It is a group assignment and I want just the last part done, that is the 4th part "Strategic Partnerships". Strategic Partnerships Identify new suppliers and new customers Identify potential operat
Sheridan CollegeIntegrated Industry Project
Strategic Business Plan
Current State Analysis For:
Personal Banker
Author: Insightful Impacts
June 10, 2022
Table of Contents1Introduction 3
2PESTLE 3
1Political Factors 3
2Economic Factors 3
3Social Factors 5
1Banking Culture and Accessibility 5
2Investments 5
3Changing Demographic and Buying Habits 5
4Technological Factors 5
1Banking Technology 5
2Personal Banking Online and Wealth 6
5Legal Factors 6
1Banking Regulations and Financial Services 6
2Investments 6
6Environmental Factors 7
3Michael Porter's Five Forces 7
1Buyer Power 7
2Supplier’s Power 8
3Competitive Rivalry 8
4Threat of New Entrants 8
5Threat of Substitution 9
4Competitive Profile Matrix 10
5SWOT 11
6Strategic Pairing 13
7Vision and Mission statements 15
8Conclusion and Next Steps: 16
1Conclusion 16
2Next Steps 16
9SIGN-OFF 17
10References 18
- Introduction
This deliverable aims to present an analysis of the internal and external environment in which Personal Banker is operating. An-in depth understanding of the internal and external environment will provide a framework for developing a business strategy for the company. Insightful Impacts is following a structured approach to complete a strategic analysis of the business environment. Accordingly, PESTLE (Political, Economic, Social, Technological, Legal and Environmental) Analysis, Michael Porter’s Five Forces Model, Competitive Profile Matrix, SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) and Strategic Pairing tools have been used to fully comprehend and document the internal and external environment of Personal Banker.
- PESTLE
- Political Factors
Political factors, these are the factors which influence businesses including: taxes, policies, regulations, trade restrictions, tariffs, and the political situation of the country. The political situation determines the stability of the markets and industry which the company plans to enter or is existing in (Pathak, 2020). In the case of Canada, the political climate is very stable. In fact, the World Bank, calculates that Canada is in 90.09% stable condition in (Pathak, 2020). There are a number of different bodies, which aim to protect consumers. For example, financial services regulatory service of authority of Ontario (Financial Service Regulatory of Canada, 2022). Additionally, there are self-regulatory bodies such as Investment Industry Regulatory Organization of Canada or commonly known as IIROC (Investment Industry Regulatory Organization of Canada, 2022). Personal Banker is the company that is working towards providing each client a tailored service that would allow him or her to make a good decision that would yield a better and safe returns. There are different solutions that are offered under the entity, and it includes the Tax Solution continuum, and also the company helps in reducing the works that would capture most of the taxes and would not yield better returns. The analysis is done looking at the 10-year filing and it provides the best possible solution over what should be done with the amount recovered. Personal Banker is working in the consulting and solution providing industry where most of the individual investors and businesses are operating and are looking forward to the guidance that would allow them to move ahead with the best and feasible decision.
- Economic Factors
Economic factors take into consideration the exchange rate of the country against another, economic growth and the indicators, inflation rate, interest rate, cost of living, labor costs, and also the purchasing power of the consumers. The inflation rate is important to take into consideration because it allows the businesses to gauge the market situation and make wise decisions regarding pricing and costs. The interest rate plays a vital role in determining the loan taking power of the business and if the interest rates are lower than the loans would increase, and companies would be able to expand their operations. Canada is a developed nation with improved standing in terms of inflation and interest rate where the inflation rate is 5.7% and the minimum wage set by the government is standing at $15.55 per hour and it is to save the consumers and allow them to live and support their families (Dodge, 2022). Furthermore, the economic indicators of Canada are optimal. Currently the literacy rate is at 99% which is quite impressive compared to other nations and one of the reasons why Canada is developed (Trends, 2022). Following the Covid-19, the global economy is under extreme inflationary pressure. Canada is also facing a 6.8% inflation rate, which is the highest in the last 31 years. Ukraine War has further aggravated the overall economic conditions.
