How do you benchmark your fintech competitors with data analytics?

1 Define your goals

The first step is to define your goals and metrics for benchmarking your fintech competitors. What are you trying to achieve? What are the key performance indicators (KPIs) that matter to you and your stakeholders? How do you measure success and progress? For example, you might want to benchmark your customer acquisition, retention, satisfaction, revenue, profitability, market share, innovation, or compliance.

2 Identify your competitors

The next step is to identify your fintech competitors and segment them according to relevant criteria. Who are the direct and indirect competitors in your niche, region, or customer segment? How do they differ from you in terms of size, scope, features, pricing, or target market? How do they position themselves in the industry and communicate their value proposition? You can use tools like web analytics, social media analysis, customer feedback, or market research to gather this information.

3 Collect and analyze data

The third step is to collect and analyze data from your competitors and compare them with your own data. You can use various sources of data, such as public reports, websites, apps, reviews, ratings, surveys, or third-party platforms. You can also use tools like web scraping, APIs, or data extraction services to automate the data collection process. You can then use tools like spreadsheets, databases, or data visualization software to analyze and visualize the data. You can use techniques like descriptive, predictive, or prescriptive analytics to generate insights and recommendations.

4 Evaluate your performance

The fourth step is to evaluate your performance and identify your gaps and opportunities. How do you rank against your competitors on the metrics and KPIs that you defined? What are your strengths and weaknesses? What are the best practices and trends in the industry? What are the areas where you can improve or innovate? You can use tools like dashboards, charts, graphs, or scorecards to present your findings and communicate your value proposition.

5 Implement and monitor actions

The final step is to implement and monitor actions based on your data analysis and evaluation. What are the strategies and tactics that you can use to enhance your competitive advantage? How can you leverage your strengths and address your weaknesses? How can you create value for your customers and differentiate yourself from your competitors? You can use tools like project management, feedback, or testing to execute and track your actions and measure their impact.

By following these steps, you can benchmark your fintech competitors with data analytics and gain insights that can help you grow your business and achieve your goals.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?