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TOP banking CRM software

CRMs are essential tools for banks to manage interactions with clients enabling them to provide personalized services, targeted marketing, and efficient customer support. Learn more about CRM systems, key platforms, main challenges in CRM implementation and how to overcome them.

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Author: Alena Tomchuk

Last updated December 28



Banks need to make sure customers have a good experience these days. With increased competition rising from cryptocurrencies, borderless bank accounts, and fintech solutions, it's no wonder that many banks are experiencing heightened pressure. Additionally, consumers are increasingly anticipating a more personalized banking experience.

That's why many banks are spending a lot on CRM, to create a personalized experience for each customer to make them feel important.

What is CRM in banking?

Customer Relationship Management (CRM) systems have become essential tools for banks and financial institutions to manage interactions with current and potential clients, capturing essential details and activities throughout the customer journey. CRM refers to the complete range of practices used to effectively manage customer interaction, covering various aspects such as marketing, sales and customer service. These systems enable banks to provide personalized services, targeted marketing, and efficient customer support, ultimately enhancing customer satisfaction and loyalty.

A Banking CRM serves as a centralized system, seamlessly integrating with various banking software to offer a holistic perspective of each customer account. It meticulously records every customer interaction, from deposits to loan requests and other predetermined actions and plays a crucial role in comprehending their needs and preferences, automating key processes, and enhancing the overall customer experience. 

Typically, a banking CRM solution integrates with other systems utilized by banks, including core banking systems, document management software and marketing automation tools. This integration ensures a comprehensive overview of customer interactions and data. Furthermore, it facilitates customer engagement across multiple channels like email, social media, and mobile platforms, offering real-time insights into customer interactions and feedback.

Within a CRM system, bank tellers and employees can:

  • Store customer data, including contact details, utilized products, and interaction history.

  • Plan appointments, send personalized emails, and engage with social media posts.

  • Instantly update customer profiles with notes or new information.

  • Visualize, cultivate, and oversee leads in their sales pipeline.

  • Generate reports that scrutinize customer behavior, assess marketing campaign performance, and more.

The adoption of CRM offers advantages for both customers and banking organizations. Customers receive more personalized and high-quality services, while banks and financial institutions get control over their operations, enabling the delivery of superior service.

The key benefits that CRM systems provide for customers:

  • Personalized services. CRM systems allow banks to understand individual customer preferences, behaviors, and needs to deliver personalized services, tailored to each customer's unique financial requirements.

  • Efficient query resolution. With CRM, customer service representatives have quick access to a customer's history and information. This facilitates faster query resolution and enhances the overall customer service experience.

  • Streamlined account management. CRM systems enable customers to manage their accounts more efficiently. They can easily track transactions, view account history, and receive timely updates, contributing to a more transparent and user-friendly banking experience.

  • Consistent cross-channel experience. CRM ensures a consistent experience across various channels, such as online banking, mobile apps, and in-person interactions. Customers can seamlessly transition between channels without compromising the quality of service or information accessibility.

The key benefits that CRM systems provide to banks:

  • Enhanced customer retention. CRM systems enable banks to build stronger relationships with customers by providing personalized services. This, in turn, increases customer satisfaction and loyalty, reducing the likelihood of customers switching to competitors.

  • Efficient sales and marketingCRM helps banks streamline sales processes, manage leads effectively, and execute targeted marketing campaigns. 

  • Improved operational efficiency. CRM automates routine tasks, reducing manual effort and improving overall operational efficiency within the bank.

  • Data-driven decision making. CRM systems provide valuable insights through data analytics, allowing banks to make informed decisions. Banks can analyze customer behavior, track performance metrics, and adapt their strategies based on real-time data.

  • Regulatory compliance and security. CRM systems often come with features that aid banks in complying with industry regulations. Additionally, they offer robust security measures to safeguard customer data, ensuring that banks maintain trust and meet legal requirements in handling sensitive information.

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Banking CRM software market and trends 2024

As per the "Banking CRM Software Market" report from Allied Market Research, the banking CRM software market is projected to achieve a valuation of $39.2 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 15.7% from 2022 to 2031. 

