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Four Keys to Targeting Financial Institutions with Teleprospecting

When high-tech companies set out to target a specific industry with a teleprospecting campaign, there are typically several unique characteristics that must be considered when determining the best approach. I’d like to share a few key points, based on my experience, which should be considered in order to successfully target the financial industry.

1. Tailor approach based on the size of the Financial Institution (FI)

Knowing who to target within an organization is dependent on the size of the financial institution. We’ve seen a distinct difference in how financial institutions are structured and make decisions based on their size. For instance…

  • Small community banks & credit unions (<$1B in assets) have their purchase decisions typically approved by the C-level, but they are also the easiest to connect with due to their size and lack of layers. Messaging should center on current business challenges and long term business goals (i.e. productivity, revenue, time, and cost). These FIs have been hit hardest by the recent legislature and are trying to adhere to the new regulations in the most cost effective ways possible.
  • Larger financial institutions (>$1B in assets) typically have a more decentralized decision process with specific departments, roles, and titles defined. Ideal targets for banking and mobile solutions include contacts within retail, operations & marketing. They are focused on ways of increasing footprint and acquiring more customers, while adhering to Dodd-Frank and Durbin.

2. Build a profile of the IT environment

  • Banks and credit unions use a number of vendors to facilitate essential functions (i.e. core processing, card processing, online banking, etc). Since integration requirements can be a key factor in the decision making process, it is often necessary to understand the current vendors in place. Building a profile of the IT environment via teleprospecting allows proactive positioning on how your solution will integrate with existing infrastructure.
  • Core Processing and other key banking solutions are often contract based; therefore, determining when contracts expire is beneficial for ongoing nurturing strategies.

3. Probe for current pain points

  • Regulations and compliance mandates are key pain points to probe for especially regarding disaster recovery & back up, business continuity & availability, and security & privacy. The Dodd-Frank & Durbin Legislations have significantly impacted banks across the U.S., forcing many to upgrade their infrastructure and software in place.

4. Utilize cross-selling strategies

  • From a telemarketing perspective, it is important to probe to uncover which projects are the priorities. Because of the legislative mandates in place, each FI response can vary widely based on what infrastructure they have in place. We’ve seen our best success come when we have been prepared to offer and cross-sell additional products and services.