Best CRM for fintech

As a fintech company, managing customer relationships, tracking transactions, and ensuring compliance with regulatory requirements are critical to your success. A powerful Customer Relationship Management (CRM) system can help you streamline these processes by centralizing customer data, automating follow-ups, and providing detailed insights into customer behavior. With the right CRM, you can enhance customer satisfaction, improve operational efficiency, and drive growth.
In this blog post, we’ll explore the best CRM options for fintech companies like yours, focusing on tools that support scalability, security, and seamless integration with your financial services.

Why you need a CRM

Having the right CRM can transform the way fintech businesses manage their business development and operations – leading to an increase in growth.

Challenges without a CRM

If you don't have the right CRM in place, or have not considered one before, you might already be experiencing these challenges without realising how much time it takes away from your priorities.

• Disorganization: Managing customer data across multiple platforms leads to chaos and inefficiencies.
• Missed opportunities: Without a centralized system, tracking leads and follow-ups becomes challenging, resulting in lost sales.
• Inefficient processes: Manual data entry and fragmented workflows slow down operations.
• Lack of insight: Inadequate data analytics hampers informed decision-making.
• Inconsistent communication: Fragmented communication channels lead to mixed messages and poor customer experience.

Benefits of a CRM

Still on the fence about whether or not a CRM can help your team? Having the right CRM in your tech stack can bring a wealth of benefits. From helping your team create a single source of truth, to better decision making. We've rounded up some benefits you can expect to see with one that aligns with your tech stack and goals.

• Centralized information: A single source of truth for all customer data, enhancing accessibility and accuracy.
• Enhanced efficiency: Automated workflows and data entry save time and reduce errors.
• Improved customer relationships: Personalized communication and timely follow-ups boost customer satisfaction.
• Better decision-making: Advanced analytics provide actionable insights for strategic planning.
• Increased sales: Streamlined lead management and tracking convert more prospects into customers.
• Consistent communication: Unified communication channels ensure clear and consistent messaging.

How to evaluate and choose a CRM

With a lot of CRMs to comb through, it can be overwhelming to figure out which one is right for you. If you're wondering where to start, we suggest taking the following tips and adapting them to your decision making process to help you create a criteria that can help you shortlist the right CRM.

1. Define your requirements

For fintech companies, it's crucial to identify the key features that align with your business needs. Look for CRMs that offer robust security measures, seamless integration with financial tools, data analytics, and compliance with financial regulations. Ensure the CRM supports customer segmentation, personalized communication, and efficient lead management to cater to your fintech-specific operations. If you're unsure where to start, try looking for the following key features that we've rounded up specifically for you.

Key features of a CRM for fintech

• Automated processes: Streamlines tasks by automating repetitive workflows, allowing your team to focus on strategic decision-making rather than manual data entry.
• Contact enrichment: Automatically finds Leads, Investors, Customers, and Investment opportunities' email addresses and contact information, enhancing efficiency and ensuring you have the most up-to-date data.
• Structured pipeline: Tracks Leads, Investors, Customers, and Investment opportunities through defined stages, ensuring process clarity and effectiveness, which is crucial for managing complex financial transactions.
• Mail merge and email sequences: Increases communication efficiency with follow-up templates and automated sequences, ensuring timely and consistent engagement with stakeholders.
• LinkedIn connection: Seamlessly imports your leads, investors, customers, and Investment opportunities from LinkedIn and tracks all your contacts within the CRM, making it easier to manage professional networks and relationships.
• Analytics: Provides essential data analysis and predictive insights for better planning, helping fintech founders make informed decisions based on real-time data.

2. Budget considerations

When selecting the best CRM for fintech, balance the cost against the potential return on investment. Consider the pricing models—whether they are subscription-based, per-user, or feature-based—and how they fit into your budget. Evaluate the long-term benefits of the CRM in terms of customer retention, acquisition, and overall business growth to ensure you're making a financially sound decision.

3. Selection process

Start by researching CRM vendors that specialize in fintech solutions. Look for reviews, case studies, and testimonials from other fintech companies. Shortlist vendors who have a proven track record in the financial technology sector. Request demos and engage in discussions with their sales and support teams to understand their offerings better.

4. Get a demo

Trial different CRM platforms to see which one best fits your fintech needs. Compare features such as user interface, customization options, scalability, and customer support. Involve key stakeholders in the evaluation process to gather diverse perspectives. Make an informed decision based on how well the CRM aligns with your business goals and enhances your operational efficiency. Get started with a demo with Folk and see how it can adapt to your specific needs.

