Generic CRM… A High Cost, High Risk Proposition!

9 April, 2010 (21:00) | Blog | By: admin

By: Alan Buhler

At a time when selling your products and services has become more difficult, you also must sell your institution’s strength and security to a nervous and anxious community.  The fact is, these are tough times for many financial institutions, but it can be a boon of opportunity for yours.  With that said, there has never been a more important time to embrace integrated, banking-specific Client Relationship Management/Sales Force Automation software. 

Many financial institutions never go beyond considering generic “off-the-shelf” products like ACT!,, and MS CRM when evaluating Client Relationship Management/Sales Force Automation (CRM/SFA) software.  Although these systems may look attractive in the beginning with their seemingly low, upfront cost, over a five-year life of the software, the punitive charges for additional subscriptions, access, and basic services really add up! 

The fact is, these systems charge you heavily as your requirements grow, and will impose a crippling range of limitations and usage restrictions across their versions, and additional access will cost you.  These systems’ “on-demand” model may sound easy, but a successful CRM/SFA implementation still requires a rock-solid plan that includes project scoping, client data migration, configuration, customization, and integration—regardless of the deployment model.  Not to mention, using their “certified” consultants will cost you significantly more money. 

Don’t get me wrong, these are all good systems, but they do not provide the same client/prospect visibility that an integrated, banking-specific CRM/SFA solution can provide everyone in your institution; from front-line to back-office.  All the systems, whether integrated or not, have contact management, pipeline tracking, and report generation capabilities; but the similarities end there.  

Here are a few key examples of how an integrated, banking-specific CRM/SFA solution like CoreTrac’s ResourceOne outperforms ACT!,, and MS CRM, and how it will positively impact your business—and your bottom line. 

  • Integration to your core platform and other 3rd party data sources providing a 360-degree view of your client relationship
  • On some core platforms, there is the ability for front line employees (e.g. tellers) to send a referral without leaving your core platform (no need to toggle between systems)
  • Profile clients for automatic next-best product cross-sell recommendation pop-ups
  • Track client and account profitability and segment your client base
  • Call center case management provides visibility on all service issues
  • The ability to develop, manage, and track the success of marketing campaigns based on any data collected in the system and automatically updated daily
  • Set and track goals to achieve your strategic sales culture outcomes
  • Robust incentive and compensation plans with automatic tracking as new business is booked on your core
  • Custom report building tool for comprehensive reports with the data you need
  • A single solution across the entire institution with Unlimited Users 

It’s important to find the right company and solution that will work with you and your financial institution’s needs every step of the way.  In fact, CoreTrac is dedicated exclusively to providing easy-to-use and affordable CRM/SFA software architected specifically for community financial institutions.  After comparing the various products, as well as the companies and partners behind them, the difference is clear.  So before you commit to any other system, and the complexities that go along with them, take a look at why financial institutions across the country ranging from $10M – $10B in assets are choosing CoreTrac’s ResourceOne as their CRM/SFA solution.

Alan Buhler is Executive Vice President at CoreTrac, Inc.  He can be reached at or (512) 236-9120 ext. 272

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