Transformative trends in banking CRM redefining the industry and fueling cost-effective expansion:

Artificial Intelligence

Artificial Intelligence (AI) is transforming how banks engage with customers. By harnessing AI capabilities, banks can analyze extensive customer data to identify patterns and preferences, enabling the delivery of highly personalized experiences and operational cost reduction. Banking CRM is reshaping the industry, with 90% of banks adopting AI-driven personalization to fuel their business growth.


Let's explore the key AI applications in banking CRM:

Customer support

Chatbots and virtual assistants. AI-powered chatbots provide real-time customer support, answering queries, assisting with transactions, and even offering personalized product recommendations. Virtual assistants use natural language processing (NLP) to understand and respond to customer inquiries.


  • Forecasting. AI-driven CRMs help identify customer data patterns, gain valuable insights for sales predictions, and enable banks’ teams to strategize and optimize sales processes accordingly. 

  • Customer churn reduction. Through the analysis of distinct patterns in customer data, AI can pinpoint the reasons for customer churn, empowering banks to take tangible measures.


  • Lead qualification. CRM tools fueled by AI can automate customer needs analysis. Chatbots and email bots assist in understanding lead requirements precisely, notifying sales teams for enhanced performance and streamlined sales processes

  • Sentiment analysis. Sentiment analysis assesses emotions in written or spoken words, offering banks insights from various sources such as emails, phone calls, chatbots, social media, blogs, news, and reviews. These insights guide banks in refining strategies, assessing social media, managing crises, fortifying brand resilience, and translating digital PR into actionable steps.


  • Clearing. CRM systems integrated with AI can identify potential irregularities, remove duplicates, address incomplete data, and propose actions to update outdated information, facilitating more informed decision-making. 

  • Entry. AI tools can automate repetitive tasks, such as data entry, that automatically extract information from calls, messages, emails, and images to input customer data in the required format. 

Explore how Velmie banking platform can help your organization to embrace AI and ML technology

Focus on customer experience

CRM systems play a central role in ensuring consistent and personalized interactions across various touchpoints. The key trends banks and financial institutions should keep in mind to ensure excellent customer experience:


CRM platforms with intelligent, real-time features enable banks to transition to a more interconnected, customer-centric strategy. The data gathered in these CRMs provides actionable insights into customer behavior, needs, and preferences.

Customer self-service

Another emerging trend involves enhancing CRM software through automation. Many customers prefer finding answers without human assistance, and this is where Customer Self-Service (CSS) CRM comes into play. This trend involves the integration of advanced technologies, such as AI-powered chatbots and interactive online platforms, enabling customers to independently access information, perform transactions, and resolve queries without direct assistance from bank representatives.

Omnichannel customer engagement

In today's world, customers want everything to be easy no matter where they interact with their bank. CRM technology enables banks to attain omnichannel excellence by harmonizing customer data and interactions across online, mobile, and in-branch channels. This holistic understanding of each customer's journey allows banks to anticipate needs, proactively address concerns, and provide a cohesive experience irrespective of the chosen channel.

Mobile CRM

A significant trend in banking involves the growing importance of mobile CRM systems. With the increasing reliance on smartphones and tablets, mobile CRM systems enable banks to provide on-the-go access to customer data, streamline communication, and enhance overall customer service, reflecting the evolving preferences and needs of a mobile-centric consumer base.


In the coming years, there will be a heightened emphasis on enhancing usability through improved UI/UX, customization features, and tighter integrations with other systems.


A notable trend in banking is the increasing importance of integrating CRM systems with other platforms. This involves connecting CRM systems with various tools and databases used by banks, such as core banking systems and marketing platforms. This integration allows for a seamless flow of information across different departments, improving overall efficiency. Banks are creating more integrations to ensure better results from the tech stack including:

Marketing automation tools

Marketing automation tools, customer data platforms (CDPs) and communication channels (Email, SMS, etc.) to track and manage customer interactions through various channels, enhancing communication and engagement, and ensuring that customer queries and issues are seamlessly addressed.

Open banking

Open banking is transforming the financial landscape, enabling customers to share data with third-party providers. Banking CRM plays a crucial role in securely managing data sharing, fostering innovation through collaboration, and empowering customers with more choices. This shift facilitates enhanced services through partnerships with fintech companies, marking a significant evolution in the financial industry.