3 tips for implementing a CRM

At this stage – it's time to get excited about aligning your brand new shiny CRM with your team, and get familiar with it. To help you make the most of the onboarding stage, we've rounded up these tips for you to keep front of mind.

1. Import your data into your new CRM

Transitioning to a new CRM can be seamless if you properly import your existing data. Start by exporting your data as a CSV file from your current CRM. For example, if you're using HubSpot, you can follow their guide on how to export records from HubSpot. Similarly, if you're using Pipedrive, check out their instructions on exporting data from Pipedrive. This step ensures that all your valuable customer information is transferred accurately.

2. Create your first pipeline

Once your data is imported, the next step is to create your first pipeline. For fintech companies, this might involve setting up stages that reflect your sales or customer onboarding process. Typical stages could include "Lead Qualification," "KYC Verification," "Financial Assessment," and "Final Approval." Tailoring these stages to your specific fintech operations will help streamline your workflow and ensure your team knows exactly what steps to follow.

3. Onboard your team

Finally, it's essential to onboard your team effectively. Conduct training sessions to familiarize them with the new CRM's features and best practices. Highlight how the CRM will enhance their productivity and improve customer interactions. Ensuring your team is comfortable with the new system will lead to better adoption and more efficient use of the CRM, driving your fintech company towards greater success.

The 5 best CRMs for fintech

1. folk

folk is a modern CRM platform for managing contacts, workflows, and relationships, offering customizable pipelines, AI-driven tools, and integrations to enhance deal management and prospecting.

Key features

• Contact enrichment: Automatically enriches contact details by finding emails and LinkedIn URLs, enabling efficient outreach without manual data entry or additional costs for email services.
• LinkedIn integration: Seamlessly import contacts and search lists from LinkedIn and Sales Navigator, track conversations within folk, and use templates for quicker, streamlined communication.
• Mail merge and email sequences: Full email sync compatible with Gmail and Outlook, access to real-time contact information, templates, and tracking features, enabling users to manage all communications directly from the CRM.
• AI-powered features: AI tools assist in managing contacts and relationships, automating routine tasks, and suggesting actions to improve productivity.
• Integrations: folk integrates seamlessly with over 6,000 apps, including Gmail, Zapier, and Make, allowing users to centralize their workflow and reduce manual data entry.

Pros

• Ease of use: folk is praised for its intuitive interface, making it accessible even to non-technical users with quick onboarding and a minimal learning curve.
• All-in-one: folk streamlines your workflow by allowing you to import contacts from LinkedIn, automatically find their emails, reach out through customizable email sequences, and track interactions in a pipeline, eliminating the need for multiple tools and saving time and money.
• Personalization: Custom fields, pipelines, dashboards, automation and workflows.
• Integrations: folk integrates seamlessly with over 6,000 apps, including Gmail, Zapier, and Make, allowing users to centralize their workflow and reduce manual data entry.

Cons

• Reporting: Currently lacks reporting features, but there are plans for future implementation.

Price and plans

You can try folk for free with a 14-day free trial. After that, a monthly or annual subscription plan is as follows.

• Standard: $20 per user, per month.
• Premium: $40 per user, per month.
• Custom: Starts from $60 per user, per month.

2. HubSpot

HubSpot CRM is a user-friendly, scalable platform offering integrated tools for managing sales, marketing, customer service, and operations efficiently.

Key features

• Marketing Hub: Includes email marketing, ad tracking, landing pages, and lead generation tools, essential for attracting and nurturing fintech leads.
• Sales Hub: Provides deal tracking, pipeline management, sales automation, and reporting, crucial for managing investor relationships and closing investment opportunities.
• Service Hub: Offers customer service tools like ticketing, live chat, and knowledge bases to enhance customer support for fintech clients.
• Lead scoring: Prioritize leads with predictive scoring to improve sales efficiency and target high-potential investors and customers.
• Operations Hub: Syncs and automates business processes across different systems, ensuring seamless operations and data management for fintech companies.

Pros

• User-friendly interface: HubSpot is known for its intuitive and easy-to-use interface, making it accessible for fintech founders and their teams.
• Comprehensive free plan: Offers a robust free version that includes essential CRM features, ideal for fintech startups looking to manage leads and investors without a hefty initial investment.
• Automation capabilities: Provides powerful automation tools for tasks like email marketing, lead nurturing, and sales workflows, helping fintech companies save time and improve efficiency.
• Customizable dashboard and reports: Allows users to create customized dashboards and reports to track metrics and gain insights into investment opportunities and customer engagement.
• Scalability: The platform is highly scalable, offering different tiers that cater to growing fintech businesses, from startups to large enterprises.

