Published: 05 July 2024
Decisions by banks and investment firms about expanding tech spending are primarily based on internal factors, not external or tech-provider ones. Product leaders can use this research to learn how to address these internal factors to capture the budget before it goes to competitors.
Technology expansion decisions by banks can include buying more of the same technology to scale up; buying additional, different technologies to diversify; and expanding the use cases for a technology to utilize existing technology in new ways (that require a vendor’s support).
Sixty-three percent of banking and investment services buyers reported that internal factors such as organizational growth (19%), usage analysis (13%) or expanding needs (12%) were key drivers for technology expansion decisions.
Expansion stumbles most often as a result of high buyer effort and shrinking expectations for the expansion throughout the buying process, reducing revenue opportunities for technology and
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