The global market for banking CRM software is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2021 to 2030, reaching an astounding $39.2 billion, according to a report by Allied Market Research.

If we focus on the BFSI sector, CRMs play a crucial role by helping sales teams build strong relationships and trust. They go beyond data storage, acting as a central hub that integrates various data points to create a holistic view of each customer. This allows BFSI institutions to personalize interactions, recommend relevant products and communicate effectively with customers.

But a significant challenge is to get sales teams to use their CRMs. Studies prove this too. According to a Gartner.com study, over 50% of businesses which have purchased traditional CRM software are not using it. That amounts to roughly two billion dollars a year that is being thrown away! 

One reason is that CRMs are difficult to use, cumbersome and in some cases non-intuitive. The other, more compelling reason is that sellers are mostly mobile, on the road, engaging customers.

So, can a mobile CRM help organizations adopt CRMs better and make use of it? Let us compare the two and find the right fit for financial institutions.

Traditional CRM: Stability and Security

The benefits of Traditional CRM are: 

• Security: Majority of the CRMs are built with robust security features, making them ideal for storing sensitive customer data.
• Detailed Functionality: Traditional CRMs provide a comprehensive set of features for managing customer engagement, lead management, and reporting and analytics.

However, traditional CRM systems may lack real-time access and mobility, limiting their effectiveness in providing instant customer information.

Mobile CRM: Agility and Engagement

Mobile CRMs address the limitations of traditional systems by offering:

• Anytime, Anywhere Access: Sellers can access customer data and update information from anywhere and at any point of time, fostering better customer service.
• Enhanced Engagement: Mobile CRMs facilitate real-time updates and engagement with in-app notifications and automatic activity capture.
• Improved Productivity: Easy accessibility of customer data on mobile devices streamlines workflows and helps sellers become more efficient

The Ideal Solution: Bringing the two together. 

The ideal strategy for BFSI institutions often lies in a hybrid solution that combines the advantages of mobile and traditional CRMs. Traditional CRM solutions have less than 30% DAU whereas Vymo has more than 85% DAU. Vymo is a mobile-first sales engagement platform for BFSI institutions, offering a user interface that is both powerful and incredibly simple to navigate. It can act as a CRM and also integrate and sit on top of an existing CRM. With the Vymo interface, CRM adoption goes up by 2X to 3X, and all sales activities are automatically logged, providing complete visibility into activities across the board. This makes the CRM much more powerful – there is a lot more data – and richer data – that can be mined for insights.

Financial institutions can leverage the benefits of both by, 

• Centralizing Data: A large data pool that can be easily accessed for information and then insights.
• Mobile Access: Quick, real-time access to this data for on-the-go interaction and updates.
• Seamless Integration: Data is shared seamlessly from the core CRM to the mobile app in the back end
• Intelligence and Engagement: Mobile CRM allows for personalized recommendations, auto-detection of activities and intelligent nudge engine built on industry best-practice and defined rules.

Conclusion

Traditional CRMs address a significant issue of deeper analytics and have enabled businesses to predict customer behavior in ways they never thought possible. But, the shift from traditional CRM to mobile CRM in the BFSI sector is driven by the need for accessibility, real-time updates, and improved customer interaction. The dynamic nature of today’s BFSI sector necessitates more flexible and responsive solutions. Mobile CRM offers these advantages, making it an essential tool for BFSI professionals striving to provide superior customer service in a rapidly evolving industry.

Want to experience the future of sales engagement? Speak to your nearest Vymo representative