December 16, 2019 Blog

Best Way To Evaluate CRM For Financial Services

In the financial services industry each and every transaction requires clear communication between the firm and the client to ensure that trust is gained, which is the biggest step that ultimately leads to the deal being closed.

Oftentimes the deal is personal and sensitive to the client whether it be for a child’s education, to buy a dream house, or even to have a comfortable retirement plan.

So, especially in this sector, firms need to build a good relationship with their clients and understand their needs.

However, it is simply not possible or even sensible to meet up with each client individually especially when your firm is expanding and number of clients increase.

So, companies look towards using software that automates a part of the communication or at least helps you improve relations with customers.

A tried and true method of doing this is to implement a Customer Relationship Management (CRM) software.

What to look for when evaluating a CRM for financial services?

The main functionalities of a CRM, particularly for this sector should include three things:

  • Sales automation: the application must speed up the sales process using accurate and if possible, real time information 
  • Lead Management: the application needs to be able to estimate the future potential of leads and their quality
  • Individual case management: the application needs to be able to keep extensive records of customer calls, emails and all forms of communication taking place with the call center agents. If possible it should be able to decrease time loss by prioritizing work according to the case.

There are many programmers that can do this but one of the best CRM solutions available is the Odoo CRM application as it meets all the basic criteria, offers all the listed functionalities and much more.

Who is Odoo?

Odoo is one of the world’s topmost business applications, where they provide over 30 applications to be used by many business organizations ranging from small scale businesses to large companies.

They have over 1500 members. These members have contributed in expanding Odoo’s range to provide up to 1600+ apps, to get in touch with Odoo contact Syncoria.

Syncoria is a digital transformation solution provider based in Canada, and an official Odoo Ready partner.

Why choose Odoo?

In comparison to other CRM applications such as SalesForce, Sugar CRM, and Zoho, Odoo provides many unique functions like Quotation Templates, eSignature, Pricelist, and several more features if you integrate it with other modules.

The best way to evaluate a CRM for your firm is by choosing which CRM metrics to monitor to gauge the success.

There are many objectives a firm may wish to achieve by implementing a CRM but in the finance industry, the key goals are to boost sales, increase customer satisfaction, and become more productive as a firm.

The Odoo CRM meets each criteria with its numerous features and approaches, some of which are―

1. Improved customer care and relationships

You can keep in touch with clients through emails, phone calls, live chat, and social media all from one place through the Odoo CRM application.

These are all done in real time to enhance cooperation and avoid miscommunication.

You can also see what your team is doing, such as if a new call is being recorded or a quote is being sent.

This is most useful to quickly share ideas and files between team members while staying up to date with each other.

It could also aid in team building, create better work place relations, and encourage better quality service, ultimately leading to pleased customers and employees.

You can also keep a shared address book for customers filled with preferences, their full history and can even add multiple addresses for a single firm.

2. Scheduler 

You can plan emails, meetings, quotations, and phone calls using the scheduler option under the opportunities section.

Here, you can also find all you need to know about opportunities― emails received, number of webpages seen etc., and prioritise actions based on them in the pipeline.

Prioritising is likely to make you more efficient and allows you to better reach your set goals.

3. Organised dashboards

The Odoo interface is very user friendly and easy to view. The dashboards are created to let you conveniently view all the necessary information, business performances, and activities at a glance.

It lets you know how far you are from your monthly targets and any scheduled actions so that you can organize your work based on it.

4. Superior leads and opportunities

You can send auto generated emails to several clients in leads at once and start a campaign.

On the database, a particular salesperson can be assigned to a certain lead to promote it.

You can also choose which leads fulfill the requirements to become an opportunity by setting specific criteria based on which you find leads.

You can easily import leads using the column matching tool and boost lead acquisition from your website.

Contacts are automatically created from leads and you can merge them when turning it into an opportunity.

The GeoIP can even find out which country, city or state the leads are from using the visitor IP address and you can even track the source of the leads using UTM trackers.

This reduces the time loss of sorting through leads to find the promising ones. You can also sort the opportunities pipeline using elaborate filters, drill down, grouping, etc.

It also lets you analyse where you went wrong and find patterns for lost opportunities to let you rectify them for future cases.

Moreover you can design custom alerts for individual opportunities based on certain customer activity.

5. Better business decisions

You can get accurate information and get reports on actionable data directly from the application.

It can give you the business insights to make wiser decisions that you may have not noticed.

You can also easily create real time reports, bar charts, flowcharts, etc. using data saved and constantly being updated.

These can be shared with teammates with one click of a button letting you make well informed decisions.

6. Boosted sales

All the stages of sales can be monitored on the pipeline. The Odoo CRM interface has a specialized Kanban view that keeps sales tabs separate while also making them easily accessible.

Most importantly it lets you automate various business activities, especially routine ones. This saves you the hassle of manually entering and deleting data, saving precious time.

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