Given the recent collapse of Silicon Valley Bank (SVB) and, shortly after that, Signature Bank, regulation has been buzzing within just about every financial institution and technology company. And the collective opinion from leaders at the recent FinTech Meetup conference is that more oversight and scrutiny will shortly follow from federal and state regulators.
In today’s market, RegTechs are well-positioned to meet compliance demands within the financial industry. Financial institutions and technology understand that they must meet state and federal regulations. However, supply exceeds demand, so it’s vital to identify how you’re standing out from the noise. Below are three critical components of a solid go-to-market strategy.
Address Integration Capabilities
One of the more significant barriers when converting prospects into customers is your RegTech’s integration capabilities. Buyers are looking for seamless integration that enables them to comply quickly. Customers are looking for partners that offer ongoing support to their customers. If your solution offers API or SDK integrations, ensure this information is prominently visible on your website and ads.
Avoid Churn with Improved Customer Service
Customer satisfaction is strongly connected to an organization’s churn rate. Proving this point, 47% of New Voice Media survey respondents share that they’ve left a business due to poor customer service. While customer service is a core part of a business strategy, often essential details like how quickly to respond and who is the most appropriate person to answer aren’t addressed. Don’t wait until an issue arises to determine how to respond. Instead, map out a customer journey map as part of your go-to-market strategy that ensures buyers, and ultimately customers, have an enjoyable experience during the sales process through implementation and beyond.
Demonstrate real use cases of protecting customers against risk
Buyers understand that compliance is necessary. And unlike other technology, organizations don’t have the freedom to experiment. They need to understand that what you’re offering meets their business demands and needs, whether that’s ensuring that you’re continuously monitoring and reducing risks or having a solid strategy to understand what’s on the regulatory horizon. For example, it’s advantageous for an anti-money laundering RegTech to have anonymized use cases that:
Describes how your solution met a complex regulation.
Quantifiably highlights the risk(s) averted and improvements in efficiency.
Provides background on how your technology is continuing to keep your customers in compliance, such as offering reports and an audit trail to meet regulatory requirements.
By continuously highlighting these narratives through your organization’s owned and earned channels, like a corporate blog, brand social, or even in your earned media interviews, you can increase the odds of buyers finding and selecting your company.
Want to see how it’s successfully done? As the IRS quickly pushed out regulations surrounding crypto gains and losses, crypto exchanges were left to determine how to translate the IRS’ guidance to protect their investors come tax season. Learn how we helped Sovos quickly corner the crypto market with its tax compliance solution.