We recently surveyed thousands of our users to understand the impact we were having on their day-to-day lives. This will be the first of a series of articles with the results of those surveys, and today I will dig into some themes from our investment banking user base. The data below comes directly from our users.
With earnings season mostly behind us, one thing is clear from the results amongst banks: investment banking revenues have taken a hard hit. Some firms saw advisory/deal related revenue drop 50%+ year over year (fortunately being offset by stronger performance in sales/trading and other areas of the firm).
I’ve talked to several people in senior banking roles since then, and they all accept that those were ‘feast’ years, and a little ‘famine’ might be ahead. It’s not to say that anything is fundamentally wrong, just that we’re entering a different phase for a while. Deals will be scarcer, and more competitive. Bankers are increasingly looking for ways to improve efficiency, stand out with clients, and build new relationships.
With the changing landscape, there has never been a better time to adopt new tools and technologies. Given the changing environment, we actually did our own ROI survey with our users to understand how they are leveraging Street Contxt during to drive their business, and the results are too good not to share.
As an overview, Street Contxt has hundreds (likely thousands) of bankers from firms across the world using Street Contxt. From industry, to product groups, including ECM/DCM. Here are their responses:
Overall impact: how does Street Contxt help you and your team?
85% – save time on administrative tasks
50% – prospect new clients and build relationships intelligently
40% – help us actively advertise deals and distribute deals
40% – help us better understand and service clients
40% of users save 5+ hours a month
Sourcing deals: how many pitch books or client pitches have been driven off Street Contxt data?
15% – 7+ new pitches or deals per quarter
80% – 2+ new pitches or deals per quarter
Imagine being able to save hours of time a month, and drive more deals? This is the data bankers need to build new relationships intelligently, and engage with their existing clients, and ultimately drive smarter conversations.
I’ve saved the best question and response for last though: how would you feel if you could no longer use Street Contxt?
60% of respondents said “I would be very disappointed – Street Contxt is the most valuable tool I have”
We couldn’t ask for a more overwhelming endorsement from our users than that. In these competitive times, I’m increasingly asking our clients – why aren’t your investment banking teams using the tools that the majority of their peers rate as “the most valuable tool they have”?
Now is the time to invest in high value activities and automate low value ones, stay present and relevant with existing clients, intelligently prospect and engage with new clients, and be timely and focused with pitches and engagement.
Street Contxt is here to support that.
Please reach out if you have any questions