Why does it take banks so long to make purchases? How does the banking technology solutions purchasing process work?
Featuring Seleste Lunsford, Chief Research & Strategy Officer at Emissary and Emissary Advisor Voislav Sauca, former CISO, Santander.
In today’s Buyer’s Seat we are going to take a vertical focus and take a closer look at banking – an industry known for taking a conservative approach to purchasing. We will break down the process that banks use to buy technology, walk through the steps of the process from a buyer point of view and highlight why it takes so much time.
Joining us is Voislav Sauca. Voislav has 14 years experience in cybersecurity including working as the CISO of global banking conglomerate Santander Group.
Banking is one of the key industries that is showing an increased drive and interest in tech spend according to a recent survey conducted by Emissary. Banks in particular noted severe limitations in their legacy core processing systems and rigid architectures. A natural sensitivity to risk has anchored organizations to these outdated elements.
Banks have a reputation for a long buying cycle and can take up to two years or more. From the buyer’s perspective, it is difficult to adopt new technology and launch it globally.
The evaluation and validation process for vendor solutions goes through multiple evaluation stages. Some of the items banks are looking for in a vendor:
- Previous experience with the bank
- Know their business needs
- Capabilities the solution has and key value-added functionality
- Compliant with all of the security and regulation protocols
- Robust technical support and security support
Keep Learning More about Selling Banking Technology Solutions:
Key insights on how to sell to B2B tech buyers and how to leverage the enterprise information technology budgeting process to better inform your account planning process:
- 5 Ways to Garner Business Insights to Improve Your B2B Tech Sales Account Planning
- Selling Tech is Hard. Buying Tech Is Even Harder
- Selling Through a Slowdown: How to Sell Technology Solutions in 2023
Emissary regularly hosts The Buyer’s Seat. All podcasts are available on-demand: