Has anyone been successful selling their software to mid/large banks?ย
What made it challenging and how did you overcome those challenges to win the deal?ย
Grow
Selling software to banks ๐ฆ
11
Biggest challenge was they were SVB
brutal
Yes. Risk reduction and/or regulatory compliance.
Well that makes complete sense especially for you ๐ฆก๐งฟ
Is there something standard that all banks use a guide to evaluate a SaaS product or does it depend on the bank? Trying to figure out a way to get out in front of this stuff
What do you mean by evaluate?
If you're coming from a security angle you'll likely need soc 2 type 2 and a SIG questionnaire
If you're coming from a security angle you'll likely need soc 2 type 2 and a SIG questionnaire
Yea coming from a security standpoint. Realizing these banks are becoming less satisfied with soc 2 type 2 and want my product on-prem
Yes. We don't have an FSI-specific solution, however, because of how our solution works and our understanding of regulatory and compliance requirements, we are successful.
Speak their language, understand what is important to them in their jobs and vertical. How is your solution going to be the best option for them in their world, with their requirements?
Infosec is going to be important, too. Be prepared to address a security questionnaire and/or architecture discussion.
Speak their language, understand what is important to them in their jobs and vertical. How is your solution going to be the best option for them in their world, with their requirements?
Infosec is going to be important, too. Be prepared to address a security questionnaire and/or architecture discussion.
Thank you. I'm realizing more and more we need to brush up on our uphill climb with Infosec and get more clarity on our architecture because it's coming up a lot!
Sold to banks and credit unions lots of times. For the most part its the same conversations I have with all my clients, with maybe some extra flavor around financial compliances, but that's about it.
Iโve done it, and it is a slog. The east button is to find someone who already has a relationship with the larger bank, and sell on their paper. Otherwise, you will have to deal with countless meetings and requirements around compliance, and then have procurement take their pound of flesh. But it is doable, just painful.
The biggest lever mover is an ROI calculator to show the increase in top line and/or bottom line by just integrating your solution.
The biggest lever mover is an ROI calculator to show the increase in top line and/or bottom line by just integrating your solution.
Yeah showing a bank $ value or money saved by using a product should be a go to.
I had one back as a prospect and it took 7 months for them to kill the deal :/
What was the reason for them taking so long to kill the deal?
2 things- Value proposition was not clear to all decision-makers
- They had some internal strugles
- They had some internal strugles
Always comes back to security and obviously budget. I find the higher up in the org you can have the first conversations the better. CIOโs will just straight up ask for price if they get involved at the wrong time and kill the deal
Yes, selling security/compliance/data governance tools. Not a big challenege since they are typically open to hearing about solutions relevant.
I lead with intros from partners or customer stories from other banks with success.
Challenge can be they are picky with needs or crazy requests from vendors.
I lead with intros from partners or customer stories from other banks with success.
Challenge can be they are picky with needs or crazy requests from vendors.
Thank you SaaSguy. Its good to know security/compliance tools would at least peak interest. It does seem like you have to get a strong intro or have another bank as a case study.
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