Banking
Banking: Finance & Risk, Front Office, Back Office, Regulatory Compliance
Gartner reports that worldwide banking and investment services IT spending is forecast to total $652.1 billion in 2023, an increase of 8.1% from 2022, according to Gartner, Inc. Spending on software will see the largest growth with an increase of 13.5% in 2023.
Debbie Buckland, Director Analyst at Gartner. “Rather than cutting IT budgets, organizations are spending more on the types of technologies that generate significantly higher business outcomes. Spending on software, for example, is shifting away from building it in-house, in favor of buying solutions that generate value from investments more rapidly.” This is good news for our clients targeting the Banking Market.
The UK Banking Market is still one of the largest banking markets in the world. There are approx. 350 Banks authorised to accept deposits. The market is concentrated around the Tier One banks in the UK such as HSBC, Barclays, RBS etc. There is also a thriving Neo Bank / Digital Banking market with Starling, Monzo, Zopa and many others. The Building Societies are continuing to play a role too, with more social responsibility and community support, they are seeing growth in their appeal.
The UK market in 2023 is certainly volatile with the combined headwinds of post Brexit stress, Macro Economic stress, Financial Crime and Regulatory stress (Basel / Consumer Duty / ESG / Digital Markets Act) pitched against a back drop of opportunity and some of the largest Net Interest Margins being earned for many years.
The US Market is far less concentrated with many regional banks and credit unions dispersed across the country and meaning there are over 4800 Banks insured by the FDIC. After the markets shocks of 2022, regulation is coming down the line to prevent more SVB style failures and the US banks are chasing cash deposits to take advantage of the high interest rate environment.
At G2M we have experience in selling a wide range of Banking Technologies and have the networks and experience to support it. Previous campaigns and experience include Trading and Risk, Treasury & ALM, Credit Risk / Basel / BCBS 239, Finance, Sub Ledger & Accounting Engine, Regulatory Reporting, Data Management / Lineage, Fraud & AML, Repo and Securities Finance, Back Office and many others. With engagements ranging from the large players such as Thomson Reuters, FIS, Wolters Kluwer, GBST, Broadridge to more niche players Aptitude Software, MORS and Torstone Technology.
How It Works & How We Do It
Retained access to a “White Labelled“ Senior Sales Expert, with 25+ years Financial Service Software market experience and global networks. Working as an extension of the clients Sales and Market team to execute “From Lead to Close”. G2M Experts will orchestrate the sales process through the key stages:
Qualification
Discovery process, deep questioning techniques to establish pain points, requirement and fit against client capabilities - qualify against agreed client (Ideal Client Profile) ICP model, assess buyer readiness and price qualification based on guidelines provided.
Proposing
Co-ordinate presentations and demonstrations to showcase the value proposition and benefits for the customer. Orchestrate the bid / RFX process, work with in-house Pre-Sales and Marketing team to deliver best in class bid materials shape bid and create value framework for the prospect and outweigh the competition.
Shortlisting
Leverage digital and personal channels to build relationships to engage the prospect organization and partner eco system to build champions and promote value. Build out ROI model and business value framework for the client to validate investment. Build stakeholder map to ensure “buy-in” across the prospect organization. Create “win/win” commercial model and joint close plan with prospect
Closing
Work across the stakeholders to ensure all needs and concerns are being addressed. Work closely with the client team to close out with Commercial and Procurement team to deliver successful sale for the client
Tried And Tested 4 Stage Process
We leverage our specialist knowledge and networks in the UK and US Financial Software Markets