A Retrospective Look at Business during Quarantine and the State of Emergency
FINAMIS and Czech ARBES Technologies, which have been developing information systems for investment banking and capital markets together since 2018, have registered a surprisingly large amount of interest in software solutions for the managing and trading of assets. We present several factors and insights from the past several months:
- In spite of the state of emergency and the slowdown of the economy, we have registered a historical high in the interest showed by banks and financial companies and we had to react to a large number of requests
- Between March 2020 and the beginning of July, which is roughly 4 months, we have carried out more than twenty in-person and online presentations for banks, security traders and investment companies in Czech Republic and Slovakia. We are currently in talks with 13 companies who have expressed interest in our solutions
- We have spent several work days overall in preparing materials for participation in tenders, RFI, RFP, for the preparation of offers, analyses and proposals
- Between April and the beginning of June, we have carried out all presentations and business meetings remotely
- The level of online presentations in the monitored period represents 85% of contacts with potential customers
- We used several online applications for the presentations. We found Teams from Microsoft to be most suitable for our purposes. It proved to provide an acceptable level of the quality of sound and shared screens. This was also true when a larger number of participants were connected.
How do we explain this unique market opportunity?
- Our product development in front-end for financial services most definitely contributed to the increase in interest. We can site contactless onboarding, the option for end clients to enter investment instructions via a web interface, identification and authentication of clients without personal contact, online as examples. These are all fintech world trends, which were here even before the pandemic but Covid-19 put them on the fast track.
- FINAMIS and ARBES both now offer a solution built on the ARBES AMS platform as part of the accepted plan. This will gradually replace the TOPAS product at current clients as well.
- We see the increased interest by the financial institutions as an attempt to use available budgets. By making processes more efficient and automated, we strive to save costs in the upcoming months or within 1 to 2 years.