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Top 5 Banking CRM Myths — Busted!


CRM is not a new technology, and there are plenty of misconceptions of it. With those come a handful of myths that linger in the meeting rooms of financial institutions. Here are five common myths about CRM and the truth you need know.

MYTH #1 – It’s Too Expensive.

It’s true that a CRM, particularly for smaller financial institutions, is a serious investment. “Too expensive” is often the phrase that defines this myth, but when you consider the cost savings after implementation, this portrayal fades. CRM offers an all-in-one communication and reporting tool that not only streamlines and automates processes, but also elevates customer service, and is a game-changer for scaling personalization in marketing efforts. Add all the cost savings together, and the complete math says CRM pays for itself quickly. In short, CRM generates more business and more valuable data, and that’s money in the bank.

MYTH #2 – It Won’t Integrate Optimally with Our Core.

How can a CRM that is not a part of my institution’s core banking system be as efficient as a CRM that is part of the core? This is a fair question. Several core providers offer CRM solutions as add-ons to their primary product. Often, these are just that: add-ons. CRM systems developed with a singular focus on the CRM functionalities can be better than what a core provider can offer, and they are often made to seamlessly integrate with a variety of core products. Not only do you get a more finely tuned CRM solution that integrates with your core, but as David Acevedo, Senior Vice President at 360 View, explains, “If you decide to move away from your core system, we move with you. There’s a lot of freedom and flexibility in that.”

MYTH #3 – Implementation is Huge and We Don’t Have the Resources.

If you believe implementing a CRM system is a huge undertaking and you don’t have the resources, you may never take the plunge. It is certainly true that the implementation phase of adopting a CRM system is important for its long-term success, and you should approach it with a plan and adequate resources, even better, with experience. A CRM provider that offers a tested implementation process and the professional services to assist is a safety net worth employing. Remember, CRM implementation is not an IT implementation; it involves IT, but the key players are those who will be using the tools in their processes. Implementation does not have to be unwieldy and scary. With proper planning and an experienced provider as partner, you set yourself up for success.

MYTH #4 – We’ve Got to Prove ROI.

There is plenty to be said about ROI. It vibrates the air of the C-Suites, and while it fills that space, it is notoriously elusive. There are definitely ROI numbers to be found regarding CRM, industry standards and ways to look at data locally in your own institution. More importantly, the measures of success from adopting a CRM will come in the efficiencies gained in everyday processes, the time team members save from automating tasks, the upgrade in customer experience, and the business growth you see in your institution. CRM is more than a technology tool on which you need to measure ROI. Applied properly, it is a tool that puts hands and feet on the culture and processes that you have developed for long-term success.

MYTH #5 – Only a Few People Are Going to Use It.

What if we adopt this technology and only 5% of our people use it or we only use 5% of the tool’s capacity? This is a fair concern, but one that you can control. CRM adoption begins at the top. Chelsea Daniel, National Sales Representative for 360 View, elaborates, “Buy-in at the executive level is one of the most important things. Leadership is setting expectations, and the success or failure will begin there.” If you know your institution needs a CRM, but your executive team is not completely onboard, consider the risks and do the work of winning them first. With an organization in sync for adopting CRM technology, the full and effective use of this powerful tool is only a matter of time. As the positive results become apparent, your entire institution will be using CRM and making customer relationship management a driving force for success.

CRM is a powerful technology. It’s worth your time to see beyond the myths and understand its real potential within your organization.

360 View has been implementing CRM in banks for over 20 years. Struggling with myths is common. Let us help you work through the questions and provide you with a great tool built by bankers for bankers. 


Related Article: Making Your Business Case for CRM


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