The Banking Customer Relationship Management (CRM) Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Banking Customer Relationship Management (CRM) Software Global Market Report 2024, The banking customer relationship management (CRM) software market size has grown rapidly in recent years. It will grow from $13.13 billion in 2023 to $15.40 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increasing demand for self-service banking, increasing demand for automated customer insights software, increasing demand for cloud solutions, increasing demand by funding research and development initiatives, and rising desire for improved customer service.
The banking customer relationship management (CRM) software market size is expected to see rapid growth in the next few years. It will grow to $29.39 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to rising product demand from small and medium-sized businesses, growing, competitors in the customer relationship management (CRM) software industry, increasing use of internet banking, increasing digitalization of the banking sector, and rising popularity of mobile banking. Major trends in the forecast period include technology development, digital technology, innovative products, incorporating artificial intelligence (AI) and machine learning (ML), integration of advanced analytics and business intelligence (BI) tools, and use of blockchain technology in customer relationship management (CRM) systems.
The growing online banking services are expected to propel the growth of the banking customer relationship management (CRM) software market going forward. Online banking is a convenient and efficient way for customers to manage their finances and perform various banking transactions electronically through their bank’s secure online platform. The prominence of online banking is rising due to convenience, security, and easy access to a wide range of financial services. The banking CRM software manages and analyzes customer interactions and data across digital channels, providing enhanced customer service, personalized experiences, and improved operational efficiency. For instance, in July 2024, according to Worldmetrics, a UK-based organization, in 2024 online banking transactions reached $9.8 billion, and are expected to reach $161.6 billion by 2028. Therefore, the growing online banking service drives the banking customer relationship management (CRM) software market.
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The banking customer relationship management (CRM) software market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Application: Customer Service, Customer Experience Management, Customer Relationship Management (CRM) Analytics, Marketing Automation, Salesforce Automation, Other Applications
Major companies operating in the banking customer relationship management (CRM) software market are integrating artificial intelligence (AI) to enhance the efficiency of transaction dispute management for banks. Integrating artificial intelligence (AI) into transaction dispute management can significantly boost efficiency for banks by automating the detection and resolution of disputes. AI algorithms analyze transaction data to identify patterns and anomalies, enabling quicker and more accurate identification of fraudulent activities or errors. For instance, in June 2024, Salesforce, a US-based cloud computing company, launched new AI-driven features designed to improve the efficiency of transaction dispute management for banks. The key features comprise AI-powered Transaction Dispute Management, which simplifies the dispute resolution process from initiation to resolution, and Einstein Copilot Banking Actions, an AI assistant that automates tasks and enhances communication with customers and stakeholders. These tools integrate banking transaction information with Salesforce customer data, greatly minimizing manual tasks and errors while enhancing customer interactions.
The banking customer relationship management (crm) software market report table of contents includes:
1. Executive Summary
2. Banking Customer Relationship Management (CRM) Software Market Characteristics
3. Banking Customer Relationship Management (CRM) Software Market Trends And Strategies
4. Banking Customer Relationship Management (CRM) Software Market – Macro Economic Scenario
5. Global Banking Customer Relationship Management (CRM) Software Market Size and Growth
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32. Global Banking Customer Relationship Management (CRM) Software Market Competitive Benchmarking
33. Global Banking Customer Relationship Management (CRM) Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Banking Customer Relationship Management (CRM) Software Market
35. Banking Customer Relationship Management (CRM) Software Market Future Outlook and Potential Analysis
36. Appendix
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