Swot Analysis:
| Strengths | Opportunities |
| – New innovative product that differentiates from competitors
– Theft prevention is key for them – Convenient product |
– Revolutionize the way our currency is handled
– Get an early advantage on competitors |
| Weaknesses | Threats |
| – Still in test stages of technology
– Difficult to deliver to the masses quickly |
– Style is a major factor, if they do not create an appealing design then the product, regardless of the benefits, will not sell to the masses |
The world is constantly moving towards using technology to further convenience their lives. Bionym is striving to do just that with their new and innovative way of banking and in the future, possibly much more. Bionym and Royal Bank (RBC) are pairing up to introduce a new way of banking. Their design is a wearable banking device (wrist watch) with which transactions can be made so carrying of credit cards will not be necessary. They are also thinking of using this device to replace many essentials that we have to carry around, such as, alternative keys to your vehicle, passwords for computers, a key to check into your hotel room etc., to them the possibilities are endless. In addition, they have created an anti-theft technology in which it senses your electrical signals given off by a user’s heartbeat, so the product will only work for the owner of it. In this case Bionym is doing many things right; first of all they are fully aware of the continuing technological changes in society and are taking full advantage of this. In addition, they do not want to simply make banking more convenient, they are motivated to continue and develop this technology into something they believe will eventually be used to replace many things we use daily, all into one device on your wrist. However, there are still potential flaw in this concept, one being that it may not be stylish. As practical as this technology is, if the design is not appealing to consumers then the product simply will not sell as much; this aspect must be kept in consideration if this is to succeed. When looking at Royal Bank, they too are making great decisions. By deciding to partner with Bionym they’re differentiating themselves from other banks by offering a commodity that no other bank can. This offers incentive to make the switch as this new invention has the potential to eventually change the way the modern world operates.
http://www.darvinassetmanagement.com/globalclearingservices.aspx (2nd image)