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70% of European banks and fintechs to increase investment in financial technology over the next 18 months despite the downturn


Patrons drawn to tech suppliers that reveal values and ethics, high-levels of governance and oversight, and a robust fame

London, March fifteenth, 2023: CCgroup, the multi-award successful fintech PR and advertising consultancy, in the present day launched analysis findings from “How to influence fintech buyers”, primarily based on a survey of main banks and fintechs throughout 5 European markets. The report reveals that, regardless of the fintech and wider financial downturn, 70% of European monetary establishments count on to extend funding in monetary know-how over the subsequent 18 months.

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The report explores the present financial downturn and cost-of-living disaster’ affect on the monetary know-how shopping for panorama, providing perception into what influences banks’ and fintechs’ alternative of supplier. CCgroup commissioned unbiased analysis consultants Censuswide to survey 251 shopping for determination makers (C-level executives, VPs, and Heads of departments) at main banks and fintechs throughout the UK, France, Germany, Spain, and Italy.

Shopping for panorama
Regardless of the difficult macroeconomic atmosphere, fintech patrons plan to make extra purchases and at larger ticket costs. There’s a clear shift in focus to services and products that assist each the establishment and its prospects navigate macroeconomic turbulence and, particularly, the cost-of-living disaster.

  • Prime 5 areas for tech purchases are insurance coverage (25%), credit score (22%), core banking (21%), synthetic intelligence & machine studying (20%) and funds (19%).
  • €290,000 – €570,000 was the common ticket value for tech investments, a 300%+ improve on 2020 knowledge.
  • Patrons need options that may enhance income (34%), enable them to extra simply combine third-party providers (33%) and, conversely, enable third-party providers to be extra simply built-in into their propositions (31%).
  • To assist their prospects via the cost-of-living disaster, patrons are significantly concerned with financial savings merchandise (35%), credit score merchandise (35%), and loans tech (33%).

Tips on how to affect fintech patrons
Sure channels, content material sorts and supplier attributes have extra affect on the shopping for choices of banks and fintechs than others:

  • Shortlist stage – Channels equivalent to commerce media, promoting and inner enterprise analysts, and content material equivalent to analyst reviews, information articles, and business debates carry out most strongly. These serve up a variety of potential suppliers and have sufficient depth of data—however not an excessive amount of—to determine whether or not to take via to shortlisting are most influential.
  • Choice stage – As we shift from shortlisting to choice the channels and content material of affect turn into extra slender. As soon as patrons have recognized potential know-how suppliers, they wish to deep dive into that enterprise to tell the ultimate choice. Channels equivalent to social media, search and occasions, and content material equivalent to analyst reviews, whitepapers and opinion articles are essentially the most influential.
  • Attributes – Values and ethics (28%), governance & oversight (25%) and provider fame (24.7%) lead the desk as patrons search suppliers who can reveal they’re resilient and nicely run, with a monitor report they are often pleased with.
  • Trade analysts – 4 in 10 patrons say that 25-50% of their know-how purchases contain business analysts. Solely 2% of respondents stated business analysts weren’t concerned in any respect.
  • Almost half of patrons (45%) are solely participating with a provider on the discovery and even the acquisition stage.

What places patrons off?
Patrons wish to work with suppliers which have market momentum, that may proof efficiency with firm and know-how data simply discovered on-line, and are respected amongst media and business analysts:

  • Lack of understanding amongst business analysts (31%), lack of reports from the provider (29%), and ignorance concerning the provider on-line (28%) are the largest causes patrons wouldn’t choose a supplier.
  • The largest obstacles to getting a purchase order over the road are due diligence on the provider (38%), getting consensus throughout the enterprise (36%), and lack of efficiency knowledge and proof from the supplier (33%).

“Geopolitical and macroeconomic turbulence is driving main monetary establishments to purchase extra know-how and at larger ticket costs. Nevertheless, the market is crowded with 1000’s of suppliers vying for the eye of a small variety of main patrons,” stated Daniel Lowther, Head of Fintech at CCgroup. “The largest situation fintech suppliers face is that just about half of patrons are solely participating with a provider on the discovery and even the acquisition stage. Because of this companies are being evaluated from afar and choice is determined by their fame and on-line presence. Successfully, it’s all concerning the store window.”

“To affect patrons at main European monetary establishments perception is crucial. Regardless of fintech being a $112 billion business, quantitative knowledge on how determination makers choose know-how suppliers is missing. This analysis, and the CCgroup reviews that precede it, goes some method to addressing that perception hole,” stated Alexandra Santos, Head of Rising Fintech at CCgroup. “The buying panorama is evolving. More and more, patrons are searching for know-how suppliers that put a serious concentrate on values and ethics, governance and oversight, and provider fame over the extra conventional metrics like price, flexibility, and leading edge tech. Goal-driven companies with robust reputations and monitor information that may proof their efficiency are finest positioned to win.”

The report “Tips on how to affect fintech patrons” will be downloaded right here: https://www.ccgrouppr.com/insights/how-to-influence-fintech-buyers-2/

-ENDS-

Methodology
Censuswide surveyed 251 C-level executives, VPs, and Heads of Dept at banks and fintechs throughout the UK, France, Germany, Spain, and Italy who made main know-how purchases throughout the final 12 months. Establishments surveyed are main companies with fintech firms having a minimal of 200 staff, and retail/challenger banks a minimal of 1,000 staff. The pattern breakdown was 50% fintechs, and 50% retail banks. The analysis occurred between December 2022 and January 2023.

About CCgroup
CCgroup is a world B2B know-how PR, AR and advertising consultancy with deep, specialist information throughout cellular and telecoms, fintech, enterprise know-how, deep tech and cybersecurity.

We provide absolutely built-in advertising communications providers to the know-how companies we work with. From technique definition to media relations to multi-channel demand technology, for greater than 30 years we have now been serving to our purchasers drive market entry campaigns, get funding, develop their buyer base and efficiently execute exit programmes. The result’s that our purchasers award us with a world-class Internet Promoter Rating.

For extra data go to: https://www.ccgrouppr.com/



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