We provide technology solutions for the mutual market, who are our company's biggest competitors and competitive forces?

Part
01
of one
Part
01

We provide technology solutions for the mutual market, who are our company's biggest competitors and competitive forces?

Hello! Thanks for your question about the competitors in the mutual fintech market, specifically those of Data Action. Through our comprehensive search, we have determined that the most closely aligned FinTech competitors to DA are Avoka, Moroku, Sandstone Technology, and TSWG.

METHODOLOGY

There is not a lot of information available on DA, we searched Owler, and while the firm is listed, its entry is blank. The Australian FinTech A-Z Guide is another resource that came up empty with no listing for DA or Data Action.

From the information gleaned from the DA website, we were able to find competitors serving both mutuals and the broader FinTech space that are similar in both offered services and size.

The search included small and medium private companies that have been in existence for a period similar to the 30+ years that DA has been in operation. Of the four competitors that were determined, all share at least two of these attributes, if not more.

There are numerous Australian FinTech companies though, there are not a lot of companies focused on the Mutuals space. As you mention in your brief that you are most operational in the FinTech market, this is where we focused our search. We have highlighted the four firms that appear to most similar in size and market reach, and have also looked at the top trends in FinTech in general.

FINDINGS

CURRENT TRENDS IN THE OVERALL FINTECH INDUSTRY
According to a recent study by McKinsey there are now over 2,000 FinTech firms compared with about 800 in April 2015. This proliferation of disruptors entering the FinTech space has altered the landscape substantially, and one of the most interesting outcomes has been the shift in perception of financial institutions considering FinTech firms as partners rather than competitors. This change has created many new opportunities and innovations in the banking sector.

Digital Banking branding trends are across all platforms and include customer on-boarding as an added service that begins the brand identity at the very start of the customer journey. Internet and peer-to-peer lending are other competitive forces that continue to gain traction. Gaming is beginning to gain traction as a brand strategy and innovation that some firms are beginning to employ to differentiate themselves from the growing crowd in the FinTech market space.

Security and privacy remain important and with the improvements in Biometrics, there are innovations that firms such as TSWG are implementing as a competitive strategy.

COMPETITIVE SET

Avoka - this global brand with outposts in Australia, the UK and US is quite similar to DA in its offerings and depth of services. Their current brand movements and positioning include their efforts to lead the market in frictionless sales integration and interfaces and the speed at which they can take their clients to market. Avoka is a strong presence in the Cloud marketplace and is branding itself as a provider of solutions in that area.

Their brand strategy focuses on the seamless customer experience and strategic systems based upon a fully scaleable and iterative cloud platform. Their competitive edge is their full-scale offering of services that are provided with a great deal of flexibility and ease at which their clients can adapt and customize their offerings.

Moroku - this Australian firm takes a unique approach to brand differentiation and carving a unique place in the marketplace through gaming. Their strategy is to offer innovation in a market segment where price is often the main differentiator. Moroku brands itself as an innovator that can help its clients to stand out and attract a younger client set through gaming innovation.

The company believes that the gamification is an effective branding strategy as it creates excitement around the technology as well as heightened engagement and customer loyalty. This firm has recently been named a top 1% company in the Australian small firm FinTech industry by Techboard.

Sandstone Technology - very similar to DA, Sandstone Technology provides all manner of digital banking solutions to its 30+ global clients in the financial institution sector. Their firm HQ is in Australia with offices in the UK and the Philippines. Their current brand strategy includes offering a more engaged and seamless lending solution that includes innovative products that appeal to a broader range of customers.

They are also leaders in the LIXI Data Standardisation that allow their clients to conform to the changing and growing regulatory environments across the globe. This service allows Sandstone to create a competitive edge in the adherence to all global standards and regulations that affect their customer set.

New Payments Processing (NPP) is another competitive edge that the firm is implementing. This process provides constant innovation and improvement to their clients' payment processing systems creating a more seamless and efficient tool on an ongoing basis. This allow banks to capture a larger market share and utilize receipts more efficiently.

TSWG - this Australian based firm has recently announced their partnership with eWise digital platform that will allow TSWG to provide their clients with an entire suite of products that is consistently branded across all platforms and will allow end users to aggregate all of their financial accounts onto a single dashboard. This technology is being presented to credit unions, mutuals, and other financial institutions that want to offer their clients an omni-channel solution.

This brand strategy offers a clear differentiation that provides a substantial competitive edge that gives end users a value that is not currently the norm in offerings from digital banking institutions.

The firm also provides cutting edge biometric security options that positions them as a strong advocate and partner in areas such as privacy and online security.

Thank you for asking Wonder! Please let us know if there is anything else that we can help with.
Sources
Sources