Part 3 Making a Winning Pitch: Building a Business Case to Use Supernova TechnologyTM as Your Securities-Based Lending Solution
The following is Part 3 of a 3 Part series to help wealth management institutions build a business case to use Supernova TechnologyTM as their securities-based lending solution. Click here to download the full article.
Securities-Based Lending (SBL) is a great product that institutions often struggle to scale because of limitations of their home-grown systems with manual and cumbersome procedures that are fraught with pain points for users on the front-end as well as shortcomings on the back-end. Supernova Technology’sTM (Supernova) solution was designed specifically for SBL from the ground up and addresses SBLs’ unique characteristics in a way home-grown systems, adapted from other lending products, cannot. But how do you compel your institution to take action?
Inertia can be hard to overcome and you need a winning pitch to compete with other initiatives in order to be prioritized. Below are steps help create urgency and a winning business case to partner with Supernova as your SBL technology solution.
TALK TO USERS TO GET FEEDBACK
In addition to revenue and cost saving projections, quantitative and qualitative feedback will help bring your systems’ pain points to life. This can be done through surveys or by holding roundtables. We recommend engaging with two key groups:
- Private Bankers / Advisors: If your SBL system is cumbersome and difficult, private bankers / advisors are not going to use it and will not offer SBLs to their clients. Getting private bankers’ / advisors’ support is the key to growing your firms’ SBL book of business.
- Risk Managers: Getting risk managers’ direct feedback on constraints with the current collateral monitoring, reporting, and predictive capabilities will create a vision of how the business could scale with a more robust back-end solution.
MAKE YOUR PITCH
To make your pitch you should have a quantified business case, compelling user feedback, and a vision of what is possible to win the hearts and minds of your firm’s decision makers.
Sometimes it is difficult to make the case to retire in-house technology systems and there is resistance to change. Consider decision makers’ constraints and objections and be prepared for them before you make your pitch.
By working though these steps you should be able to achieve your goal—to get buy-in to partner with Supernova as your SBL technology solution. If you need assistance do not hesitate to reach out to us at email@example.com or request demo today to see how Supernova can help your SBL business grow.
Click here to download the full article and read the Five Steps to Build a Business Case to Use Supernova TechnologyTM as Your Securities-Based Lending Solution.