Vertical specialisation crucial to winning financial market
1 April 2005 | 0
A new report from research firm IDC shows that IT providers in Western Europe are increasingly adapting their route-to-market strategies to better position their offerings to the financial market.
The creation of a specific approach for the banking, insurance, and other financial institutions is key for IT vendors to successfully operate in this industry, according to the IDC report.
‘The adoption of new standards, the rationalisation of internal processes, the integration of back-end to front-end activities, and the coordination of widespread activities over multiple channels are strong drivers for the implementation of modern IT solutions in the Western European financial sector,’ said Raffaella Molignani, financial services research analyst with IDC’s European Vertical Markets group.
Such vertical specialisation has been deemed important by IDC because selling to financial institutions in general and banks in particular is complex and requires the implementation of a real vertical-specific strategy. IT vendors must develop into well-known brands and improve their visibility as well as build up proactive, specialised marketing and selling teams that enable the establishment of a strong presence in the industry.
Partnerships between providers are usually the way in which vertical market products are developed, but IDC believes that in the medium to long term most of them will create go-to-market approaches specific to banking, insurance, and other financial institutions.
IDC’s study includes an analysis of the go-to-market strategy of several IT vendors, namely Accenture, Cap Gemini Ernst & Young, Cisco, CSC, Dell, EDS, HP, IBM, Microsoft, Oracle, SAP, Siemens Business Services, Sun Microsystems, T-Systems, and Unisys.