Digital Banking Business Plan

V. Competitive Analysis

5.1 Competitors

Competitor 1
Competitor 1 is a prestigious digital banking services provider headquartered at [insert location]. The company was founded in [xx] by [Founder]. It has a wonderful user interface and offers startup founders and CFOs a single dashboard to manage their business bank accounts and comprehend and send payments. Users can check cash amounts across all accounts in real time and replace several logins with one safe login. Additionally, users can pay bills or salaries between companies in more than 30 different currencies.

Competitor 2
Competitor 2 assists community banks and credit unions in converting their mobile web apps into native mobile banking experiences and updating outdated online banking systems to provide a mobile-first customer experience by leveraging smartphone capability and API access.

Competitor 3
Competitor 3 was established in [xx]. It has a huge reputation for treating its clients right. The financing procedure is fully automated by competitor 3. With little to no human interaction, financial institutions can use the system to run and provide customized offers based on a 360-degree consumer perspective. It also provides a unique customer experience while maximizing portfolio revenue. Due to a modular basis, it is configurable and scalable to face all business requirements. 

5.2 Attribute Comparison

5.3 SWOT

Strengths

  • Strong valuations and AI-enabled platform offering convenient digital banking services.
  • The Company will have a stronghold on its customer base.
  • No-fee services are enabled by low-cost cutting-edge technology used.

Weakness

  • Unable to match with traditional banking key features

Opportunities

  • Setting up full-fledged digital banking operations will bring in more customers and increase transactions
  • Partnering with leading brands of the domain to offer certain perks to customers will also attract new accounts

Threats

  • The entry of new digital banking platforms in the US will impact the business
 
Strategic Business Plans