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2024 TECH TRENDS IN FINANCE: INSIGHTS TO ATTRACT AND RETAIN SOFTWARE BUYERS
December 15, 2023
Contributor: Max Lillard
UNDERSTAND WHAT FINANCE PROFESSIONALS PRIORITIZE WHEN BUYING SOFTWARE TO ADJUST
YOUR ACQUISITION AND POST-PURCHASE STRATEGIES.
The finance industry has witnessed tremendous technological advancements in
recent years, including blockchain, digital banking, mobile payments, pay later
market, AI-driven data analysis and personalization, cybersecurity, and fraud
prevention. These innovations are set to be game-changers as they help fintech
businesses drive efficiencies and bolster security.
Gartner Digital Markets conducted the 2024 Tech Trends Survey among more than
3,400 respondents in nine countries to understand the organizational challenges,
technology adoption timelines and budget, vendor research behaviors, ROI
expectations, and satisfaction levels for software buyers, and how they relate
to experiencing regret after a purchase.
This article takes a deep dive into the finance vertical by analyzing data from
542 software purchasing decision-makers who work in banking, investments, asset
or wealth management, or similar roles in the industry. Here are the top buying
behavior insights from finance professionals and why they matter for software
providers.
KEY INSIGHTS
* Security and integration are top challenges for finance software buyers.
* 72% of finance businesses will spend more on software next year than they did
in 2023; IT security and management are top priority investments.
* 67% of finance organizations take 3 to 6 months to purchase new software—and
reviews play a key role
* 70% of finance software buyers experience regret—10 points higher than
average.
* The impact of buyer's regret is significant and influenced primarily by
product-related factors such as higher-than-expected cost (37%) or too much
complexity (34%).
* A third (31%) of finance professionals who experienced buyer’s regret
attempted to renegotiate the contract with the vendor, while 28% canceled it.
INSIGHT #1: IDENTIFYING COMPATIBLE, SECURE SOFTWARE PROVES DIFFICULT FOR FINANCE
BUYERS
From account details, transaction reports, audits, payments, credit card numbers
or tax filings, sensitive data is central to the finance industry and poses
unique challenges when planning tech investments. For this reason, 41% of
businesses are concerned about security when buying software, and the same
percentage find it difficult to identify the right technology for their
operations.
Further complicating the selection process, the software they choose must
integrate with their internal systems and be interoperable with payment
processors, banks, and other platforms that form the backbone of the economy.
This is likely why more than a third say finding software solutions that are
compatible with their existing systems is a top challenge.
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→ Why this matters to software providers:
If you are looking to engage finance decision-makers, start by illustrating how
your software will help them overcome security concerns and integration issues.
Use customer success stories to show how you've helped similar clients in the
industry and highlight what integrations are available to showcase compatibility
with prospect's existing systems.
INSIGHT #2: FINANCE PROFESSIONALS WILL INCREASE TECH SPENDING ON IT SECURITY IN
2024
In the face of security threats and changing shopping behavior, seven out of 10
finance buyers say that they plan to spend more on software in 2024 than they
did in 2023.
Cybersecurity and data protection, customer relationship management, and IT
management software will be among some of their top investment priorities.
Respondents will also be investing more in accounting and finance (34%),
marketing (26%), and business intelligence software (25%).
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→ Why this matters to software providers:
Tech providers should develop effective lead generation strategies to capture
increased demand for software in 2024. In addition to accounting, budgeting,
investment management or other finance-related product features, give special
attention to security when crafting your messaging to attract the attention of
fintech buyers.
INSIGHT #3: MOST FINANCE ORGANIZATIONS TAKE 3 TO 6 MONTHS TO PURCHASE NEW
SOFTWARE—AND REVIEWS PLAY A KEY ROLE
Nearly all finance buyers (98%) start the buying process by putting together a
list of potential software vendors. Most respondents say that these lists
include three to five options, and to create these lists they look at customer
reviews, software rankings, or vendor websites.
