In today’s hyper-competitive financial services landscape, competitor research and intelligence is critical to continued business success. Many companies are already conducting competitor research—but it’s often fragmented, incomplete, and far from watertight. Relying on disparate sources of information, teams share insights across internal channels with no unified approach, leaving critical gaps that can undermine business strategy. This creates real risk: vital market shifts are missed, and employees risk appearing uninformed in a sector where expertise is paramount.
Competitor research, done properly, offers a clear return on investment by saving costs, accelerating time to market, and boosting customer conversion, engagement and retention. When executed strategically, it becomes a crucial tool not only for staying ahead of the competition but also for solidifying your market position and safeguarding long-term growth.
Tangible Savings and Faster Time to Market
One of the most compelling benefits of effective competitor research is its ability to save time and money. For example, BehindLogin’s recent work with a Cardiff-based Digital Investing Company led to a £40K reduction in design costs and slashed the go-to-market timeline by four weeks. By analysing the competitive landscape, the company avoided costly missteps and launched a highly successful fund selection feature with greater speed and efficiency.
Rather than wasting time on trial and error, companies can leverage competitor insights to make informed decisions, cutting down unnecessary development cycles and focusing on what will actually drive value.
Boosting Engagement and Retention
Competitor research also enables businesses to enhance their customer experience, increasing engagement and retention. By understanding how other players in the market design user journeys, companies can fine-tune their own offerings to not only meet but exceed expectations. In BehindLogin’s example, utilising competitor apps and UX research resulted in an 8% increase in customer portfolio values for their client, proving how a strategic focus on competitors can directly drive customer satisfaction and financial growth.
Reducing Risk and Enhancing Strategy
Currently, many teams spend countless hours manually gathering competitor information from scattered sources, which often leads to critical oversights. This not only hampers business strategy but also exposes teams to the personal risk of appearing uninformed in internal and client-facing discussions. Centralised competitor research offers a structured, reliable, and up-to-date view of the market, ensuring nothing slips through the cracks and reducing the risk of missed opportunities.
Ultimately, competitor research isn’t just about keeping an eye on the competition—it’s about driving measurable business outcomes, protecting your strategy, and ensuring your team remains the expert in the room.
