Competitive Landscape

There are two main players in the financial services market: banks and fin institutions.

Basically, banks are not competitors as they transfer risks and costs of working with consumers and small businesses to our product.

So that banks should be considered as partners rather than competitors.

Financial institutions competitive landscape overview

Competition

Market leader

Challenger

Niche competitor

Notes

Our Product

YES

YES

Ally

YES

YES

Good saving tools

Oriented for the same user segment

Betterment

YES

Low fees along with cross-bank transfers

Chime

YES

YES

YES

Direct deposits

Good but limited saving options

Cash App

YES

YES

Online (virtual) debit card

Capital One

YES

Doesn't charge foreign transaction fees

Mobile bank

Competitive landscape (SWOT)

Competition

Market position

Strengths

Weaknesses

Ally

Fast, secure, free, and updated app. Quick access to mobile banking and investing accounts using biometric authentication - a secure tool.

  1. Ally evaluates how much you can afford to save in your checking account, then automatically transfers extra money into savings up to three times per week
  2. Access to 24/7 live customer support, both over the phone and via chat
  3. Pay friends and family with
  4. Mobile check deposit
  5. It pays competitive rates on the money market account, savings, and CDs
  1. There's no way to deposit cash.
  2. Not so good user feedback.

Betterment

The goal is to help users become self-assured, finances-in-control, big-picture kind of investors. They help users invest their money for the things they want most, so they can live better.

  1. Reimburses all ATM and foreign transaction fees, making it a good option for travelers
  2. Invest, save, and spend all in one app
  3. Use mobile check deposit
  4. Earn cash-back rewards
  1. You can't create joint accounts
  2. There's no way to deposit cash

Chime

Banking app that has your back. Saves your money with security features, overdraft up to $100 fee-free, and gets paid up to 2 days early with direct deposit, with no hidden fees.

  1. Receive paycheck and other direct deposits up to two days early
  2. Earn a high savings APY
  3. It helps to save in two ways: Set up a percentage of direct deposits to automatically go into savings, and round debit card purchases up to the nearest dollar and put the spare change into savings
  4. Use mobile check deposit
  5. Users can deposit cash
  1. When you deposit cash at a GreenDot location, you'll pay a fee
  2. You must open a checking account to qualify for a savings account
  3. There are no joint accounts

Cash App

The easiest way to send, spend, save, and invest your money. It’s a safe, fast, and free mobile banking app.

  1. Allows to send and request deposits between different accounts and banks
  2. Visa powered debit card
  1. No cash back or discounts
  2. Hidden fees

Capital One

It lets you manage your credit cards, bank accounts, home and auto loans anywhere, anytime, from one place on your mobile device.

  1. Doesn't charge foreign transaction fees
  2. It's primarily an online bank, but it also has branches in eight states and Washington, DC
  3. Send money to family and friends with Zelle
  4. Use mobile check deposit
  5. Track your credit score in the app
  6. It pays a competitive savings APY

Although rates are above average, you can still find higher savings and CD rates with some of our other top picks

Our product key points

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