While that is true, there are a whole lot of other things that are not in that verse. That is the danger of taking one or two verses and using them as a "formula", be-all end-all.
If you look at verse 5, you could say that we don't even have to believe in Jesus... we were saved simply "by grace"... which is an "un-merited favor". So, nothing needed except the grace of God.
Verse 8 elaborates a little more, at least clarifying that it's by grace "through faith". So, you could say that that's all there is to it... have faith, you're saved, because of God's grace.
Chapter 4 gets a little more definitive... it says there is one Lord, one faith (remember that?), and one baptism. So, we have Jesus, our faith in him, and our baptism.
If you look at Acts 2:38, all you need to do is turn away from you sins and be baptized... nothing else required.
In Matthew, Jesus tells us we are to become disciples, be baptized in the name of the Father, Son, and Spirit, and we are to observe everything Jesus taught the apostles.
If you look at Jesus and the woman that washed and anointed his feet... her faith saved her. Nothing else mentioned. No grace, no nothing.
Looking at only one scripture for your "formula" is the wrong way to come to a conclusion, or understanding. Much like the old fable about the blind men describing an elephant.