Resistance to Change

As you know, we are creatures of habit and typically resist change. The Syndication market is no different. Up until Syndifi, there really has not been many new entrants trying to improve this industry. It is a very tight and relationship-oriented marketplace that Syndifi would never want to disrupt. Sellers typically know where a deal should be sent and most have great relationships that have spanned over many years. Syndifi was created to simply add a higher level of security and efficiency to be more productive and decrease the chance of bad actors getting ahold of sensitive information.

More than ever, there has been a huge spike in fraudulent activity and we would hate for a big story to erupt in the Syndication market around data being compromised. On the efficiency front, most are still using Excel to manage their pipeline for Syndication. This data needs to be in a database and managed at the source level. There's no need to move the data from disparate systems which creates redundancy and potential errors in the reporting. 

Regarding adoption and a new product on the market, you are going to have the progressive folks that have the vision and want to be early adopters with new digital offerings. They want to be at the forefront of new technologies and eager to jump in, but that usually is a small part of the market. Resistance comes from those that prefer to wait until full market acceptance. All new products and services experience this sales process.

We’ve seen this as well back when our Founder started PayNet and now again with Syndifi, but we see more early adopters now than ever before and coming from some of the largest financial institutions. Prior, it was mostly the smaller entrepreneurial organizations jumping in with both feet.