Personal Banker is established in Canada which is a sound country with a stable economic situation. Canada’s economic factors are quite healthy as more and more business opportunities, investors, and different entities are entering the markets of Canada which bodes well for Personal Banker as the entity provides solutions and financial assistance to individuals. Over 40 banks offer financial banking services to Canadians, IE: bank accounts, credit cards, investments, loans, etc. (Canadian Bankers Association, 2022). Only four percent of debt in Canada comes from credit card debt, the majority of debt comes from mortgages at 74 percent (Canadian Bankers Association, 2022). This information is valuable to Personal Banker as it shows that people in Canada are diligent with their money and have the means of learning how to be smart with it.
The following additional economic factors are particularly relevant from Personal Banker’s perspective:
The World Bank and many other economic gurus are forecasting an economic recession (Liang, 2022). The potential impact of this economic condition needs to be considered in developing a business strategy for Personal Banker.
As per market data forecast, FinTech market is expected to grow at 25.18% rate during 20-27 to reach USD$324 billion (Market Data Forecast, 2022).
The global financial services market is also expected to grow at a CAGR of 6% to reach 28.5 trillion, presenting an attractive opportunity (The Business Research Company, 2022).
E-commerce market grew by $2019 billion in USA (Berthene, 2022).
More and more financial institutions are aiming to offer more financial services, indicating increasing competition.
The financial services as well as tax filing services market is characterized by many competitors
Many financial services players employ certified individuals e.g., CFP, mutual fund license, etc.
- Social Factors
- Banking Culture and Accessibility
- Social Factors
Canada owns one of the world’s most accessible banking systems. More than 99 percent of Canadians have a bank account (Canadian Bankers Association, 2022). Over 90 percent of Canadians also believe that technology has made their way of banking much easier, this shows that in Canadian culture, they are eager to learn and grow as individuals, making personal banking services attractive to Canadians. Canadian behaviour also shows that they are wary of their debt and tend to focus on things that are marginally for bettering life rather than wasting money. Due the COVID-19 pandemic, we have also seen a shift of consumers wanting to do everything online rather than visiting a branch in person. Hence the culture of banking has slightly changed in terms of doing things in person (Young, 2021). Personal Banker can take advantage of this scenario as majority of their services are offered online.
- Investments
In Canadian culture, it is quite apparent that most Canadians are investing regularly in some way or another, whether that be through RRSP, Stocks, Housing, etc. (Ray, 2019). Canadians are eager to improve their portfolio and grow their wealth. However not everyone takes advantage of personal banking services and information that is easily accessible to them. They have not taken the chance to learn about it which is why they haven't invested more into personal banking. This is a great chance for Personal Banker to market how beneficial the service is and how easy it can make your life.
- Changing Demographic and Buying Habits
The following factors are particularly relevant from Personal Banker’s perspective:
Aging population is necessitating more and more retirement related financial services.
Covid-19 has greatly increased acceptability of online services, which can enable financial services provider to reach across geographical boundaries and deliver services cost effectively
- Technological Factors
- Banking Technology
- Technological Factors
Banks in Canada have been increasingly innovative in the technology sector and have been supporting the development of technologies to make the lives of customers easier (Technology-led innovation in Banking, .n.d.). The investments in the digital side of things have led to banks making all sorts of services available to their clients such as mobile banking, 24/7 service, easy to use web platforms, new account openings and many more. The main benefit of technology is the convenience it provides. However, traditional services are still available for those who prefer a personal touch. In house development of technologies and increasing the usage of AI systems can benefit any establishment, especially those that are providing a service for the public. Clients being able to access all of their data on a portal whether that be through their phone or their computer anytime they want is something that everyone is looking out for nowadays. More and more FinTech applications are being used, changing the financial services landscape (Market Data Forecast, 2022).
