Empowering Financial Services and Driving Growth.
Whether an organization is a bank, a credit union, a mortgage company, or an investment firm, it’s likely that a top priority is establishing, nurturing, retaining, and growing long-term relationships. To lay the right foundation for supporting these connections in today’s complex world where customers are inundated with information and competitor messages, requires an intelligent CRM. The right CRM, set up properly, will provide deep business insights, automate processes, and provide users the information they need when, where, and how they need it to best support customers, grow revenue, and drive efficiency and savings. That is why so many of our financial services customers use HubSpot.
CRM Considerations
Ensure a holistic view
Let’s dive a level deeper into the elements of an intelligent CRM. First, it must offer a unified, 360° view of customers where the user can see past transactions such as the types of accounts opened and the activity in them, any engagement with customer service or other company personnel, and communications sent to the customer. By storing customer information in the CRM, integrated at the mailbox level, vs. archiving individual emails, all users with the appropriate permissions can view this information.
Integration with other systems provides the critical links to data that originates elsewhere but is essential to having a full customer view. Some examples of other systems that house such data include sales automation, quoting, pricing, phone, e-signature systems, and bank apps. Armed with a unified view, the user will be well prepared to best assist the customer and, even more importantly, to identify and sell other products and services. More revenue and higher customer satisfaction, what could be better? Well, more efficiency for one.
Automate for Efficiency
Marketus.scoop estimates that the he number of global online banking users is expected to reach 3.6 billion by 2024, up from 2.5 billion in 2021.As more and more financial services move into the digital world, automation becomes imperative to support growth. Automating workflows with logic for tasks such as communications, marketers, sales people and service reps can save time while providing better service to customers. By combining pre-existing and custom-built templates with detailed customer information, you can send highly personalized communications. At Periti, we often build custom workflow and templates to save our clients time and resources and improve performance and customer satisfaction.
Insights Drive Customer Satisfaction and Investment
Decision-making becomes easier and better with accurate, detailed reporting. A strong CRM not only offers in-depth, built-in reports, but also lets you easily create custom reports for different audiences from individuals to the C-Suite. Individuals will have the details they need to perform their day-to-day activities while the C-Suite will gain visibility to performance results that provide insight for future investments. HubSpot has numerous standard reports available, however, often it’s custom reports that provide the best insights. At Periti, we work with clients to develop tailored reports that provide the data and information they need to support customers and make better decisions.
Security is Paramount
No system today would be acceptable without strong security features. In fact, laws such as Sarbanes-Oxley and GDPR require financial services companies to ensure the safety of customer information. Recently, HubSpot added the ability for Super Admins to create highly sensitive properties, which are custom properties designed to store highly sensitive information, such as Social Security Numbers (SSN) or full bank account numbers. Highly sensitive data properties have click-to-decrypt functionality, specific access restrictions, and an extra layer of platform encryption to protect them.
By adding the ability to store highly sensitive data in HubSpot Smart CRM, HubSpot empowers organizations to fuel their go-to-market engine with a more complete and unified customer profile. WIth the right permissions, sales, marketing, and service teams can safely view, store, and use this sensitive customer data to deliver more personalized, delightful customer experiences.
Know Your Customer (KYC) Requirements
KYC is a vital process in the financial services sector, ensuring businesses verify the identity of their customers during onboarding. It serves as a cornerstone of regulatory compliance, designed to prevent fraud, money laundering, and other financial crimes. KYC involves collecting and verifying essential customer information, such as identification documents, proof of address, and financial details, to confirm that customers are who they claim to be. This process not only protects the institution from legal and reputational risks, but also fosters trust with customers by creating a secure financial environment. By adhering to KYC standards, businesses ensure compliance with both global and local regulations, minimise exposure to illicit activities, and build a solid foundation for long-term customer relationships.
The HubSpot CRM enables our clients to manage the KYC process and ensure compliance with regulations. HubSpot provides a step-by-step process for collecting information, allowing users to track where potential clients are in their sign-up journey. Often, sensitive documents need to be collected that cannot be stored in a CRM system like HubSpot. To address this, HubSpot offers access to industry-specific plug-ins to ensure such documents are stored securely while enabling the onboarding process to continue within the platform.
HubSpot can also be used to flag potential high-risk customers through the use of if/then logic in form submissions. This functionality allows HubSpot to filter clients based on suitability, saving time and avoiding the onboarding of clients that may pose a high risk.Furthermore, HubSpot enables users to provide all communications with clients to authorities, should they be required during an investigation. In many jurisdictions, financial services companies are obligated to report suspicious activity, and HubSpot serves as an ideal tool for managing this process effectively.
Our Periti security experts help clients set up their data strategy to ensure the security of highly sensitive data. In addition to ensuring compliance with regulations, strong security is also a critical component to building and sustaining trust with customers.By adding the ability to store highly sensitive data in HubSpot Smart CRM, HubSpot empowers organizations to fuel their go-to-market engine with a more complete and unified customer profile. WIth the right permissions, sales, marketing, and service teams can safely view, store, and use this sensitive customer data to deliver more personalized, delightful customer experiences.
Our Work with Financial Services Clients...
When a client is a fully HubSpot organization, our work involves connecting the various hubs they utilize to enable them to use the work processes they want and have the most optimal data strategy for collecting and sharing information between the hubs. With some financial service firms, combining SalesHub and MarketingHub will suffice. Others also use Service Hub. But more often than not, in addition to HubSpot, our clients use other systems and have a vision for integrating them.
Determining ROI
Our client had a credit simulator, but due to how it was built, they couldn't track the traffic source of people who asked for credit simulations and thus could not determine the ROI of their marketing campaigns. By integrating their landing pages with HubSpot Forms using an API, the Periti team was able to give them the visibility they needed to evaluate campaign effectiveness.
For another client, we built a custom workflow that enabled them to base pricing decisions for renewals and upsells on the customer’s wallet and screening limits.
Complex Integrations is "Our Thing"
Often, financial services clients we work with use platforms from multiple companies and may even have proprietary systems. These clients require more complex technology strategy, planning, and integration. At Periti, these challenges are ones we like to solve and have the technical talent to do so. We begin by fully understanding what’s in place, how things currently work and how the company would like things to work. In other words, the company’s vision. We then apply our deep knowledge of HubSpot and other systems to determine the best way to integrate systems, devise data strategies and build the connections to support that vision.
Speak with our team today!
Get in touch with our team to discuss how we can implement and help your Financial Service business.