CRM Software for Financial Services Industry Key Terms

Learn more about the key terms for financial services Customer Relationship Management Software (CRM)

CRM software typically consists of a suite of applications to manage the needs of an organization's customers. These functions perform many customer practices, such as contact management, field service, marketing automation and sales force automation. CRM software for financial services can help these organizations grow, improve their operational efficiencies and reduce their costs. It can provide event-driven customer interactions for customer touch points, such as automated teller machines (ATMs), interactive voice response (IVR) and mobile devices.

Software as a Service (SaaS)

SaaS is a method of deploying software that the CRM provider allows the customer to use as a service on demand. SaaS software in the financial services industry is typically accessed by the customer over the Internet.

Analytical CRM

Analytical CRM refers to the analysis of customer data for the purpose of improving business performance. This type of CRM is most commonly used in businesses that provide financial services.

Customer Profitability Analysis (CPA)

CPA is the process of determining the difference between a customer's revenue and costs. CPA is routinely performed by financial services CRM software.

Back office operations

Back office operations refer to activities, such as financial services, that do not typically involve direct interaction with the customer. It is essential for financial services CRM software to integrate front office operations, which involve direct customer interaction and well as back office operations.

Return on Investment (ROI)

ROI is the ratio of money gained or lost to the amount of money invested. ROI calculation is a routine function of CRM software for financial services.

Account management

Account management in the context of financial services CRM refers to the process of meeting a customer's long-term business needs. This involves using customer data to improve functions, such as sales forecasting.

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