Industry CRM is a clear choice in economic downturns for companies that are looking to get sustainable value from their tech investments. Our data at Forrester backs this up: Industry solutions grow at a compounded annual growth rate of 13.9%, a rate faster than horizontal customer experience tech.

At Forrester, we see financial services firms increasingly looking to adopt industry-specific CRM solutions. They promise to accelerate transitions to the cloud and to allow enterprises to focus their scarce tech resources on creating brand differentiation instead of supporting commoditized CRM capabilities. Forrester defines the financial services CRM market as:

A customer relationship management system (CRM) purpose-fit for financial services businesses to engage, attract, acquire, and retain customers and to create insights into financial services customers’ activity and behavior.

Financial services CRM solutions include packaged workflows, data models, and extensions to core systems for banks, insurers, and investment/wealth management firms. This helps them manage customer experience, marketing, sales, and service. These CRMs are available on infrastructures that support regulatory compliance requirements. They enable firms to deliver personalized experiences, customer onboarding, customer service, marketing effectiveness, lead-to-sales conversion, and employee productivity.

They help financial services firms engage, attract, acquire, and retain customers. They decrease risk, ensure compliance, and deliver ongoing value. Because of this, they are a significant part of financial services firms’ technology strategies.

Read Alyson Clarke’s and my report on the vendor landscape of CRMs purpose-fit for retail banks, insurers, and investment/wealth management firms. Connect with us via inquiry if you have any questions on our report or if you would like to explore this topic in more detail.