7 Steps to Implementing CRM for Financial Services

CRM for financial services is a type of software that allows organizations to compile customer data. This data will allow you to see and market your products, and give quality customer service to your clients. CRM for financial services products can take months and even years to implement, and can cost from thousands to millions of dollars. Because of the cost and time involved, it is essential that organizations correctly implement CRM for financial services.

  1. Organize an implementation team to oversee the CRM for financial services implementation process. The team members should include a leader, along with people representing the major departments of the organization, including marketing, sales, finance and IT.
  2. Ensure that the CRM for financial services implementation process has support from both the upper management and appropriate members of middle management.
  3. Come up with a detailed implementation plan, budget and schedule with the implementation team. Outline and agree to specific deadlines and goals.
  4. Install and integrate the CRM for financial services into the existing software and current processes in your organization. If your chosen CRM us traditional software, you need to install it in stages for a seamless and progressive integration. This will take months to complete. On the other hand, if it is software-as-a-service, your integration and installation will occur in just a matter of days or weeks.
  5. Test the CRM for financial services to ensure that its software and existing software has integrated well and that there are no bugs in the system.
  6. Train the appropriate employees in using the CRM for financial services. If your business currently does not have trainers qualified in the training and learning of your chosen product, consider hiring one to ensure that your employees are properly prepared to use the product successfully. If your organization chooses traditional software, this should concurrently occur with Step 5.
  7. Evaluate the product to determine if it is giving what your organization needs, how well employees are using it, and how usable your employees find it. The answers to these questions will help you adapt the CRM system for your individual needs over time.