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.
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.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides in-depth analysis of the global banking CRM software market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global banking CRM software market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global banking CRM software market from 2021 to 2031 is provided to determine the market potential.
Key Market Segments
By Offering
- Solution
- Service
By Deployment Mode
- On-Premises
- Cloud
By Application
- Customer Service
- Customer Experience Management
- CRM Analytics
- Marketing Automation
- Salesforce Automation
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Salesforce, Inc.
- SugarCRM Inc.
- Microsoft
- Oracle
- LeadSquared
- Pegasystems Inc.
- Zoho Corporation Pvt. Ltd.
- Claritysoft Technologies
- HubSpot, Inc.
- KAPTURE
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BANKING CRM SOFTWARE MARKET, BY OFFERING
CHAPTER 5: BANKING CRM SOFTWARE MARKET, BY DEPLOYMENT MODE
CHAPTER 6: BANKING CRM SOFTWARE MARKET, BY APPLICATION
CHAPTER 7: BANKING CRM SOFTWARE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report 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.The Banking CRM software Market is likely to experience a significant growth rate of 15.7% from 2022-2031 owing to increasing market demand from banking services sector
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.
Key factors driving the growth of the banking CRM software market include 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. Further, databases and CRM profiles act as data sources for a system's additional features. Because of this, large-scale businesses are the main consumers of these applications, utilizing them throughout their many business lines and divisions. In fact, a CRM system is used by 91% of companies with more than 10 workers. Despite the widespread usage of CRM software by businesses across all industries, banking and financial services have been highlighted as the primary sectors driving the market's expansion. There are several obstacles facing the CRM banking industry, including intense rivalry, elevated client demands, and poor data interoperability. The platforms of today are made to take care of these issues and improve the existing processes and products that banks and other financial institutions offer. There are several advantages to using one.
The market also offers growth opportunities to the key players in the market. 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. Furthermore, Banks may proactively develop customized products and services for consumers thanks to CRM banking software, which gives users a 360-degree picture of customers. Additionally, it enables users to add comments on specific encounters to a customer's profile, particularly for unique requirements or traits. CRM solutions also include messages from many sources, including social media and other parts of the system. This makes it possible for bank representatives to continue talks where they left off, giving the appearance that the bank is actively concerned about its clients' requirements. As a result, client loyalty and retention are encouraged. Furthermore, CRM solutions streamline business workflows and operations because they let users carry out planned tasks. Routine work are mechanized, repetitive chores are minimized, and time-consuming tasks are structured. As a result of the accelerated operations, each bank agent has more room to assist consumers, improving an organization's level of sales and customer service.
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, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study Salesforce, Inc., SugarCRM Inc., Microsoft, Oracle, LeadSquared, Pegasystems Inc., Claritysoft, Zoho Corporation Pvt. Ltd., HubSpot, Inc., and KAPTURE. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch and expansion to remain competitive and gain advantage over the competitors in the market. For instance, in September 2021, Finastra has launched Total Lending Home, a new cloud-based portal to launch and manage the total lending suite of solutions. Current lending products available through the total lending home portal include Fusion LaserPro, Fusion DepositPro, Fusion Compliance Reporter, and ProSign Online, with additional lending products to follow.
Key Market Insights
- 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.
Companies Mentioned
- Salesforce, Inc.
- SugarCRM Inc.
- Microsoft
- Oracle
- LeadSquared
- Pegasystems Inc.
- Zoho Corporation Pvt. Ltd.
- Claritysoft Technologies
- HubSpot, Inc.
- KAPTURE
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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