US Banking Industry
The US banking industry is undergoing radical transformations due to evolving business models, security challenges, mounting regulations, and disruptive technologies. Also, with the rising competition in the US banking industry, the traditional branch-based model is no longer helping banking companies to sustain a leading edge in the market. This necessitates banking companies to rethink the way they do business. Also, undertaking a market intelligence study is becoming imperative for banking companies to understand market transformations and adapt to the fast-evolving marketplace.
Wondering what are the key trends, opportunities, and challenges that may affect business operations and strategies of companies in the US banking industry? Our custom market intelligence solution can help you gather comprehensive insights into the US banking industry. Request a FREE proposal!
Business Challenge
The client is a banking company based out of Germany.
Our client, a leading banking company, wanted to set up a new office in the United States. Before expanding to the United States, they wanted to gather comprehensive insights into the US banking industry and understand the competitive landscape. In addition, they wanted to understand the business challenges in the US banking industry and identify lucrative market opportunities. They approached the experts at Infiniti Research to leverage their expertise in offering custom market intelligence solution.
Other challenges faced by the company were:
US banking industry challenge #1: Optimizing the mobile experience
With the proliferation of smartphones and other associated devices, customers in the US inclined more towards banking online. This necessitated US banking companies to have a mobile-friendly banking experience to retain current customers and acquire new ones. The client, therefore, wanted to identify the business models gaining popularity in the US banking industry.
US banking industry challenge #2: Security and authentication
With security breaches and identity threats rising in the US banking industry, undertaking safety and security measures were becoming paramount for banking companies to enhance consumer trust. Therefore, before expanding to the US, the client wanted to understand the strategic safety plans undertaken by the top companies in the US banking industry to ensure the safety of their customer’s financial data.
US banking industry challenge #3: Rise of technology disruption or FinTech
As FinTech companies displaced some of the profitable financial services of traditional banks such as financial advising, loan, and money transfer, they posed major challenges for companies in the US banking sector. The client, therefore, wanted to understand the alternatives undertaken by the top companies in the US banking industry to tackle this challenge.
Our market intelligence solution can help you tackle the above-mentioned challenges and gain a leading edge in today’s competitive marketplace.
Solutions Offered
The experts at Infiniti Research conducted a market research study of the US banking industry. The factors such as market developments, technological advancements, opportunities, and evolving industry regulations were taken into consideration. Also, our experts conducted a risk assessment study, where they analyzed the operational and security risks impacting companies in the US banking industry. This phase of the market intelligence study helped the client to undertake risk mitigation approaches to tackle the rising industry risks and security threats.
Our experts also conducted a market trend analysis. In this phase, the experts at Infiniti Research helped the client to identify all the latest trends in the banking sector in USA and prioritize them based on their profitability for the company. Lastly, by conducting a competitive intelligence study, our experts helped the client to analyze the top ten companies in the US banking industry. In this phase, factors such as competitors’ banking models, risk mitigation approaches, and other strategic alternatives were taken into consideration.
Results Obtained
By leveraging our market intelligence solution, the client was able to understand all the latest trends that were gaining popularity in the banking industry in US. Also, they were able to gather comprehensive insights into market developments, opportunities, and challenges. Furthermore, they were able to adopt a customer-centric banking model and gain a leading edge in the US banking industry. In addition, by undertaking strategic safety plans for protecting customers’ financial data, they were able to enhance customer trust and acquire new customers.
Our market intelligence solution further helped the client to gain a leading spot in the US banking sector and enhance market share by 31%.
Request for more information to know more about our services for banking sector companies in the US.