Cons

• High cost at higher tiers: HubSpot’s pricing can become expensive as you move to higher tiers, which may be prohibitive for small fintech businesses as they scale.
• Complexity in advanced features: Some advanced features, such as custom reporting and workflows, have a steep learning curve and may require additional training.
• Email marketing limits: Email marketing functionality in the free plan is restricted by limits on the number of emails you can send, which can be a drawback for fintech businesses with larger lists.
• Dependence on HubSpot ecosystem: The platform works best when fully integrated with HubSpot's other tools, which can limit flexibility if you use other software.
• Data storage limits: HubSpot imposes limits on data storage in its lower-tier plans, which can be restrictive for data-intensive fintech businesses.

3. Pipedrive

Pipedrive is a web-based CRM for small businesses, offering lead management, automation, email integration, and customizable pipelines to optimize sales.

Key features

• Lead and deal management: Centralized tools to manage customer data, interactions, and sales pipelines, helping fintech teams act quickly on leads, investors, and investment opportunities.
• Sales automation: Workflow automation to handle repetitive tasks such as lead routing, follow-ups, and email sequences, allowing fintech sales teams to focus on closing deals and securing investments.
• Email integration: Full email sync, templates, and tracking features, enabling fintech professionals to manage all communications directly from the CRM.
• Advanced reporting and analytics: Real-time data analytics and custom reporting tools to track sales performance, forecast revenue, and gain actionable insights specific to fintech operations.
• Customization and security: Options to customize pipelines, fields, and user permissions, with robust security measures to protect sensitive financial data.

Pros

• User-friendly interface: Known for its intuitive and visually appealing interface, making it easy for fintech teams to navigate and manage their sales pipelines.
• Sales pipeline focus: Specifically designed for managing sales pipelines, offering a visual approach that helps fintech sales teams track deals and activities effectively.
• Customization: Allows for a high degree of customization, enabling fintech users to tailor the platform to their specific sales processes with custom fields and workflows.
• Affordability: Offers competitive pricing, making it accessible to fintech startups and small businesses without sacrificing essential CRM features.
• Automation features: Includes automation tools that help streamline repetitive tasks, such as sending follow-up emails and moving deals through the pipeline, saving time and boosting productivity for fintech teams.

Cons

• Limited advanced features: Lacks some of the more advanced CRM features, such as extensive marketing automation and AI capabilities, which are available in other platforms.
• Basic reporting in lower tiers: The reporting and analytics features in the basic plans are somewhat limited, requiring upgrades to access more in-depth insights.
• Price increases with add-ons: The cost can increase quickly when additional features or integrations are added, making it less cost-effective for fintech businesses with growing needs.

Price and plans

An annual subscription plan from Pipedrive is as follows.

• Essential plan: Starts from $24 per user, per month.
• Advanced plan: Starts from $44 per user, per month.
• Power plan: Starts from $79 per user, per month.
• Enterprise plan: Starts from $129 per user, per month.

4. Zoho

Zoho is a CRM system with a strong sales focus. Its got features such as journey orchestration, sales process management and workflow automation. There's also something for marketing teams, including lead hurting, event management and customer segmentation.

Key features

• Sales automation: Automates tasks like managing leads, tracking deals, and follow-up actions, crucial for efficiently handling fintech leads and investment opportunities.
• Customizable dashboards and reports: Create tailored dashboards and reports for in-depth analytics on customer interactions, investor relations, and sales performance.
• Multi-channel communication: Integrates with email, phone, social media, and live chat to manage interactions with leads, customers, and investors seamlessly.
• Lead and contact management: Efficiently manage customer information, track interactions, and segment contacts for targeted campaigns, essential for nurturing fintech leads and investor relations.
• AI-powered sales assistant (Zia): Provides predictive analytics, task automation, and intelligent suggestions to enhance sales performance and investment opportunity management.

Pros

• Affordability: Competitive pricing with various tiers, making it accessible for fintech startups and growing companies.
• Customization: Extensive options to tailor the CRM to specific fintech needs, including custom fields, modules, and workflows for leads, investors, and customers.
• Integration with Zoho Suite: Seamless integration with other Zoho products creates a comprehensive ecosystem for managing different business functions.
• Multi-channel communication: Supports email, phone, social media, and live chat, enabling fintech companies to manage all interactions from a single platform.
• AI-powered features: Zia provides intelligent insights, predictive analytics, and task automation, improving efficiency in managing leads and investment opportunities.