Data analytics

 Integration with analytics tools helps banks analyze customer data, track performance metrics, and gain valuable insights for strategic decision-making.

Risk management

The incorporation of CRM into risk management has transformed how banks combat financial crimes. By consolidating customer data, banks can identify anomalies and patterns that may signal fraudulent activities. Utilizing advanced analytics, CRM systems can swiftly detect and address risks in real-time, enhancing the security of customer accounts and the overall institution


In a continually changing regulatory environment, banks need to align compliance with smooth customer experiences. CRM platforms act as storage for customer interactions, providing auditable records for compliance reporting. By automating compliance processes, banks reduce the risk of errors, simplify reporting procedures, and ensure adherence to complex regulatory requirements.

Banks leverage CRM to automate compliance tasks, including Know Your Customer (KYC) checks and anti-money laundering (AML) procedures. This strategy not only guarantees compliance but also reduces the likelihood of human errors.

TOP banking CRM platforms


Salesforce, a leader in Gartner CRM Customer Engagement Center Magic Quadrant for 14 consecutive years. 

Salesforce Service Cloud earns commendation for its overall viability and innovation, attracting a diverse range of sectors and market segments. The vendor's product strategy receives praise for incorporating customer feedback, demonstrating a commitment to helping organizations better understand and leverage new features.


  • Sales Cloud. Lead and opportunity management allow users to track and manage leads, opportunities, and sales pipelines. Sales analytics provides insights into sales performance, customer behavior, and forecasting.

  • Service Cloud. Case management enables efficient tracking and resolution of customer issues. The knowledge base offers a centralized repository of information for customer support. Omni-channel support allows for seamless customer service across various communication channels.

  • Marketing Cloud. Email marketing facilitates targeted email campaigns and automates marketing processes. Social media integration connects with social media platforms for comprehensive marketing strategies. Customer journey mapping helps visualize and optimize the customer's journey through personalized marketing efforts.

  • Commerce Cloud. Order management streamlines order processing and fulfillment for a seamless customer experience. 

  • Community Cloud: Customer and partner communities enable the creation of branded online communities for customer engagement. Collaboration tools facilitate communication and collaboration among community members. 


Best for midsized and upper-midsized banks and financial institutions. 


Microsoft Dynamics 365. Leader in 2023 Gartner Magic Quadrant for CRM Customer Engagement Center. Microsoft is showcasing rapid innovation with frequent releases of new features focused on agent productivity, collaboration, and GenAI across its platform. Microsoft Dynamics 365 Customer Service has seen substantial improvements in messaging and voice services. The recent addition of Nuance, a conversational AI and healthcare technology provider, exemplifies Microsoft's commitment to enhancing its platform.


  • Omnichannel communication tools for interacting with a bank's customers through a unified interface, encompassing live chat, phone, messengers, and more.

  • Robust customer case management functionalities, including automated case creation, routing, reassignment, reopening, and merging similar cases. 

  • Customer voice feature to monitor and analyze real-time customer feedback on banking products and services across various channels.

  • AI-driven insights including predictive analytics. Recommendations and virtual agent. 

  • Smooth integration with other Microsoft applications, such as Office 365, Power BI, ensuring seamless collaboration and data utilization.


Best for midsized and large banks and financial institutions


Zoho's Customer Engagement CRM product is accessible either as a bundled package or through two solutions: Zoho One and Zoho CRM Plus. The pricing and value of Zoho One are acknowledged as a significant strength. Other notable features include its user-friendly implementation and field service capabilities, effectively addressing remote device-support needs.


  • Unified multichannel support to manage customer interactions seamlessly across diverse channels, consolidating communication in a unified interface.

  • Automated ticketing system to streamline support processes with automated ticket creation, categorization, and assignment for efficient query resolution.

  • Self-service options to empower customers with a knowledge base, forums, and AI-driven virtual assistants for independent issue resolution.

  • Advanced reporting and analytics to gain valuable insights into support performance through customizable reports and dashboards, facilitating data-driven decision-making. 

