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An Evolution: Leveraging Expertise in Services to Drive a Product Mindset

by | Oct 5, 2020

Let’s face it. In times of global uncertainty, working with reliable technology partners is non-negotiable. Tier1 has been equipping its clients with the capital markets CRM technology needed to evolve and succeed since well before the global disruption.

Founded in 2008, Tier1 has a history of tight collaboration with its clients, focusing on their needs and addressing their pain points. This experience has enabled us to create an optimal out-of-the-box capital markets CRM product for a range of firm sizes, ensuring that the relationship management process is seamless and stress-free.

What is the advantage of a product approach versus a more service-oriented approach?

From an internal perspective, it’s all about consistency and predictability. Thinking and operating in a product-driven manner allows us to deliver more consistently. As a result, our clients are experiencing a best-in-class product and faster time to market, without the need for lengthy implementation processes or custom development. Whether it’s for investment management, investment banking, or capital markets, our modular CRM caters to the use cases of the varied roles within these industries. 

From our clients’ perspective, innovation and enhancement are the clear advantages. Instead of operating on an ad hoc basis that typically comes with the service-oriented approach, we are combining input from the broader market, the competitive landscape, our expertise, and key industry developments. We are driving that forward into a product vision and strategy so that clients benefit from ongoing innovation and frequent enhancements, enabling them to increase efficiency through the use of our product suite and partner ecosystem.

A product-driven approach also enables our broader ecosystem of partners to connect, collaborate and leverage the best-in-class core competencies from each firm. Tier1 embraces the ecosystem to identify the best-in-class providers who can provide the services/products needed for the industries in which we operate – whether it’s research distribution, data content or conference management, and orchestrate seamless workflows for participants.

How do the needs and technology requests of Tier1’s customers differ from the buy-side to sell-side, and from large institutions to mid-market?

Tier1’s out-of-the-box approach accommodates the diverse needs of a range of market participants; however, needs differ across different segments of the market.

If you think about firm sizes, whether small, mid-size or bulge bracket, their core needs are similar. The difference is in the degree of complexity or sophistication. This could revolve around compliance, regulatory standards, internal processes, or huge volumes of data required for larger firms. Business needs start to diverge and our product offering differs the higher up the spectrum you go.

However, regardless of firm size, we bring an integrated, best-in-class and connected user experience to all our clients. In other words, a single solution that allows the uniquely individual users we serve to seamlessly perform their roles. Our clients do not need to jump from application to application to disseminate or receive information. Everything is available in one place.

What is the one key thing that clients are looking for?

It depends on each segment. At the enterprise and bulge bracket level, flexibility is key. These firms don’t want to be boxed in. They have their own teams to extend and grow their platforms. The reason they choose to partner with Tier1 is to accelerate time-to-market in areas that they would typically spend years building.

We’ve observed that the market outside the enterprise bracket, on the other hand, mostly seeks reliability and consistency. In the course of the last 18 months, this is what we have been addressing. Firms in this segment want to work with a vendor that provides consistent, mature applications that are continuously improved without clients having to invest more money to stay competitive.

In the end, all our clients have an overarching need for something more fundamental: trust. To be a successful product-driven company, the market needs to have trust that you have the expertise and dedication to stay ahead of the innovation curve, anticipate client needs, and identify future trends. This is what truly sets Tier1 apart from other vendors and helps our clients drive their business to the next level.

To learn more about Tier1’s client relationship management and workflow solutions for capital markets and investment banking, or to request a Tier1 Mobile demo, contact us.

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