Finance
Invesments

Owner

The biggest pain point I deal with is in many of my our third party services pushing updates that we here often don't enjoy or get much use out of. We would prefer if software could remain the same as when we bought it instead of forced server side updates being pushed.

Sam

Priority level

On a scale of 1-10 I'd say this issue is up at around a 6.5. So it's important but no rush or urgency.

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Willing to pay for solution

I would be willing to pay for it but not a recurring fee I would prefer a 1 time fee and would likely pay as high as 599 for it.

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Value reasoning

It would bring us more in control in the services we utilize without the worries of third parties messing us up or having unforeseen outages.

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Current process

We communicate back with the venders who provide the software but depending on how big the vender and how cooperative they are we often times don't get proper communication and resolution for our issues so we are forced to adapt to new UX which can be a pain but it's manageable most times than not.

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Flaw in current process

Our biggest flaw probably lies within our dependence on third parties, we are aware of this and have been working on developing more in-house options but certain server-side applications are just not practical or affordable to run in-house.

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Key Segments

  • Wealth Management Firms: Firms managing high-net-worth individuals looking for stable, predictable software experiences.
  • Investment Advisors: Independent advisors who prioritize client relationships and prefer consistent tools.
  • Institutional Investors: Large entities requiring tailored solutions that minimize disruptions from updates.

Market Trends

  • Regulatory Compliance: Increasing regulations demand stable software that meets compliance without frequent updates.
  • Customization Demand: Clients are seeking more customizable solutions, favoring stability over forced updates.
  • Shift to Hybrid Models: Firms are adopting hybrid models that require reliable legacy systems alongside new technologies.

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Regulatory Compliance

Challenge: Navigating the complex regulatory landscape in the finance industry can be daunting, as updates must comply with various laws and standards, which can vary by region.

Integration with Existing Systems

Challenge: New software solutions need to seamlessly integrate with existing third-party services and legacy systems, which can be technically challenging and resource-intensive.

User Resistance to Change

Challenge: Users may resist adopting new software that alters their familiar workflows, especially if they are accustomed to existing third-party services and their updates.

Funding and Investment

Challenge: Securing sufficient funding to develop and market a new product can be difficult, particularly in a competitive sector where established players dominate.

Data Security and Privacy Concerns

Challenge: Building trust with users regarding data security and privacy is essential, especially in finance, where sensitive information is involved.

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Target Customer Characteristics in the Finance Industry (Investments Sub-sector)

Customer Segmentation


       

       

       


Customer Priorities


       

       

       

       


Winning the Right People


       

       


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Competitive Landscape Assessment

Key Competitors

  • Bloomberg Terminal
  • FactSet
  • Morningstar Direct
  • Refinitiv Eikon
  • Interactive Brokers

Current Pricing for Existing Solutions

  • Bloomberg Terminal: $20,000 - $25,000 per user annually
  • FactSet: $12,000 - $15,000 per user annually
  • Morningstar Direct: $6,000 - $10,000 per user annually
  • Refinitiv Eikon: $22,000 per user annually
  • Interactive Brokers: Variable pricing based on trades

Gaps in Competitor Offerings

  • Lack of customization options for updates
  • Inflexibility in retaining older software versions
  • Limited user feedback integration for updates
  • High costs without corresponding value for infrequent updates
  • Insufficient support for legacy systems

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Revenue Streams

  • Subscription Model: Offer a monthly or annual subscription for software that allows clients to control updates.
  • Consulting Services: Charge for personalized support in managing third-party services and updates.
  • Licensing Fees: Implement a one-time fee for perpetual licenses that prevent forced updates.

Market Size

  • Target Market: Focus on financial institutions and investment firms.
  • Estimated Market Size: The global financial services market is projected to be worth over $26 trillion by 2023.
  • Market Penetration: Capturing just 1% could yield $260 billion; targeting smaller firms may offer easier entry.

Pricing Strategy

  • Value-Based Pricing: Set prices based on the perceived value of avoiding unwanted updates.
  • Tiered Pricing: Offer different levels of service (basic, premium) to cater to varying needs.
  • Competitive Analysis: Research competitors’ pricing to ensure your offerings are attractive yet profitable.

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