Why a “Big Box” CRM Won't Really Help Your Bank

When navigating the complexities of the contemporary financial landscape, banks encounter plenty of options for cultivating meaningful customer connections. In the thick of these choices, the spotlight usually falls on off-the-shelf Customer Relationship Management (CRM) software, commonly known as "big box" CRM solutions. 

Delve into our blog to unravel the pivotal role these solutions play, discover why a more custom adoption is crucial for banks, and explore how our insights pave the way for navigating this transformative terrain with precision.

At 360 View, we firmly believe that there is no one-size-fits-all solution when it comes to CRM software for banking. In this article, we'll dive deeper into the world of CRM software, explore the key differences between 360 View's CRM solutions and off-the-shelf options, and provide you with three compelling reasons why "big box" CRM won't truly help your bank unlock its full potential.

What Is Customer Relationship Management Software (CRM)?

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Before we delve into the intricacies of CRM software and why off-the-shelf options might not be the best fit for your bank, let's start with the basics. CRM stands for Customer Relationship Management, and it refers to a set of tools and strategies that organizations use to manage and analyze their interactions with customers. CRM software is designed to help businesses and banks alike streamline their processes, improve customer relationships, and ultimately boost revenue.

A CRM system typically includes features like contact management, lead tracking, sales automation, marketing automation, and customer support. It's a valuable tool for banks to keep track of their customers’ needs, preferences, and interactions, enabling them to provide a more personalized and efficient service.

360 View CRM Software vs. Off-the-Shelf Software Solutions

We are a CRM software built by bankers, for bankers. Specifically designed for the financial industries. We offer a complete suite of tools to help you maximize your team's performance and grow your institution. We tailor our software to you and your needs, not the other way around. 

Let's explore other fundamental differences between 360 View’s CRM software and off-the-shelf solutions.

  • Tailored to Your Unique Needs: Off-the-shelf CRM solutions are generic and designed to serve a wide range of businesses across various industries. They offer a one-size-fits-all approach, which can be limiting for banks. Banks often have unique needs, regulatory requirements, and customer engagement strategies that can't be adequately addressed by a one-size-fits-all solution. Custom CRM software can be tailored to meet the specific needs and goals of your bank. 
  • CRM Statistics states, businesses, including banks, are increasingly recognizing the pivotal role of Customer Relationship Management (CRM) solutions, and the global CRM market is projected to surge to approximately $128.97 billion by 2028, noting its growing significance and need. A custom solution whether it's integrating with your existing systems, adhering to compliance standards, or providing advanced customer tracking, might just be the important piece you are missing.
  • Expert Integration and Migration: Banks often rely on complex data systems, and transitioning to a new CRM can be a challenging process. Off-the-shelf CRM solutions may not provide the level of expert integration and migration support necessary for a seamless transition. Custom CRM development offers you the expertise and support required to ensure a smooth migration, reducing downtime and minimizing disruption to your bank's operations.
  • Access to Customer Service Reps: When issues or questions arise with your CRM software, having access to knowledgeable customer service representatives is crucial. With off-the-shelf CRM solutions, you might find yourself navigating through a maze of automated responses and support forums. Custom CRM development typically includes ongoing support from experienced professionals who understand your specific CRM system, ensuring that your bank can address challenges promptly and effectively.

3 Reasons Why "Big Box" CRM Won't Really Help Your Bank

Now that we've explored the differences between custom CRM software and off-the-shelf solutions, let's discuss three compelling reasons why "big box" CRM might not be the ideal choice for your bank:

Lack of Customization and Personalization: Off-the-shelf CRM systems offer limited customization options. Banks thrive on personalizing their customer experiences and services. To truly engage and retain customers, you need a CRM system that can be tailored to your unique brand, culture, and customer engagement strategies. Custom CRM development allows you to create a personalized experience that strengthens the bond between your bank and its customers.

Inefficient Marketing Automation: Effective marketing is a cornerstone of bank growth. However, off-the-shelf CRM solutions often provide basic marketing automation tools that lack the sophistication needed for targeted and data-driven marketing campaigns. Custom CRM software can empower your bank with advanced marketing automation capabilities, enabling you to segment customers, analyze data, and deliver personalized marketing content that resonates with your audience.

Missed Revenue Opportunities: Banks operate in a highly competitive financial landscape. To stand out and thrive, you need to identify and seize revenue-generating opportunities. Off-the-shelf CRM systems may not provide the insights and analytics necessary to uncover these opportunities. Banking CRM can equip your bank with advanced data analysis tools that allow you to make data-driven decisions, identify trends, and discover new revenue streams.


A CRM for Banks: Elevating Customer Experiences Beyond 'Big Box' Solutions

In conclusion, the choice between off-the-shelf CRM and custom CRM software is a critical decision for banks. While the convenience and affordability of "big box" CRM solutions may seem attractive, the limitations they impose on customization, integration, and support can hinder your bank's ability to provide exceptional customer experiences and drive growth. Banking CRM offers a tailored solution that aligns with your bank's unique needs, helping you build stronger customer relationships, improve your employees' and customers’ experiences, and ultimately increase revenue.

360 View is here to support your bank's journey towards a custom CRM solution that can help you reach new heights in customer engagement and financial success. Your bank deserves more than a "big box" CRM—choose a solution that's as unique as your bank itself.

Schedule a demo today to see how 360 View can help you provide your customers with the personalized service they expect. Or click to download our guide below and see how to get started.

Download the Getting Started with CRM Guide