Cons

• Steep learning curve: Extensive customization options can be overwhelming for new users, requiring significant time investment to master the platform.
• Complex setup: Initial setup and configuration can be complex, particularly for fintech companies without technical expertise or dedicated IT resources.
• User interface: Some users find the interface outdated or cluttered compared to other modern CRM platforms, affecting usability.
• Performance issues: Occasional reports of slow performance, especially with large datasets or complex operations, can hinder productivity.
• Limited third-party integrations: While it integrates well with Zoho products, integration with third-party applications can be limited or require additional effort.

5. Salesforce

Salesforce is a robust CRM platform for large enterprises, offering tools for sales, marketing, service, and analytics, with extensive scalability.

Key features

• Comprehensive ecosystem: A unified platform offering CRM, marketing automation, customer service, and custom app development, suitable for managing leads, investors, customers, and investment opportunities.
• Customization and scalability: Highly customizable and scalable, Salesforce allows fintech companies to tailor the platform to complex workflows and manage significant growth.
• Artificial Intelligence (AI) integration: Salesforce Einstein offers AI-driven analytics and automation, providing insights that help fintech businesses optimize their strategies.
• Extensive integration capabilities: With Salesforce's AppExchange, fintech companies can integrate the platform with a wide range of third-party applications, ensuring seamless operation across different business systems.
• Enterprise-grade security and compliance: Robust security measures and compliance features are critical for fintech firms handling sensitive customer and investor data.

Pros

• Comprehensive feature set: Offers an extensive range of features covering sales, service, marketing, and more, making it a powerful tool for managing leads, investors, customers, and investment opportunities.
• Scalability: Suitable for businesses of all sizes, from small fintech startups to large enterprises, with the ability to grow with your business.
• Advanced analytics and reporting: Provides powerful analytics and reporting tools, allowing fintech firms to gain deep insights into their data and make informed decisions.

Cons

• High cost: Can be expensive, especially for small to medium-sized fintech businesses, with high licensing fees and additional costs for add-ons and customization.
• Steep learning curve: Due to its extensive feature set and complexity, Salesforce often requires significant time and training for users to become proficient.
• Complex setup and customization: Initial setup and customization can be challenging and often require expert help or certified consultants, adding to the overall cost.
• Overwhelming for small teams: Robust features may be overkill for smaller teams or businesses, leading to underutilization of the platform’s capabilities.
• Integration complexity: While offering extensive integration capabilities, integrating Salesforce with third-party applications can be complex and require technical expertise.

Conclusion

Choosing the best CRM for your fintech company is a crucial decision that can significantly impact your business growth and efficiency. Whether you prioritize ease of use, advanced features, or affordability, there's a CRM solution tailored to meet your specific needs. Platforms like folk, HubSpot, Pipedrive, Zoho, and Salesforce offer unique features and capabilities that can streamline your workflows, enhance customer relationships, and drive better decision-making. As a fintech founder, it's essential to evaluate each option based on your business requirements, budget, and long-term goals. By implementing the right CRM, you can optimize your operations, improve customer satisfaction, and ultimately, achieve greater success in the financial technology sector. Try folk for free here.

Need a helping hand? Use our free tool to find your perfect CRM match.

Frequently Asked Questions

What do fintech companies use as a CRM?

Fintech companies often use CRMs like folk, HubSpot, Pipedrive, Zoho, and Salesforce. Folk is particularly popular due to its user-friendly interface and robust features tailored for managing contacts and workflows. HubSpot and Pipedrive are also favored for their comprehensive tools and scalability, while Zoho and Salesforce offer extensive customization and integration capabilities.

Do I need a CRM?

Yes, depending on the complexity of your process. A CRM can significantly streamline operations, enhance customer relationships, and improve data management, making it indispensable for fintech companies aiming to scale efficiently and manage intricate workflows.

How much does a CRM cost?

CRM costs can vary widely. Basic plans start around $20 per user per month, while more advanced options can go up to $150 or more per user per month, depending on features and scalability. It's essential to balance cost with the functionalities that align with your business needs.

Does folk’s CRM respond to fintech needs?

Yes, folk’s CRM is well-suited for fintech needs. It offers features like contact enrichment, LinkedIn integration, and customizable pipelines, which streamline managing leads, investors, and customers. Its user-friendly interface and automation tools also enhance efficiency, making it an excellent choice for fintech founders looking to optimize their operations.