CRM Implementations - Debunking Common Myths

Customer Success/Engagement
14 September 2023
Siddharth Bhardwaj
Assistant Manager - CRM Strategy and Initiatives

A CRM for investment banking plays a pivotal role in managing and enhancing client interactions. Many investment banks have adopted Client Relationship Management solutions for innovative transaction management, integrated communication, and customizable workflows. Nevertheless, despite the substantial benefits these solutions offer investment bankers, myths and misconceptions about the technology could result in misinterpretations and overlooked investment opportunities.

Several myths about CRM implementation can create an obstacle in adopting a technology platform that is right for their growth and success. In this blog, we will debunk some common myths about CRM software and explore its potential impact on your business.

Myth 1: CRM is only for large enterprises, and only the sales team will use it 

The firm's size shouldn't deter implementing a CRM tool. Small and medium-sized enterprises may use the potential of financial CRM system integration to improve data accuracy, simplify tasks and confidentiality, and can easily outperform other businesses. CRM software have evolved significantly, growing multidimensionally and becoming feature-rich with the potential to foster efficiencies and advancements across nearly every industry.

Financial CRM systems offer more than just sales optimization, enhancing communication, collaboration, and leveraging client relationships. Sales teams may use CRM to speed up contract closure, minimize response times, and increase upselling and cross-selling. However, CRM for capital markets and Investment Bankers provides more extensive advantages, from promoting multiple interactions to forecasting for better management of deals and mandates.

Therefore, regardless of size, organizations can benefit from a CRM software by increasing productivity, streamlining workflows, and improving customer relations.

Myth 2: CRM solutions aren’t customizable 

Often, businesses work on the premise that any CRM software cannot match their specific needs. On the contrary, new-age CRM platforms are built for customizability and change.

CRM systems are built keeping customization as per clients' requirements in mind. From custom fields, forms, workflows, user roles, reports, dashboards, and more, you can customize every platform aspect to suit your needs.

Myth 3: CRM implementation is too tricky and overly time-consuming 

Many businesses are so used to their old systems that adapting to a new technology is challenging. Furthermore, depending on the type and size of the organization, setting up a CRM for investment banking can take a few weeks to several months. However, the migration to cloud-based tech solutions has made its way to the future. Today, most CRM platforms can be used out-of-the-box without installation, primary setup, etc. But the value lies in customizing the CRM tool for your business.

Implementation of CRM platforms is relatively easy as you don't require specialized skills for standard functions. You may want help from CRM consultants who can set up the platform based on your needs.

Myth 4: CRM introduces security risks 

Most CRM solutions available today have robust security measures to protect customer data. For most businesses, this involves deploying a minimal accessibility strategy for the CRM system.

An ideal CRM solution allows you to give or get customized selective access, as when any data is accessible to many people, it poses security risks and becomes vulnerable to data breaches. With modern-day advanced CRM solutions, businesses can provide limited access to their employees and protect their data efficiently.

Myth 5: A CRM solution is too expensive 

Although the cost of financial CRM systems may seem a lot, the benefits are too great. Adopting CRM improves resource allocation, streamlines operations, and eliminates redundant activities. An effective CRM system will enable you to handle data effectively and offer improved customer service.

There are five components to any CRM implementation cost:

  1. Licensing Fee
  2. Implementation Services
  3. Integration Services
  4. Plugins/ Extension licensing fee
  5. Maintenance

Businesses should select the right CRM platforms built for their industry domain. This does away with long implementation cycles, integration connectors, and more.

CRM platforms offer a great return on investment if you use them diligently. Bankers can get insights on deals, mandates, transactions, revenue forecasting, and more. These benefits exceed the assets required to nurture a growing business.


Managing an organization is not an easy task, be it a small business or a large business; hence, Getting a CRM software will simplify your business operations and give you a competitive edge and better customer service.

At InsightsCRM, we have extensive experience and expertise in servicing the capital markets domain. With 20+ years of experience and a track record of delivering successful CRM implementations, our team is best poised to address the most complex requirements. Are you in the market looking for an affordable and robust CRM platform?
Give us a shout, and we will schedule a personalized demo.

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