Forrester Research Report Highlights the Benefits of Industry-Specific CRM Solutions for Financial Services Firms

In a business landscape awash with “agnostic,” or non-industry-specific customer relationship management (CRM) tools, firms who adopt industry-specific CRM solutions are better able to unlock revenue opportunities, decrease risk, ensure compliance, and boost user adoption.

That is according to a recent Forrester Research report, “How CRM Evolves to Support Industry Requirements.” The report, which analyzes the impact and potential of CRM tools across several industries, clearly makes the point that industry-specific CRM solutions are increasingly sought after. That is particularly the case among financial services firms.

The Forrester report states that industry-specific CRM offerings offer “workflows, user experiences, data models, AI and analytics, and compliant infrastructures purpose-built for the needs of your industry.”[i] The report goes on to state that enterprises must decide when — not if — to adopt industry capabilities. No enterprise can differentiate solely with out-of-the-box industry CRM.”[ii]

According to the Forrester report, industry-specific CRM tools deliver benefits over many dimensions, including:

  • De-risk cloud migrations
  • Reduce the burden of regulatory compliance
  • Drive better software adoption
  • Drive incremental value creation
  • Focus the front office on value-added work to better serve customers
  • Unlock new business models

Although the Forrester report cites the degree of industry specificity as “medium” among CRM offerings in financial services because of the broad swath of usage scenarios, at NexJ our Integrated Advisor Desktop is custom-built for the needs and opportunities facing wealth managers. In other words, financial services industry specificity is at the core of who we are.

Our Integrated Advisor Desktop unlocks the potential of CRM systems, providing unique windows into data specifically tuned to the needs of financial industry firms. Our Nudge-AI Suite pairs cutting-edge technologies with knowledge we’ve gained over two decades creating unique CRM solutions for the largest financial firms. The result: intelligent tools that help advisors grow their book, offer better advice, and deliver more value to their clients.

As an example, Wells Fargo Advisors chose NexJ’s CRM solution based on the depth of our wealth management capabilities, ability to integrate into core financial systems, and migrate decades’ worth of data.

Read the full Forrester report (available to Forrester subscribers and for purchase.)

[i],[ii] Forrester. Leggett, K. (2022, May). How CRM Evolves To Support Industry Requirements . Forrester.

Tags: CRM, IAD

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