It is not that easy to switch to a new tech provider for KYC and digital signing solutions. When new tech stack is used, it has to undergo a complete audit. This is true for insurance, Banking and finance as well as government establishments. If the per unit cost of this tech that you use is insignificant compared to your overall product, then the company is not going to switch as the benefit a few bps in margins is not worth the risk.
Second, the company is not offering a single product but has multiple solutions under a single roof and this is easy for the client companies as they don’t want to hassle over this. There are multiple companies whose individual offerings are easily replicable but since they offer multiple solutions under a single head, they continue to be in business.
BTW, tech is never a moat as a lot if it is open source. Reliability and availability matter more here.
P.S. : I work in semiconductor tech and this behaviour is seen here as well whether it is us as the clients of tech or providers of tech.
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