PUBLISHER: The Business Research Company | PRODUCT CODE: 1556210
PUBLISHER: The Business Research Company | PRODUCT CODE: 1556210
Banking customer relationship management (CRM) software is a specialized system designed to assist financial institutions in managing their interactions with both current and potential customers. This software helps banks streamline and enhance customer service, improve customer retention, and boost sales growth by centralizing and analyzing customer data.
The main offerings of banking CRM software include solutions and services. Banking CRM software solutions are comprehensive sets of tools and applications specifically designed for financial institutions to handle customer relationships. These solutions can be deployed either on-premises or in the cloud. They are used in various applications, including customer service, customer experience management, CRM analytics, marketing automation, salesforce automation, and more.
The banking customer relationship management (CRM) software market research report is one of a series of new reports from The Business Research Company that provides banking customer relationship management (CRM) software market statistics, including banking customer relationship management (CRM) software industry global market size, regional shares, competitors with a banking customer relationship management (CRM) software market share, detailed banking customer relationship management (CRM) software market segments, market trends, and opportunities, and any further data you may need to thrive in the banking customer relationship management (CRM) software industry. This banking customer relationship management (CRM) software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The banking customer relationship management (CRM) software market size has grown rapidly in recent years. It will grow from $13.13 billion in 2023 to $15.40 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth during the historic period can be attributed to a rising demand for self-service banking, a greater need for automated customer insights software, an increase in demand for cloud solutions, higher investment in research and development initiatives, and a growing desire for enhanced customer service.
The banking customer relationship management (CRM) software market size is expected to see rapid growth in the next few years. It will grow to $29.39 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth anticipated during the forecast period can be attributed to the increasing demand for products from small and medium-sized businesses, the rise of competitors in the customer relationship management (CRM) software industry, a greater use of internet banking, the growing digitalization of the banking sector, and the rising popularity of mobile banking. Major trends for this period include advancements in technology, the development of digital technology, innovative product offerings, the incorporation of artificial intelligence (AI) and machine learning (ML), the integration of advanced analytics and business intelligence (BI) tools, and the use of blockchain technology in CRM systems.
The expansion of online banking services is anticipated to drive growth in the banking customer relationship management (CRM) software market. Online banking provides a convenient and efficient means for customers to manage their finances and conduct various banking transactions electronically through secure online platforms. The increasing prominence of online banking is attributed to its convenience, security, and easy access to a broad range of financial services. Banking CRM software is designed to manage and analyze customer interactions and data across digital channels, thereby enhancing customer service, personalizing experiences, and improving operational efficiency. For example, in July 2024, Worldmetrics, a UK-based organization, reported that online banking transactions totaled $9.8 billion in 2024 and are projected to grow to $161.6 billion by 2028. Thus, the rise in online banking services is propelling the growth of the banking CRM software market.
Leading companies in the banking CRM software market are incorporating artificial intelligence (AI) to enhance the efficiency of transaction dispute management. AI integration can significantly improve efficiency by automating the detection and resolution of disputes. AI algorithms analyze transaction data to identify patterns and anomalies, facilitating quicker and more accurate identification of fraudulent activities or errors. For instance, in June 2024, Salesforce, a US-based cloud computing company, introduced new AI-driven features aimed at boosting transaction dispute management efficiency for banks. These features include AI-powered Transaction Dispute Management, which streamlines the dispute resolution process from initiation to conclusion, and Einstein Copilot Banking Actions, an AI assistant that automates tasks and enhances communication with customers and stakeholders. These tools integrate banking transaction data with Salesforce customer information, reducing manual tasks and errors while improving customer interactions.
In July 2024, Infor, a US-based provider of enterprise software solutions, acquired Acumen for an undisclosed amount. This acquisition is intended to enhance Infor's offerings in innovative enterprise software solutions, supporting digital transformation across various industries. Acumen is a US-based company specializing in banking CRM software.
Major companies operating in the banking customer relationship management (CRM) software market are Microsoft Corporation, Oracle Corporation, Salesforce Inc., Fiserv Inc., Infor Global Solutions, Sage Group, Genesys Cloud Services Inc., HubSpot Inc., Zoho Corporation, Pegasystems Inc., Temenos AG, Acidaes Solutions Private Limited (CRMNEXT), Creatio, SAP SE, Doxim Inc., SugarCRM Inc., Kapture CX, NexJ Systems Inc., Leadsquared Inc., Claritysoft LLC, Liferay Inc.
North America was the largest region in the banking customer relationship management (CRM) software market in 2023. The regions covered in the banking customer relationship management (CRM) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the banking customer relationship management (CRM) software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The banking customer relationship management (CRM) software market includes revenues earned by entities by providing customer data management, sales management, customer service and support, and integration capabilities. The market value includes the value of related goods sold by the service provider or included within the service offering. The banking CRM software market also consists of sales of financial CRM, social CRM, and mobile CRM. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Banking Customer Relationship Management (CRM) Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on banking customer relationship management (CRM) software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for banking customer relationship management (CRM) software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The banking customer relationship management (CRM) software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.