January 10, 2020 Last updated March 2nd, 2020 1,455 Reads share

Reasons Why You Should Use a Dynamics CRM for Your Financial Institution

Image Credit: DepositPhotos

Customer engagement is one of the topmost talked about things in today’s world. And it’s not just because it is an important part of the business, but because your business depends on it. Customers have been at the core of businesses for a very long time. Since they are the ones around which organizations design their products, it naturally shows their importance. Having said this, companies, no matter in which sector they are, have always been trying to engage the customers and provide them with the best services that they can.

To provide an excellent level of services, organizations have started harnessing emerging technologies and smart platforms that have the capacity to cater to the needs of the customer will complete efficiency. The need for personalization is one of the most important factors that organizations are worried about these days. But, with the right solutions and platforms like Microsoft Dynamics CRM, every organization has the potential to stand out and provide the best of their personalized services to the customer.

Customer Requirements

Taking a look at what customers want, it can be understood that the fundamental things desired by them includes a hassle-free experience and personalization. For example in the financial sector, customers want smooth and rapid availability of services. Moreover, the services presented to them must also be personalized and designed to solve their problems. The financial institutions, on the other hand, have the need to cater to the demands of the customer but without having to shed a hefty sum of money from their pockets. Therefore, while many technologies can cater to these demands of the customer, financial institutions look for those with adequate features at the lowest costs.

But, no matter how hard organizations try, personalization can be truly achieved by analyzing customer data points. In today’s world where digitization is sweeping the world off its feet, it is imperative to realize that there is an abundance of data. More and more customers prefer availing services or products through digital mediums. In this process, they are leaving digital footprints. And as more and more customers turn to digital mediums, the amount of data is only set to increase in the world.

This is good news for organizations. The point is that organizations like financial institutions want to provide personalized and hassle-free services to their customers and data can be the key to it. Having said this, organizations need a Dynamics CRM platform that can take in all the data from a financial institution, process it and give the desired results that provide customer engagement.

Not only does the Dynamics CRM help provide personalized and hassle-free services but it also leverages the information to boost productivity and efficiency in a financial organization. As a result, the customer experience is enhanced and financial institutions are able to build meaningful relationships with the customer. Put differently, the Dynamics CRM has the potential to empower financial institutions with consistent and well-structured data that can be deployed across disparate systems and used to provide new insights and deliver outstanding customer experience.

Why Dynamics CRM?

Let’s take a look at some of the most important factors why financial institutions must use a dynamics CRM in their organization-

It Is Free to Use

A Dynamics CRM for financial institutions like Microsoft’s Banking Accelerator extends its Common Data Model (CDM), to include concepts like retail banking and commercial banking. The best part is that it is offered for free to all financial service customers and partners on the Microsoft App Source. Financial institutions can hop onto it since it is provided under an open-source creative license on the GitHub and there are no additional licensing requirements to use any part of the accelerator.

Moreover, it comes with sample apps and dashboards that can be installed and even deployed in D365, Azure Data Lake Storage and the Power Platform. This serves one purpose perfectly- gives the opportunity to understand the way an accelerator works before organizations can apply the knowledge received from it in industry-specific applications.

Reutilization of Data in Different Apps

One of the best qualities of a Dynamics CRM for the financial sector is that it helps to provide a unified view of data across sources. It allows different customers and partners to easily extend and build different banking applications on the same model of data along with improving the insights and techniques during the process. Reusing data in different apps simplifies the process of storing data and running it across different analytics platforms such as Azure Machine Learning Service, Power BI, and D365 etc.

Learn From Sample Applications

Microsoft Accelerator, the Microsoft Dynamics CRM for the banking sector contains sample applications and dashboards that are available on the GitHub. This is to show the customers and partners how easy it is to develop new apps and solutions. Some of the available apps include:

  • Sample Power BI dashboards that support data modeling and visualization
  • Know Your Customer and On boarding
  • Sample Proposal Manager App built on the Microsoft 365 application. This application helps corporate and commercial banks streamline and automate the lending process to create some great proposals.

Experience of Industry Experts

The Dynamics CRM for the financial sector is built by Microsoft in collaboration with industry experts like VeriPark, Fiserv, and Wealth Dynamix, thus making it in-line with the industry standards that are defined by the Banking Industry Architecture Network. This makes the CRM perfect for the industry since it is designed by the inputs and expert knowledge of experts and pioneers of the financial sector.


Like every other industry or walk of life, the Banking and Finance sector must also amp up their games by prioritizing the customer. They must begin to understand the most fundamental demands of the customer and implement ways in which they can become simplified and hassle-free. While the Banking Accelerator is here to help the industry, it is up to the institutions and organizations to get on board with the idea of heightened customer satisfaction.

 CRM model -DepositPhotos

Jessica Cyrus

Jessica Cyrus

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