We could have targeted the space of all US financial institutions, but we decided to constrain ourselves to a cohort of banks who use a specific core vendor we are intimately familiar with. Turns out, the core is kind of a big factor regarding how the front & back offices interact, so most of these customers have similar processes (or are otherwise amenable to our happy path).
Our closest competition advertises integration with a wide range of core platforms (multiple vendors & offerings per). Our product can't touch a large % of our competitor's customer base, but for the core that ours does touch, we absolutely wipe the floor with them. It's not even close.
You may find that after you achieve total and unquestionable mastery over your first specialized vertical that a new path emerges for how to take things wide across the rest of the market. We are seeing this now.
We could have targeted the space of all US financial institutions, but we decided to constrain ourselves to a cohort of banks who use a specific core vendor we are intimately familiar with. Turns out, the core is kind of a big factor regarding how the front & back offices interact, so most of these customers have similar processes (or are otherwise amenable to our happy path).
Our closest competition advertises integration with a wide range of core platforms (multiple vendors & offerings per). Our product can't touch a large % of our competitor's customer base, but for the core that ours does touch, we absolutely wipe the floor with them. It's not even close.
You may find that after you achieve total and unquestionable mastery over your first specialized vertical that a new path emerges for how to take things wide across the rest of the market. We are seeing this now.