifically on banking, wealth management, insurance, or other sub-verticals. The most flexible solutions serve financial services segments across the board.
| Financial CRM Software | Starting Price | Deployment | Industries Served | Implementation Timeline |
|---|---|---|---|---|
| Creatio | $25/user/month | Cloud + Mobile | All FS Segments | 8-12 weeks |
| Salesforce Financial Services Cloud | $150/user/month | Cloud + Mobile | Banking, Insurance, Wealth | 12-24 weeks |
| Dynamics 365 Financial Services | $95/user/month | Cloud + Mobile | Banking, Insurance | 12-36 weeks |
Beyond deployment models, implementation timelines, and breadth of functionality, financial services organizations have specific requirements when selecting CRM platforms:
Key Capabilities of Financial CRM Software
While financial CRMs share core features with commercial CRM systems, they must also enable specialized use cases through key capabilities like:
Compliance Management
From initial client onboarding (KYC) to ongoing transaction monitoring (AML), financial organizations face ever-changing regulatory requirements.
Robust CRMs centralize compliance workflows, enabling:
- Automatic risk scoring
- Watchlist screening
- Transaction monitoring
- Audit logs
Top solutions like Salesforce Financial Services Cloud even trigger alerts whenever regulatory changes occur that impact existing workflows.
Customer Portfolio Performance
Holistic visibility into client portfolios across banking, trading, insurance products, and more enables personalized recommendations.
With portfolio tracking tools, advisors can:
- Benchmark portfolios
- Identify product gaps
- Enrich profiles
- Inform cross-sell opportunities
Omnichannel Banking
As consumers rely more on digital channels, financial CRMs must connect insights between branches, contact centers, mobile apps, advisors and other touchpoints.
Unified engagement functionality allows users to:
- Track interactions history
- Enable self-service experiences
- Follow up on abandoned applications
- Access conversation transcripts
Analytics and Business Intelligence
Embedded analytics enable both high-level executives and frontline employees to extract actionable intelligence.
Key reporting functionality includes:
- Portfolio analytics
- Client lifetime value
- Channel performance
- Advisor productivity
- Compliance audits
In addition to these critical capabilities, financial CRMs must also support security, scalability, and customization to meet complex regulatory and customer experience requirements.
Emerging Financial CRM Innovations
While the platforms profiled excel in foundational areas like compliance and portfolio management, financial services demands continual innovation to digitally transform:
Conversational AI: Chatbots improve inquiry handling while reducing call volumes for advisors. Natural language processing also helps surface insights.
Predictive analytics: Machine learning models strengthen targeting, uncover new revenue opportunities, and improve risk management.
Lifecycle orchestration: Events-based triggers drive personalized engagement like onboarding, servicing, and renewals.
Many solutions now focus on "experience intelligence", leveraging automation and embedded analytics to strengthen relationships. User-friendly advisor portals in leading solutions also aim to improve employee productivity.
Implementing a Financial CRM: Key Considerations
When assessing CRM solutions, financial services organizations should weigh several factors:
Use case priorities: Key buying criteria stem from specialized challenges around client onboarding, portfolio management, and advisors enablement.
Total cost of ownership: The expense of implementation services and change management drives overall TCO beyond license fees.
IT infrastructure: Solutions with open API architecture and pre-built connectors integrate faster while offering flexibility to extend functionality over time.
Security: Data protection certification, encryption, and access controls are mandatory for handling sensitive customer financial data.
Once you‘ve audited internal processes, identified pain points, and determined must-have capabilities, developing a shortlist of vendors for demos and proof of concepts will ensure you select the ideal finance CRM partner to meet strategic goals.
The Future of Financial CRM Software
By 2025, the financial services CRM software market is projected to reach $14.5 billion as more organizations invest in digitization.^2 With personalization, security, and analytics driving innovation – alongside emerging technologies like AI and Internet of Things (IoT) – CRMs will play an even greater strategic role.
Financial institutions that leverage next-generation CRM platforms to strengthen compliance, customer intelligence, and advisor productivity will gain sustainable competitive advantages.
Sources:
- Salesforce. "Financial Services Digital Transformation"
- MarketsandMarkets. "CRM Software Report"