- Personal Banking Online and Wealth
Almost every single bank operating in Canada currently offers an online banking or personal banking solution to its’ customers. TD offers a service called TD wealth financial planning, they pair you with an advisor and work with you to build your wealth (TD Wealth, n.d). Personal Banker can take advantage of people's eagerness to building their portfolio and invite them to start with minimal amounts of funding and resources, because everyone starts somewhere, the most important thing is the mindset.
- Legal Factors
- Banking Regulations and Financial Services
- Legal Factors
Banks and banking services in Canada are highly regulated by the following, Minister of Finance Canada, Office of the Superintendent of Financial Institutions, Bank of Canada, Canada Deposit Insurance Corporation and Financial Institutions Supervisory Committee (Graham et al., n.d). All these services ensure that everything is regulated, and that responsibility always falls on someone. No banks in Canada are allowed to carry on business in Canada without obtaining the proper approval necessary (Graham et al., n.d). Since banks can only do services related to banking, the role of a personal banker is safe and ensures that everything is done properly and under the right regulations. In Canada, financial services such as planning and advising is also regulated. Financial advisors must be approved by a Financial Services Regulatory Authority of Ontario (Financial Services Regulatory Authority of Ontario, n.d). This process and regulation make it safe for both the consumers and advisors so that proper service is being conducted within the organizations (Financial Services Regulatory Authority of Ontario, n.d).
- Investments
There is a large section in the Investment Canada Act that talks about Investment in Canada under. This act is designed "to provide for the review of significant investments in Canada by non-Canadians in a manner that encourages investment, economic growth and employment opportunities in Canada and to provide for the review of investments in Canada by non-Canadians that could be injurious to national security." (Sector, 2022). Simply put, there are a lot of rules and regulations that are in place that Canadians should make themselves aware about before they invest in something. This is also something that Personal Banker should be aware of so that they provide the best and most accurate information to customers. As long as everyone in the situation is educated about the ruling and regulations in place about investments and how they work, this would make the customer feel more informed and confident in the services that Personal Banker is providing to them.
- Environmental Factors
These are the factors that includes climate as it plays a vital role for a business to operate because if the country is not having right suitable climate conditions, then the infrastructure facilities would be on risk and of increased costs. 196 nations around the world signed Paris Accord in 2015 targeting to achieve total de-carbonization by the end of this century (Wang, 2018). The idea is that global temperature should only increase by no more that two degrees Celsius when compared to the pre-industrial era. Each nation is setting its own goals for de-carbonization. Canada is also setting aggressive targets to achieve 17 sustainable goals for sustainable development (Government of Canada, 2022). Given the seriousness of the climate change, everybody needs to participate towards achievement of these goals. Already initiatives such as Green Banking, and green bonds are taking place (Wang, 2018). In general, the entity would not have serious problems from environmental conditions as its business does not cause any serious damage in the form of smoke or burning of fossil fuels. However, Personal Banker can also contribute by minimizing paperwork. The FinTech application can play a pivotal role in this regard. Personal Banker may also consider development of an environmental policy.
- Michael Porter's Five Forces
The purpose of this section is to analyze Personal Banker against a competitive analysis model known as Porter’s Five Forces. Created by Harvard Professor Michael Porter in 1980, the five forces analyze a company’s standing in relation to the external market (David & David, 2017). These five forces include the power of suppliers and buyers, the rivalry of competition, and the threat of substitute products new entrants. This analysis will be conducted from the perspective of Personal Banker’s ambition to become a multi-faceted financial services company, with acknowledgement paid to the fact that the client has informed Insightful Insights that tax services (namely Tax ReClaim) are the company’s primary business at the moment.
- Buyer Power
The power of customers is high when it comes to financial services. Whilst the product offerings amongst institutions may be similar, a customer’s ability to move from one firm to another easily does empower them to explore new alternatives. Similarly, customers wield a lot of power when it comes to tax preparation. An increase in competition amongst firms may drive prices and margins lower (Kanda, 2022). Couple this with the low cost of switching service providers and clearly the importance of each customer increases as the industry grows.
