According to a new report published by Allied Market Research, titled, “Banking CRM Software Market,” The banking crm software market was valued at $9.5 billion in 2021, and is estimated to reach $39.2 billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.
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CRM software assists banks in managing their clientele and considering their preferences effectively to offer standout products in the industry. With the help of this software, banks can create a customer-centered, need-based business model and monitor financial information about their clients accordingly. Moreover, CRM in banking also saves banks time by cutting down on tedious administrative activities, optimizing client interactions, and creating several banking units to handle consumer demand. In addition, CRM for investment banking is a major trend among the investors. Further, growth in need for customer management, owing to changing preferences in terms of product offerings is the major factor that boosts the market growth. In addition, to sustain in stronger competition, banks are implementing technologies in their business operations to improve customer services, this as a result fuels growth of the banking CRMs software market. Furthermore, rise in banking technical adoptions in developing countries and evolving technologies to enhance consumer services are some factors expected to create lucrative opportunities for the banking CRMs software market in the upcoming years. Moreover, CRM systems with extensive toolkits, such as those with project management, sales, and marketing capabilities, have the power to automate all aspects of banking and finance. These platforms may gather information from different corporate departments and add the appropriate details to each client profile in the CRM database. Additionally, banking CRM software helps reconcile financial data from many sources and allows real-time monitoring of the data utilised by various departments.
Furthermore, the global banking CRM software market is in its developing phase, and exhibits high growth potential, due to rise in implementation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). In addition, increase in collaborations of enterprises and fintech are expected to promote the banking CRM software market growth in future. For instance, in August 2022, Monument Bank, UK’s first neo bank, has partnered with Persistent Systems and, a global digital engineering provider to build a bespoke, cloud-native digital banking platform for lending and deposit services to support Monument’s ongoing operations. Monument’s target clients are usually pressed for time and often feel underserved and undervalued by other banking providers. Monument’s mission was to help its clients prosper and optimize their time by offering smart, efficient and flexible CRM solutions.
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By application, the customer service segment acquired a major banking CRM software market share in 2021. This is attributed to the fact that the banks can fulfill their clients and keep their business owing to the automation, streamlining, and consolidation that this software can provide. Further, the growing proliferation of online banking is fueling the growth of banking CRM software market for customer service. Furthermore, banks often do not benefit from the advantages of brand loyalty that other companies do. To remain competitive, banks have to deliver accurate financial services as well as top-notch client experience. This entails being receptive to consumer demands, aware of their background, and capable of foreseeing the services they could want in the future.
Region wise, North America dominated the market in banking CRM software market size in 2021. The rising demand for banking customer relationship management (CRM) software to enhance customer experience is one of the prime factors affecting the growth of the market in the region. Further, the presence of the highest number of technology innovators and the increasing adoption of CRM software by banks and other financial institutions to enhance customer experience is fueling the growth of banking CRM market in North America.
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The demand for banking CRM software has increased considerably during the COVID-19 pandemic. This is attributed to increased demand for providing better customer services and gather information precisely owing to the trend of remote working. Moreover, banking CRM software market is expected to witness growth with the increased adoption among various small & medium sized enterprises. These factors significantly contribute towards banking CRM software market trends. Thus, these factors promoted the growth of the banking CRM software industry during the pandemic situation.
KEY FINDINGS OF THE STUDY
By offering, the solution segment accounted for the highest banking CRM software market share, in terms of revenue in 2021.
On the basis of deployment mode, the cloud segment is expected to exhibit the fastest growth rate during the forecast period in banking CRM software market.
Region wise, North America generated the highest revenue of banking CRM software market size in 2021.
The key players operating in the banking CRM software market analysis include 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 industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting.