Ecosystem partners can help unlock significant new sources of value and increase the return on a firm’s investment. But these partner ecosystems are too often focused on the needs of the partners themselves, sidelining the very clients they’re supposed to be delivering value to. So, how is Star’s approach different?
Firms need to be able to uncover new opportunities in previously untapped markets and solve complex challenges for their clients. But there are limits on what can be achieved in isolation, so strategic partnerships can be highly effective for creating greater value for all parties involved. When experts collaborate, the resulting product augmentation and innovation, lower costs, new services, and wider reach can ease the burden on compliance teams, which are increasingly expected to achieve more with fewer resources.
It’s crucial that the firm and its partners are aligned and motivated to achieve a common goal: delivering an enhanced experience and solution for the client. Two heads are undoubtedly better than one but too many partnerships fizzle out because of a top-down approach that is only concerned with revenue generation. While it would be naive to say that money isn’t a consideration, the focus should be on working together to solve a problem for the client that neither partner would be able to do alone.
BENEFITS OF A PARTNER ECOSYSTEM FOR CLIENTS
JOINING FORCES TO TURN SPARKS INTO FLAMES
Many seemingly great business ideas and products never take off because they’re solutions in search of a problem that doesn’t exist or for which there’s no demand. For a partnership to be effective, an assessment needs to be made at the outset of where value can or needs to be added to the client and to ascertain if the partners can accomplish this together using their complementary capabilities. This requires an awareness of each partner’s strengths and the gaps in their offering that could be filled by the other partner.
Chemistry and energy are also important. Are there initial sparks of an idea between the partners? Just like building a campfire, which requires the right amount of fuel and oxygen so that it catches and grows higher and hotter. A lack of kindling, putting the logs on too soon or too late, and insufficient or excessive fanning can all cause the fire to go out. Likewise with partnerships, enough people at the appropriate level need to be involved at the right time. Focusing on commercial terms, legal arrangements, and other administrative tasks at the outset, for example, is likely to snuff out the idea and possibly the relationship before they’ve had the chance to ignite.
The partnerships that thrive are those that bring the client into the process early on, allowing them to shape the solution. This means the partners must be open and flexible, avoiding preconceptions and predefined solutions – a rigid approach will benefit no one.
BENEFITS OF A PARTNER ECOSYSTEM FOR PARTNERS
WHAT CAN STAR DO FOR YOU?
Star works with partners that provide advisory in three core areas: data, content, and technology. Data partners provide access to large, cross-industry customer bases that can be integrated via API. Content partners provide training materials for Star’s Individual Accountability Regime (IAR) and Training and Competency (T&C) solutions, and content for our Licensing and Registration (L&R) solution, driving client adoption and delivering added value. Our technology partners provide complementary fintech and regtech that can be integrated to further drive more value and enable co-selling into shared clients, opportunities, prospects, and buyers.
Harnessing the strengths and abilities of a connected ecosystem is a strategic way to scale innovation and solve complex challenges. Ecosystem partners can provide access to broader solutions that work together, providing clients with greater flexibility, convenience, and trust. By taking a collaborative approach to improve regtech and compliance, service providers can really make a difference and deliver multi-layered protection for businesses so they can comply with confidence.
As regulatory pressures evolve, the new capabilities opened up by our partner ecosystem enable clients to overcome any challenges that lie ahead. As a result of this client-first approach to building our ecosystem, the Star platform has become the go-to tool for employee compliance.