Key Takeaways
Customers in this space can be “easy come, easy go”
To acquire and retain customers, Personal Banker must establish brand credibility and create a brand that customers are enthusiastic about.
- Supplier’s Power
Suppliers hold a low to medium amount of power in their relationship with Personal Banker. Looking at the core functions of Personal Bankers, suppliers of computers are plentiful, leaving them with a low level of power. Similarly, office stationery suppliers are easy to substitute as well. However, this power dynamic shifts slightly towards the supplier when in comes to internet services. The backbone of Personal Banker’s business presently is the ability to communicate with clients remotely and looking forward the ability to update the app and host the servers (possibly onsite). This leaves Personal Banker vulnerable to price increases from Internet Service Providers as there are two predominant suppliers in Ontario, Bell and Rogers (O’Day, 2022).
- Competitive Rivalry
The competition in both tax preparation and all-inclusive banking is remarkably high. In tax preparation, 33.2% of the market share is split between H&R Block and Inuit Inc (Kanda, 2022). However, the overall concentration or saturation of the market is low as there are many small local practitioners and that leaves an opportunity for another major player (Kanda, 2022). In contrast, the top six bank in Canada account for a market share of approximately 90% (Kanda, 2021). This translates to an elevated level of competition and concentration.
Key Takeaways
The niche that Personal Banker is trying to fill is surrounded by bevy of competition
There is a tremendous opportunity for Personal Banker to establish itself in the tax preparation space
Moving forward with risk, asset and cash management services needs will require an exceptional customer experience to avoid customers being poached by the big banks
Competitors such as WealthSimple and the big banks all offer a facsimile of the risk, asset and cash management services that TRAC recommends
- Threat of New Entrants
As Personal Banker presently uses its’ proprietary TRAC (Tax, Risk, Asset and Cash) model to enrich the financial standing of Canadians, leading with tax, it would be best to split the threat of new entrants into two sections: tax preparation and all-inclusive banking. From a tax preparation perspective, the barrier to new entrants is low (Kanda, 2022). As such, 58.3% of tax preparation businesses in 2022 are expected to be independent businesses (Kanda, 2022) as there are no formal accreditations to become a tax preparer in Canada, as well as very low overhead costs. Moreover, tax preparation is an attractive field to enter as demand for tax preparation services is set to increase. This is driven by three reasons:
Canada’s population is expected to grow by 5.3% over the next 5 years (O’Neill, 2022).
Canada’s unemployment rate is expected to hold steady around 5% over the next 5 years (O’Neill, 2022)
The number of households earning over $100,000 is growing by 2.9% annually (Kanda, 2022)
When tax preparation is removed from the equation, and all-inclusive banking (risk, asset and cash) is the barometer then a comparison to Canada’s top five retail banks would be appropriate as they provide risk, asset and cash management services. Canadian retail banking has a high barrier to entry meaning the threat of new entrants is low (Government of Canada, 2021). These barriers include but are not limited to: regulations, compliance costs, and capital requirements (Logan, 2021). With that said, the industry remains attractive. According to a 2022 Statista survey, more than half of Canadians aged 18-64 intended to purchase a financial product in 2022 (Kunst, 2022). As well, industry revenue is expected to grow at annualized pace of 2.4% over the next 5 years (Kanda, 2021).
Key Takeaways
Personal Banker’s use of tax services to acquire clients works well in this environment as the barrier to entry is low
Personal Banker must be cognizant of easy it is for a competitor to arise and offer a similar service
The eventual move into other financial services will come with added costs, especially asset management. Specifically, costs related to compliance and accreditation
- Threat of Substitution
The threat of substitute products is high for both tax preparation and financial services. In tax preparation, consumers have a plethora of choices to complete their tax returns, but the threat comes from self-serve options provided by sources outside of the industry, including the Government of Canada’s free NetFile service and free community clinics. Moreover, free software assisted returns from financial services companies such as WealthSimple are a threat to Personal Banker’s tax services. Additionally, free money management tools such has Intuit’s Mint software that amalgamates information from all of a client’s accounts (cash, credit, and investments) and returns personalized advice, does pose a strong threat to Personal Banker’s future plans.
