Partnerships in various forms have become the new normal for companies operating in the financial sector. For Banqsoft, a leading provider of financial software, partnerships create a win-win situation where both parties contribute to providing the best solutions for the customer.
Complex products and customer demands, new regulations, and the need to be compliant all contribute to creating an increasingly complex picture of financial software.
“For anyone to be top-notch in all areas, at all times, and for all types of customers is quite difficult. That is why we need to decide in what areas we are the best, and in what areas partners can help provide the best solutions for our customers,” says Kristina Salemyr, Director of Digital Banking at Banqsoft.
Specialized in solutions targeting Digital Banking, Asset Finance, and Credit Management companies, Banqsoft is a leading financial software provider in the Nordics.
Through partnerships, Banqsoft is able to provide the customers with the best solutions – and thus creating customer value while staying on top of technological development. This, in turn, creates a seamless ecosystem that Banqsoft itself and the company’s partners and customers benefit from.
Partners in new markets
One gain from entering into partnerships is quicker time to market. This is particularly beneficial when expanding into new markets.
We are currently in the process of implementing our Digital Banking solutions in Germany. So it is very beneficial for both us and the customer to have a German integration partner because they speak the language, can provide knowledge of the local market and understand both our product and the customer’s business,
Kristina Salemyr, Director of Digital Banking at Banqsoft
Banqsoft can hence focus on building the best solutions for the local market, and the partner can combine their knowledge with that of Banqsoft. Jointly, they can speed up time to market while at the same time providing the customers with high quality and scalability.
Finding the right fit
At the moment, Banqsoft is looking for partners who can integrate their solutions with banks and other financial institutions in local markets. But potential new partners could also be found with e-commerce payment solutions and robotization. Regardless of the area of expertise, it is important to find the right partner to complement Banqsoft’s solutions.
“When we are looking at a potential partner, we need to, first of all, decide if there is a cultural fit. Then we have to agree on what is required in the market and look into how our capabilities complement each other,” Salemyr says. If there is mutual agreement on these parts, there is a strong foundation for building trust. This is important because both partners need to feel secure that everything that is being communicated to the customers is in line with shared values, opinions, and goals.
“Together in synergy, we can strengthen customer satisfaction with a combined competitive advantage in our products – while at the same time opening doors for our partner, and the partner opening doors for us,” Salemyr says.