Globally, the market for banking customer relationship management (CRM) software is growing substantially and is projected to grow as CRM plays a vital role in customer-focused businesses.  CRM software helps banks to handle a client base and consider their preferences efficiently to provide prominent solutions in the market. With this software, banks develop a need-based, customer-centric business model, and accordingly monitor consumer financial details. Moreover, CRMs software saves banks time by minimizing repetitive management tasks, streamlining customer engagements, and formulating several banking units in order to manage consumers demand.

COVID-19 scenario analysis:

• In the wake of COVID-19 pandemic, the banking sector has been tremendously impacted in the market. 
• Growth in non-performing assets (NPAs), balancing continuity of businesses, securing customer data, and managing work-from-home situations are some of the severe challenges faced by the banking industry. 
• Furthermore, with employees working from home, security has become a major concern for banks to protect their client information. 
• As a result, with the help of several CRM software, banks have executed online chatbots to preserve their customers demand and satisfy their on-going needs during the lockdown period. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

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. However, rise in competition from FinTech companies and revolution in banking needs due to change in consumer demand affect CRM system, as it requires higher cost. In addition, maintenance of regulatory guidelines are some of the factors that hamper the market growth.

Conversely, 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. 

New software launches to flourish the market:

Increase in new CRM software and adoption of the advance technologies are some of the trends flourishing the market growth. For instance, in April 2020, Temenos, a banking software provider launched Software-as-a-Service (SaaS) propositions using innovative explainable artificial intelligence (XAI) and cloud technology to help the banking industry tackle the coronavirus pandemic and effectively manage consumer relationships in the market. Moreover, with rise in digital banking activities, Temenos enables banks fulfill customer needs for intimate digital engagement, primarily for traditionally bank in branches. In addition, XAI models provided as SaaS accelerates banking operates to serve small companies and retail customers with instant loan approvals and viable financial goods.

Growth in dependency of banks on digital banking systems to enhance customer loyalty:

Digital banking innovations and payment platforms enhance management of customer relationships in the banking sector. Individuals, particularly the millennial generation largely prefer digital banking systems over traditional banking systems. Furthermore, during the COVID-19 outbreak, several banks have implemented advanced technologies to maintain customer loyalty. For instance, WSFS Bank, implemented QR-Code scanners to help customers protectively transact without ATMs, in order to avoid transmission of coronavirus. 

Key segments covered:

Key benefits of the report:

• This study presents analytical depiction of the global banking CRM software market along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global banking CRM software market share.     
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global banking CRM software market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed market analysis based on the present and future competitive intensity of the market.

Questions answered in the banking CRM software market research report:    

• Who are the leading market players active in the global banking CRM software market?
• What would be the detailed impact of COVID-19 on the global banking CRM software market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global banking CRM software market?
• What are the projections for the future that would help in taking further strategic steps?