SWOT Analysis for Mobile money transfer Which of your streng

SWOT Analysis for Mobile money transfer.

Which of your strengths are the most likely to help in the development of marketing activities?

Which of your identified opportunities will you pursue first and why?

Which of your threats are you most concerned about?

What are the gaps not addressed in the SWOT analysis that you need to be aware of as you move forward in the development of your marketing plan?

What legal and ethical implications are considered?

Solution

SWOT analysis for Mobile money transfer:

Strengths – Enables scaling through low cost access channels, seamless registration, multiple layers of security is usually used with encrypted algorithms.

Weaknesses – Absence of technology standardization, security concern.

Opportunities – Possibility of serving under-banked and un-banked individuals in future, new business revenue streams in future.

Threats – possibility of data getting lost or getting stolen.

The strengths that are most likely to help in development of marketing activities is the strength of accessibility to low cost channels and use of multiple layers of security. Providers of mobile money transfer facilities will be able to lure customers and develop their marketing on the grounds of convenience for customers as well as the security of their data.

The opportunity that I will pursue first is to tap under-banked and unbanked individuals. This is because mobile money transfer is a technology enabler facility and people without access to banking (like people living in remote places) can easily make use of this facility. There is a lot of untapped potential here and hence is highly lucrative.

The threats that I am most concerned about is the possibility of data getting lost or getting stolen. Technology is susceptible in the hands of those willing to gain from it by doing wrong, illegal and unethical activities. Hackers will always be on prowl to steal data and misuse them.

Gaps not addressed in the SWOT analysis are whether there will be support for tap and pay services in future, handling of emergencies, whether the transfers will be free or will be chargeable.

In terms of legal and ethical implications of mobile money transfer is the procedural requirements needed by financial institutions, regulatory compliances, and contractual issues. In terms of ethical implications issues like safeguard of data, protecting the interests of the users and misappropriation are the key implications.