Key Takeaways
It is integral to the success of Personal Banker that the marketing strategy highlight what makes Personal Banker different. Specifically, why TRAC is the right choice.
With switching cost being low, Personal Banker must create a value proposition for its wholistic view of client’s financial success.
- Competitive Profile Matrix
The purpose of the competitive profile matrix is to determine the relative position of Personal Banker against key competitors. As the focus of Personal Banker is on tax reclaim and financial services, the three competitors chosen to compare the relative position of Personal Banker are Tax Recovery Inc, Wealth Simple, and Disability Credit Canada. A set of eight key success factors have been identified to carry out this comparison. These factors are explained below:
Current market penetration and strength can provide a company with the ability to further grow the business through referrals and word of mouth. For example, Tax Recovery Inc claiming 11000 successful claims puts them in a stronger position to gain more business through referrals by satisfied customers.
Financial strength provides the company necessary to invest and grow its business and sustain setbacks if any.
Marketing efforts are pivotal for the success of the company. One way to measure marketing efforts could be ranking on google search or google reviews, etc.
The breadth of services provides the company to grow revenue by upselling additional services to the same clients.
FinTech Application is critical for the business to deliver quality services in the most productive way.
Customer Satisfaction plays a key role in repeat business as well as referral business. In the absence of any other objective means, the number of Google Reviews and average ratings have been used to assess customer satisfaction
The strength of the team provides the ability to deliver services effectively when the business starts growing
Years in business build creditability for the service provider.
Critical Success Factor | Weight | Personal Banker | Tax Recovery Inc | Wealth Simple | Disability Credit Canada | ||||
Rating | Score | Rating | Score | Rating | Score | Rating | Score | ||
Current Market Penetration/Strength | 0.15 | 2.0 | 0.30 | 3.0 | 0.45 | 3.5 | 0.53 | 3.5 | 0.53 |
Financial Strength | 0.15 | 1.5 | 0.23 | 2.0 | 0.30 | 4.0 | 0.60 | 3.0 | 0.45 |
Marketing | 0.10 | 2.5 | 0.25 | 3.0 | 0.30 | 3.5 | 0.35 | 3.0 | 0.30 |
Breadth of Services | 0.15 | 2.0 | 0.30 | 1.5 | 0.23 | 3.0 | 0.45 | 3.0 | 0.45 |
FinTech Application | 0.20 | 2.0 | 0.40 | 3.0 | 0.60 | 3.0 | 0.60 | 3.0 | 0.60 |
Customer Satisfaction (Based on the number of Google reviews and ratings) | 0.10 | 3.0 | 0.30 | 3.0 | 0.30 | 4.0 | 0.40 | 3.0 | 0.30 |
Strength of team | 0.10 | 1.0 | 0.10 | 3.0 | 0.30 | 3.0 | 0.30 | 4.0 | 0.40 |
Years in Business | 0.05 | 2.0 | 0.10 | 4.0 | 0.20 | 3.0 | 0.15 | 3.0 | 0.15 |
Total | 1.00 | 1.98 | 2.68 | 3.38 | 3.18 |
The competitive profile matrix indicates that Personal Banker is relatively in a weaker position compared with more established players. Tax Recovery Inc. has been in business for over 10 years, with a narrow focus, but with a larger volume. Both Wealth Simple and Disability Credit Canada started their business in 2014 and have significant penetration in their respective areas. Wealth Simple has over 2500 Google Reviews compared to only 11 reviews for Personal Banker. The strategic implications for Personal Banker may be to develop a niche strategy in the area of strength. However, a business strategy will be developed during the next phase of the project.