  • Extensive integration capabilities to seamlessly integrate with third-party applications and access a variety of extensions through the Zoho Marketplace for enhanced functionality and collaboration.


eGain Solve. Gartner highlights eGain's significant strengths in AI and automation, particularly emphasizing its Instant Answers solution. This feature enables companies to customize a virtual assistant for agent-assist scenarios. Additionally, eGain earns praise for its composable nature and robust product functionality, with a knowledge-centric approach that aligns well with businesses having stringent content access management processes


  • Knowledge-powered solution that leverages eGain's knowledge management capabilities to deliver information-rich and contextually relevant customer interactions.

  • AI-driven virtual assistance enhances customer support with AI-powered virtual assistants that provide intelligent and automated responses.

  • A unified agent desktop streamlines agent workflows and boosts efficiency with a unified desktop interface for managing customer interactions.

  • Omnichannel engagement enables seamless customer interactions across multiple channels, ensuring a consistent and integrated experience.

  • Robust analytics and reporting provide access to comprehensive insights into customer interactions and support performance through robust analytics and reporting tools.


HubSpot stands out as one of the leading banking CRM systems in the market, catering to a diverse range of banks with its extensive toolkit. The core CRM tool from HubSpot comes with a free usage option, offering features such as drip campaigns for sustained lead nurturing. Furthermore, it provides a holistic view of the customer lifecycle, enhancing understanding. Additionally, HubSpot facilitates the creation of high-quality content through its on-the-go content optimization tool, featuring live ideas and SEO optimization capabilities


  • All-in-one platform. HubSpot CRM provides a unified platform with integrated tools for marketing, sales, and customer service, streamlining operations.

  • Automated workflows that leverage automated workflows to streamline repetitive tasks, ensuring efficiency and consistency in various processes. 

  • 360-degree customer view: a comprehensive view of customers with detailed profiles, interactions, and communication history in one centralized location. 

  • Customization and scalability to align with specific business needs and scale the platform as the organization grows. 

  • Sales and marketing alignment to foster collaboration between sales and marketing teams with features that facilitate communication, lead management, and goal alignment.

How to choose a banking CRM?

When selecting a banking CRM platform, consider the following factors:

  • Automation: Select a software solution that provides essential tools such as canned responses, autoresponders, workflows, automated reporting, schedulers, and more to simplify the daily operations of your employees. Look for features like autoresponders, social media management, email scheduling, and workflow builders to effectively automate various aspects of your business processes.

  • Scalability: Consider the scenario of investing in banking CRM software only to find it incompatible with your expanding business within a year, leading to substantial costs and time investments for migration, onboarding, and training. To avoid such challenges, opt for a banking CRM software that scales with your evolving banking requirements.

  • Security: In the financial services industry, security holds the utmost importance. An effective banking customer relationship management solution provides two essential elements: enabling employees to access information anywhere, anytime, and safeguarding potentially sensitive financial data. It is imperative to choose a CRM that ensures secure access for team members while effectively preventing unauthorized exploitation, reinforcing the crucial role of security in the banking sector

  • Analytics: Data becomes valuable only when it can be utilized effectively. A robust banking CRM software is equipped with powerful analytics, and in some cases, even artificial intelligence, to extract meaningful patterns and metrics from rows of data. These insights enable you to make informed decisions, implement changes, and address issues. Additionally, understanding customer needs becomes more feasible, allowing you to tailor your services accordingly

  • Pricing: This encompasses the product cost, support and maintenance fees, expenses related to software upgrades, and data migration. Some CRM vendors may also impose additional charges for training, onboarding, or extra data storage. It's essential to thoroughly understand all associated costs to avoid unexpected financial burdens down the line. The cost of a CRM in the banking sector should align with the return on investment it delivers.

Looking to start using advanced CRM at your company?

Reach out to us to see how Velmie can help with API integration and data security

Checklist of core banking CRM  features

1. Customer interaction management:

  • Managing contacts involves tracking details of individuals, monitoring their interactions with the bank, and establishing hierarchies for business customer contacts

  • Omnichannel engagement (via phone calls, chats, emails, social media, etc.) 

