Four Tips to Help You Escape the FinTech Partner "Situationship"

May 20, 2023

Ah, the dreaded sales-cycle “situationship”; when closing deals feels like a never-ending tango. 

What is a situationship you might ask? In the world of sales, a situationship is like being in a never-ending elevator pitch with a prospect who keeps pressing the "hold" button, leaving you stuck in an awkward dance of unanswered emails and elusive callbacks. The worst part is, it’s not just the fintech that’s suffering, the bank is too. You might feel like you’re spending your time and energy talking to someone who’s not really listening to you, and you’re not any closer to finding the solution you need.

So what can you do to avoid getting stuck in a never-ending sales cycle? Here are some tried-and-true tips:

1. Do your research. This applies to not only all the sales folks out there looking for your business, but it’s our duty as buyers to make sure we show up informed and equipped with the right questions to ask to help us make better decisions. Show up ready to go.

2. Be honest and transparent. If you see something about their product or service that clearly won’t work for you (ex: doesn’t integrate well with your system, out of budget), then share that. If there are features the company can add that you feel are critical and would improve their value, provide that feedback. Startups are agile and will take consistent customer feedback and run with it. You never know where you might strike a deal.

3. Take charge of your relationship. Sales rep stopped responding? Tap into your contacts and see what’s going on. With BankTech portfolio companies, we have the scoop. We likely have friends within other companies you’re working with as well, so leverage the network to find out what might be going on. Need to talk to a reference? We’ve got you there, too. Trust me, we know a lot of bankers.

And finally…

4. Don’t be afraid to say no. It helps the process move along faster, and saves everyone wasted time and resources. Say no, move on. Communication is key.

And as a special treat - here is ChatGPT’s take on being stuck in a situationship, set to the Fresh Prince of Bel Air theme song.

"Now, this is a story all about how

I got stuck in a “situationship” trying to sell to a bank, wow!

So, let me take a minute, just sit right there,

I’ll tell you how I became trapped in this sales nightmare.

In the fintech world, born and raised,

Chilling out, maxing, and relaxing all my days.

When a community bank came knocking at my door,

Saying, “We need your help, we want something more!”

I thought it’d be easy, a simple transaction,

But little did I know it’d be full of distractions.

They kept giving mixed signals, like TikTok dance trends,

Leaving me wondering when this would all end.

I tried to woo them with my Gen Z flair,

Sending memes, emojis, and selfies without a care.

But they were as elusive as the perfect VSCO filter,

Leaving me feeling like a social media glitcher.

So, here I am, stuck in this sales limbo,

Wishing I could escape like a viral video.

But until that happens, I’ll keep trying my best,

To win their hearts and put this “situationship” to rest.

So, if you find yourself in a similar bind,

Just remember to stay patient and keep your peace of mind.

And if all else fails, embrace the meme-filled strife,

Because in the end, laughter is the spice of life!"