In the fast-paced world of U.S. banking, financial services, and insurance (BFSI), 2024 wasn’t just another year—it was a pressure test. With fintech startups coming in hot, changing regulations from the SEC, and customer expectations at an all-time high, companies in this space had to stay sharp to stay relevant.
So how did they do it? Two words: competitive analysis.
But we’re not talking about glancing at a competitor's website or reading a quarterly report—we’re talking about in-depth, data-driven, strategic tracking that informed major business moves.
Here’s a look at how BFSI players leaned into competitive analysis in 2024 to keep their edge.
1. Tracking the Fintech Frenzy
2024 saw fintech continue its climb—everything from app-based investing to AI-powered underwriting. Traditional BFSI companies couldn’t afford to ignore them anymore. So, what did they do?
They studied them. Closely.
🔍 How they did it:
- Benchmarking fintech pricing models and features
- Analyzing app usage and customer sentiment
- Tracking funding rounds and partnerships to understand scale and direction
This wasn’t just for show—banks and insurers used these insights to tweak their own offerings, adopt new tech, and in some cases, even acquire or partner with fintechs.
2. Regulatory Moves Were a Trigger, Not a Barrier
The SEC kept everyone on their toes in 2024. New compliance expectations around crypto assets, ESG disclosures, and AI-led financial products meant BFSI firms had to be agile—not just in execution but in anticipating what was coming.
📊 Competitive advantage came from:
- Monitoring how peers responded to new SEC rules
- Reviewing regulatory filings and compliance strategies
- Using competitor responses as cues for internal policy updates
This helped firms stay compliant and innovative—proving that with the right intelligence, regulation doesn’t have to slow you down.
3. Product Strategy Got a Whole Lot Smarter
Gone are the days of launching a new savings product and hoping it sticks. In 2024, product teams were deep in competitive dashboards, asking questions like:
- “What’s the APY on our competitor’s new offering?”
- “How are they bundling insurance and investment products?”
- “Are their mobile features outpacing ours?”
📈 With competitive analysis, they:
- Identified gaps in their own portfolios
- Uncovered underserved segments
- Prioritized roadmap features that actually mattered to their audience
And yes—some product launches were delayed based on this intel, saving time, money, and brand equity.
4. Customer Experience Became the New Battleground
Let’s be honest—most banking apps kind of look the same. But in 2024, firms realized that little UX tweaks could lead to big loyalty wins.
So, they turned to competitive insights again.
💡 What they focused on:
- Net Promoter Scores (NPS) and customer reviews of rival platforms
- UX testing on competitor digital journeys
- Call center performance benchmarks
This wasn’t just about being “better”—it was about being meaningfully different in ways that customers cared about.
5. M&A Intelligence Was a Secret Weapon
From regional bank mergers to fintech buyouts, 2024 was busy on the deal front. Smart BFSI firms weren’t just watching the headlines—they were reading between the lines.
🔍 They dug into:
- Pre-deal indicators: hiring surges, leadership moves, new partnerships
- Post-deal integration pain points in similar companies
- Market chatter and sentiment data
This helped them spot opportunities early—and avoid deals that looked good on paper but were riddled with risk.
So, What’s the Takeaway?
In 2024, competitive analysis in the BFSI sector wasn’t about copying the competition—it was about understanding the why behind their moves, and using that knowledge to carve out smarter, faster, and more customer-centric strategies.
And here's the kicker: the companies that did it best didn’t just gather data—they turned it into actionable insight.
At INJ Partners, we help BFSI firms unlock these kinds of insights every day. From tracking industry shifts to decoding competitor playbooks, our custom market research brings clarity to complexity.
📩 Want to be one step ahead in 2025? Let’s chat. Competitive intelligence doesn’t just inform strategy—it fuels it.