  • Customized email templates

  • Automated email distribution

2. Marketing management:

  • Creating personalized offers based on customer spending habits

  • Marketing campaigns’ tracking 

  • Web behavior analytics

  • A/B testing for marketing campaigns

3. Sales management:

  • Sales KPIs and pipeline design

  • Tasks creation, assignment, and tracking

  • Contract management

  • AI-driven recommendations on cross-selling and up-selling banking products and service 

  • Automated reminders

4. Analytics and reporting:

  • Customer segmentation

  • Customizable dashboards and reports

  • Performance forecasting and analytics 

  • AI-powered customer behavior analysis and forecasting 

5. Customer service:

  • Multi-channel case creation

  • Automatic case assignment 

  • Case escalation 

  • AI-powered chatbots 

6. Customer profiles:

  • Individual and business customer profiles

  • Automated updates of customer profiles

7. Security and compliance:

  • Role-based access control 

  • User activity logs 

  • Compliance with data privacy regulations (GLBA, GDPR, etc.)

8. Integrations:

  • Integration with core banking system

  • Integration with card processing systems

  • Integration with marketing services 

  • Integrations with other third-party services

Addressing challenges in CRM implementation for banks and financial institutions

Discovering the appropriate CRM solution and executing its implementation might not be a straightforward task, yet it is undoubtedly the correct course of action. Let's explore the main challenges associated with CRM implementation and how to handle them.

  • Cost. Expense poses a considerable challenge for financial institutions embracing a CRM solution. Rushed or inconsiderate adoption may lead to substantial costs. To mitigate this, it's crucial to first determine the purpose of the CRM system, gaining clarity on the necessary implementation approach and system specifications. This strategic understanding enables effective budgeting for CRM implementation.

  • User adoption. The successful implementation of a CRM tool hinges on its acceptance and usage within the organization. Resistance is common, especially from individuals accustomed to traditional systems. To address this, it's beneficial to articulate the necessity of CRM for the organization and highlight its specific benefits for each department or employee. Implementing incentive programs for efficient system usage and considering penalties for misuse can foster better adoption. Additionally, creating a rewards program for proficient system utilization can further encourage positive engagement.

  • CRM integration with other systems. For financial organizations contemplating CRM implementation, prioritizing the integration of CRM systems with other business management solutions is essential. The incorporation of a central CRM system typically involves the migration or integration of existing software and information systems. Therefore, adopting a carefully planned approach for the CRM project that takes into account specific requirements can help prevent implementation overkill

  • Handling data security. Another notable issue associated with CRM systems is data privacy.  A data breach could result in substantial reputational harm and legal consequences for businesses. Implementing robust security measures is imperative for safeguarding customer data and reducing the potential risk of data breaches.

  • Scaling challenges. The absence of digitization hampers banks from efficiently scaling their business, hindering their ability to reach new customers and expand their offerings as seamlessly as their tech-savvy competitors.

Tackling these challenges requires a combination of a customer-centric approach, regulatory expertise, technological innovation, and risk management strategies. It's crucial to remain agile and responsive to evolving market conditions while prioritizing the security and satisfaction of users. 

Velmie modern and scalable digital banking software solutions have an advanced orchestration technology to manage API connections on the go, allowing seamless integration with CRM systems ensuring that customer data is centralized and easily accessible. Endless integration possibilities with different systems and third-party providers enable enhancing the efficiency of customer relationship management by eliminating silos of information.

We offer a versatile KYC system that can be customized for various client types across different regions. Additionally, our platform features Role-Based Access Control (RBAC), allowing you to establish identity verification teams and grant specific staff members access rights without the need for complex algorithms or integrations. This streamlines the onboarding process for new clients right from the start. Our platform harnesses advanced technology to elevate identity verification and enhance fraud detection. 

Velmie solutions are designed with customer-centricity in mind, the intuitive and easy-to-navigate interfaces of our app enhance the customer experience and encourage user adoption. 

Our robust partner ecosystem facilitates collaborations with various financial institutions, payment gateways, and other service providers. This ecosystem enhances the capabilities of remittance providers by allowing them to tap into a network of trusted partners to expand their service offerings, increase reach, and provide additional value to their customers.

As your business grows, Velmie scales with you. Our solutions are designed to be seamlessly integrated with your existing systems, allowing for easy adaptation and expansion.

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Banking CRM software market and trends2024
Top banking CRM platforms
How to choose a banking CRM?
Addressing challenges in CRM implementation for banks and financal institutions
What is CRM in banking?
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