Why brokers are moving to custom solutions rather than using generic CRM

With the rising levels of competition, increasing complexities of operations, and widely expanding the customer base, it became impossible for brokers to manage their tasks manually. As a result, many brokerage firms opted to integrate “off-shelf” CRM into their operations. But the results have not been satisfactory. The cost of client acquisition and retention has become one of the highest for online businesses. As a result, the efficiency of traditional customer engagement models is under scrutiny.

Corporate efficiency is now directly linked to the efficient handling of the data. Therefore, custom software solutions have become the need of the hour. With various advantages on offer, more and more brokers are now moving to customised solutions to meet their requirements instead of opting for generic offerings. Here are some of the major reasons behind this trend: –

Well, it is obvious that the right tools are required for the successful completion of a job. Generic CRM solutions like Salesforce and Microsoft Dynamics are very useful products, but they do not cater to the specific needs of brokers. As a result, significant customizations are required to fit the requirements. In many cases, brokers who opted for generic CRM software ended up modifying their business practices according to the CRM; this resulted in reduced efficiency. With custom software solutions, these issues are well taken care of, and it allows the brokers to run things their own way instead of adjusting to the limitations.

Custom software solutions enhance the ease with which the operations at a brokerage are carried out. Essential operations like call centre management, business intelligence, workflow management, marketing automation, lead generation and everything else can be seamlessly carried out with specifically designed solutions. Moreover, custom solutions can be designed with a more intuitive UI/UX, allowing the users with timely completion of tasks.

One of the most significant challenges faced by brokers is handling multiple trading platforms. Add to that the vast array of standalone applications and call centre software to be integrated. As a result, brokers end up with multiple applications that do not integrate well and have to invest in more human resources to manage these tasks. With custom solutions, brokers get to enjoy the ease of operations and can handle all applications from a single interface itself. Additionally, custom solutions eliminate the need to pay for and manage different applications from different vendors.

Custom software allows for the automation of mundane and routine tasks. This helps in simplifying the work processes, increasing the efficiency and savings on the costs involved.

Custom software solutions allow for increased efficiency at the workplace. Managers are able to distribute the tasks efficiently to particular employees in a prioritized manner. This allows the employees to complete their tasks efficiently by eliminating the guesswork from the tasks.

Every brokerage firm follows a different approach to work and in most cases have varied services that they offer. As such, using a generic software would not take into account this aspect into consideration. This is where custom solutions score over generic solutions as the former can be adapted according to the specific requirements of the users.

Custom solutions allow the managers to track the performance of the employees, thereby allowing for superior personnel management. Additionally, employees can track their performance and are motivated to put in extra efforts. Overall, custom solutions assist in preparing detailed reports and analysis in real-time basis, thereby allowing for informed business decisions.

While generic software offers standard security features but they are not as per the requirements of a particular brokerage firm. With custom solutions brokers get to choose the desired level of security they desire and are thus able to exercise better control over their data.