- SWOT
Based on publicly available information and input provided by the client, the following SWOT analysis has been carried out.
Strength
| Weakness
|
Opportunity
| Threat
|
- Strategic Pairing
The purpose of strategic pairing is to provide input into the strategy development by comparing numerous factors. Strength-Opportunities pairing enables the company to focus on capturing opportunities where they have a high level of strength. Strength-Threat enables the company to identify the way the company can use its strengths to minimize the impact of external threats. Weakness-Opportunities pairing indicates areas of opportunity where it is best not to focus because a weak position may lead to failures. If the opportunity is large enough, the company should first focus on addressing its weaknesses. Weakness-Threat is a risk area, and the company must focus on addressing weaknesses to respond to threats.
The following is a strategic pairing matrix for Personal Banker.
Strength-Opportunities (SO)
| Strength-Threat (ST)
|
Weakness-Opportunities (WO)
| Weakness-Threat (WT)
|
- Vision and Mission statements
Current Vision Statement:
“Financial Success and Significance for Canada’s middle class (98% of the population), by taking our members through the 5 Stages of Wealth, from Survival to Significance.” (Personal Banker, 2022).
The above statement does not clearly mention the industry it operates in and what does it offer.
New Vision statement:
To empower and enable Canada’s middle class to take control of their financial futures by guiding them to Wealth Significance by way of education, financial advice, and technological innovation.
Current Mission Statement:
“We Provide Tax Strategies by Leveraging Innovative Technologies and a Holistic Approach to Financial Independence, empowering Canadians to embrace and experience their life’s purpose with finance” (Personal Banker, 2022).
New Mission Statement:
To add value to the financial well-being of consumers across Canada by providing high-value financial services that leverage cutting edge technology and financial industry expertise, while deriving profitable growth for the company. Our team of highly motivated individuals actively support customers in the use of our technology supplemented by expert advice to help them make important financial decisions. We believe that the financial well-being of our customers contributes toward the overall prosperity of communities and result in economic growth.
The mission statement proposed by Insightful Impacts satisfies all nine characteristics of a good mission statement.
Customer - Consumers
Products and Services - High-value financial services
Market - Across Canada
Technology - Cutting edge
Growth - Profitable growth
Philosophy - Financial well being
Self-concept - We
Public Image - Prosperity of communities
Concern for employees - Highly motivated individuals
- Conclusion and Next Steps:
- Conclusion
After thoroughly analyzing the internal and external environment Personal Banker competes in, there are clearly avenues of opportunity for Personal Banker to become a significant company in the financial services field. Those opportunities include:
The growing appetite amongst Canadians for technology centric financial services
A growing tax preparation space that is ripe for an innovative service like Tax ReClaim to flourish as the company’s best tool to acquire new clientele
The number of affluent Canadians (those making over $100,000 per year) is growing at a steady pace and in turn their need for financial advice (Kanda, 2022).
Personal Bankers’ ambition of launching a four-pronged service of Tax, Risk, Asset and Cash management is viable as per this analysis. Moving forward, the development of a comprehensive marketing plan that accentuates the uniqueness of Personal Bankers’ product offering should be a priority. As well as ensuring a Human Resources strategy is in place to have the right people hired, trained, and accredited to add to Personal Bankers’ creditability and execute its’ vision.
- Next Steps
The following next steps are envisaged:
Review of internal and external analysis by the client
Based on input of client, initiate next milestone focused on Strategic and Marketing Plan
- SIGN-OFF
Insightful Impacts Team:
Umer Amir Rashid: Umer Amir
Shiza Akthar: Shiza Akhtar
Adel Osaki: Adel Osaki
Yudav Rambali: Yudav Rambali
Muhmmad Riaz: M. Arsal Riaz
Accepted By:
Name:
Title:
Client: Personal Banker
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