How we created the perfect GRC solution for regional banks

regional banks and financial

As the leadership team of 360factors, most of our work involves talking to existing and potential clients and listening to their feedback and comments. Over the past few years we have come to truly understand the problems of regional banks. We knew that there was a problem – regional banks and financial institutions were not employing automation-based solutions, even though the advantages of such solutions were clear to everyone. It was only when we talked to these banks did we realize that while their management understood the need of automation, there still wasn’t a proposition in the market which suited their business.

We didn’t just learn that other companies were creating products that were unsuitable for these banks and financial institutions – we also learned that we were making the same mistakes most of our competition was making. This resulted in us completely scrapping some of our offerings and redesigning the way our product is procured. We can confidently say that we are currently offering the best proposition to regional banks and financial institutions right now. Here are a few reasons we are so confident.

Legacy vendors have artificially inflated the price of GRC systems

One common response we get when we talk to banks is that they have looked at GRC solutions before but they were simply too expensive for their organization. Regional banks and financial institutions may not be as big as some of the biggest financial services organizations and nationwide banks, however they are not ‘small’ in any true sense of the word. Regional banks and financial institutions have assets that measure in billions.

Why is it then that they think GRC systems are expensive? The biggest problem is the approach legacy vendors have taken with GRC systems. They create long-term, multi-year contracts which bundle in many different services with the core product. Then there’s the fact that an organization will have to wait many months before they begin seeing the value in the GRC system they paid for.

The proposition that legacy vendors have for regional banks is that the banks need to enter multimillion dollar contracts that last for years before they even get the chance to see how the system works for them. It is no surprise that banks are not interested in such offers.

Creating the perfect GRC solution

We quickly realized that regional banks weren’t avoiding GRCs because they didn’t realize their benefits, but because the way GRC solutions were being provided was untenable for the banks. We then focused on creating the perfect GRC solution for regional banks and financial institutions. We focused on the main pain point these banks were facing and created a product that would counter all the pain points. We knew that we had a fantastic product – a 5-minute demo is enough to show anyone how game-changing our product can be for their organization – we just needed it to deliver in a way that was suitable for these banks. Here’s what we did.

Show the value first

The first thing we do for the banks and financial institutions that talk to us is to show them the value of our product. We do this through demonstrations and free trials. We are confident in our product and we know the customers will be able to quickly see what our products can do for their organization. We know that no bank wants to discuss spending a lot of money on a product that is beneficial only in theory – which is why we let them discover the factual and practical benefits of our products before any commitment has been made.

Better and leaner contracts

We changed our main proposition from being the product bundled with a long-term service based contract to just the product being offered with assistance wherever necessary. We never ask banks to commit to being long-term customers – instead we allow them to use Predict360 and pay for it in the way that suits them best. They can pay for it every month, or they can enter a long-term contract. There are no ‘traps’ – no bank has to worry about paying for a solution which will not benefit them. Banks can decide how they want to commit to Predict360 after using it.

One huge advantage of our product is that it required no extensive training. If you have domain expertise in enterprise risk management, compliance, audits, regulatory change management, or any of the different fields our products are made for, you only need a few days to learn how to use our GRC system to its fullest capabilities. Thus, banks do not have to worry about needing constant assistance from us – we don’t make companies dependent on us, we empower them with powerful tools to do more themselves. We are obviously there for any support that is needed, but now banks do not have to pay for years of services along with the product.

We are offering a powerful A.I. powered GRC solution that has modules for

and much more. We are offering it in terms that perfectly suit regional banks and financial institutions. This is because we have redesigned the product and the way it is delivered based on the many conversation we have had with many different banks all over the country.

That’s what gives us the confidence to say that if you want to see what Predict360 can do for you, you simply need to get in touch with us. We don’t just talk about the benefits, we show you the benefits and we give you the opportunity to see the value in Predict360 before you pay anything.

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