PUBLISHER: Allied Market Research | PRODUCT CODE: 1266374
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266374
Banking customer relationship management (CRM) software assists banks in putting customer-centric strategies into practice so that they can start value-added marketing initiatives, boost revenues, and provide first-rate customer service. A banking CRM software can also assist banks in establishing a customer-centric business model, personalizing communications, enhancing digital interactions, resolving inter-departmental communications, and even increasing the productivity of banking agents.
The adoption of banking CRM software has expanded as a result of a growing trend among small and medium-sized enterprises to provide better customer services and integrate with other web-based programs, such as automated bank feeds and automated billing capabilities. In addition, the rise in demand for automated banking CRM software and increase in acceptance of internet of things (IoT) & cloud-based services have driven the expansion of the worldwide banking CRM software market. However, high implementation and integration costs required to incorporate this software with the existing systems are some of the factors that hamper the market growth. On the contrary, integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA) and others in the software, is expected to boost the growth of the market in upcoming years. In addition, constant improvement in the system UI of banking CRM software is expected to create lucrative opportunities for the market in future.
The banking CRM software market is segmented into offering, deployment mode, application, and region. By offering, the market is differentiated into solution and services. Depending on deployment mode, it is fragmented into on-premises and cloud. Depending on application, it is segmented into customer service, customer experience management, CRM analytics, marketing automation, social medial monitoring and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The banking CRM software market analysis includes top companies operating in the market such as Salesforce, Inc., SugarCRM Inc., Microsoft, Oracle, LeadSquared, Pegasystems Inc., Claritysoft, Zoho Corporation Pvt. Ltd., HubSpot, Inc., and KAPTURE. These players have adopted various strategies to increase their market penetration and strengthen their position in the banking CRM software industry.