Sixty-seven percent of respondents say that it took them between 3 to 6 months
to evaluate and determine which software would be a good fit for their
business.
→ Why this matters to software providers:
Be where your buyers are searching for software to increase your chance of
making it to buyers’ shortlists. Create a solid product profile on software
comparison sites like Capterra, GetApp and Software Advice to improve your brand
awareness and collect customer reviews that validate your value proposition and
positively influence software purchase decisions.
INSIGHT #4: REGRET IS HIGHER THAN AVERAGE AMONG FINANCE SOFTWARE BUYERS AND IT’S
MOSTLY DRIVEN BY COST AND FUNCTIONALITY.
Seventy percent of finance buyers say they regret at least one of their software
purchases within the past 18 months—10 points higher than average. Over half of
them (54%) feel that these decisions have had a significant impact on their
businesses in the long-term.
Some of the glaring signs that buyers chose the wrong technology are cost
related including total investment being more expensive than what they were led
to believe (37%) and buyers' inability to demonstrate return on investment
(24%).
For 34% of businesses, the software had more advanced or more features than
necessary and 30% found it difficult to learn how to use it or onboard their
teams.
Difficult and slow implementation process (33%) and incompatibility with
existing systems (30%) are other key drivers of regret.
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→ Why this matters to software providers:
Tech providers should practice stakeholder mapping to identify roles in the
software buying committee and clarify goals and expectations. Develop quality
content to address product-related factors potentially leading to regret, such
as pricing guides, training and onboarding materials, and implementation
support.
INSIGHT #5: CUSTOMER CHURN IS COMMON
Finance professionals deal with software buying regret in a handful of ways,
with the top response being to replace the software they purchased with another
from a different vendor. Notably, a little over a quarter of buyers stopped
communicating with their vendor entirely after feeling the software didn’t meet
their expectations, and a similar percentage canceled their contract outright
after experiencing regret.
A third (31%) of finance buyers say they renegotiated the cost of their software
contract with their vendor or coordinated with them to remedy issues.
→ Why this matters to software providers:
To prevent finance customer churn, software providers should periodically check
customer satisfaction levels to address concerns in a timely manner. Working
with a dedicated staff member, having the vendor respond immediately to
requests, and enhanced training and implementation assistance is especially
helpful to prevent churn.
UNDERSTAND YOUR MARKET TO ACCELERATE GROWTH
Attracting and retaining the right customer is the surest way to scale efficient
growth. But engaging software buyers in your target industry requires a deep
understanding of what they need and how they behave.
Our data highlights key buying behavior trends tech providers should watch out
for to effectively navigate change in the finance industry. From top business
challenges and technology investments, to product expectations and regret
drivers—these insights are crucial to level up your acquisition strategy and
prevent churn.
WHY SOFTWARE BUYERS EXPERIENCE REGRET
GET MORE RESEARCH-BASED INSIGHTS ON HOW TO ATTRACT AND RETAIN THE RIGHT
CUSTOMERS.
Download the Report
Methodology
Gartner Digital Markets’ 2024 Tech Trends Survey was designed to understand the
timeline, organizational challenges, adoption & budget, vendor research
behaviors, ROI expectations, satisfaction levels for software buyers, and how
they relate to buyer’s remorse.
The survey was conducted online in July 2023 among 3,484 respondents from the
U.S., U.K., Canada, Australia, France, India, Germany, Brazil, and Japan, with
businesses across multiple industries and company sizes (5 or more employees).
Respondents were screened to ensure their involvement in software purchasing
decisions.
This report includes responses from the financial services industry only—a
subset of 542 professionals.
Max Lillard
Max Lillard is a senior analyst at Gartner Digital Markets covering accounting
and finance. Past research of his has explored the rise of digital commerce
alongside advanced customer support solutions for contact centers. When he’s not
snuggled up with his two cats enjoying a good book, he can be found painting,
skating, or seeing live music around Austin, Texas.
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