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USAA SWOT & PESTLE Analysis

ID : 52675953| May 2020

COMPANY PROFILE -USAA

Business Sector :Banking and Financial Services

Operating Geography :USA, North America

About USAA :

United Services Automobile Association, known as USAA, is a diversified financial firm dealing in banking, investing, and insurance particularly for those people and their families who are currently a part of the United States Military and for those who have served in the past. It is a mutual company. The company headquarters are located in San Antonio, Texas. It is the country’s fourth largest home insurance company and fifth largest auto insurance company. It has offices located in 21 places across the country. On the global platform, it has offices located in London, UK and Frankfurt, Germany.
The company operates through its subsidiaries, the USAA Life Insurance Company, the USAA Investment Management Company and the USAA Federal Savings Bank. USAA was founded in 1922 by a group of 25 military officials for getting mutual self-insurance as they were unable to buy insurance because of the nature of their job. Insurance companies rated them as a very high risk group. The company operates primarily through direct marketing; contacting customers via the internet or through phone calls. The company currently has around 12.8 million members. The company employs approximately 34000 employees as per early 2020 records. In 2018, the company ranked for the first time within the top 100 on the Fortune 500 list. It ranked #101 in 2019.
The company is known for their everlasting commitment to their customers and is always recognized for their outstanding services, financial strength and employee care. This is reflected through the mission statement of the company which reads, “To facilitate the financial security of its members, associates and their families by providing a full range of highly competitive financial products and services.”

USAA Revenue :


US$ 35.6 billion – FY ending Dec 2019 (y-o-y growth 13.3%)
US$ 31.4 billion – FY ending Dec 2018

Competitive Analysis of USAA

SWOT
PESTLE
The SWOT analysis of USAA is presented below:
Strengths
Weaknesses
1. Firm grip on niche market
2. First in customer service
3. Strong brand name and credit ratings
4. Technology innovations boosting performance
1. International growth restrictions
2. Disruptive and irregular financial planning
3. Minimal online presence and usage of social media marketing
Opportunities
Threats
1. Expansion through key partnerships and alliances
2. Expanding membership audience via additional offerings
1. Cyber security concerns
2. Government policies and regulations hurting business
3. Economic fluctuations and plummeting interest rates
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Detailed SWOT Analysis of USAA

 

Strength

1. Firm grip on niche market: USAA serves only the military families of United States which gives them a very big advantage. The Company restricts its products and services to the target group only. When it comes to brand awareness, the $155 billion insurance has beaten all its competitors. According to Raddon research, 83% customers of USAA gets additional financial benefits. It was founded in the year 1922 by a group military personnel to insure each other’s cars. It has expanded into home and life insurance and mutual funds. As mentioned above the company only serves military families which gives the company a tremendous focus and lends it a great competitive advantage. Members who are the part of this company use a wide array of services such as including credit cards, checking accounts and saving accounts.

2. Technology innovations boosting performance: USAA offers many services including a mix of insurance, financial management, mortgage, and auto loan and banking services, all through virtual networks such as mobile devices and web. Most of the centers of the company are nearer to the military bases which are regulated through remote access technology and videos in order to expand the business at minimum cost. Now USAA is employing advanced technologies to facilitate one to one video, web bandwidth agility, data analytics, contextual web marketing and voice automated response. The online banking sites looks more like an app and the company is attempting to make the mobile phones and tablets to be the banking channels in their own way. 93% of USAA's total member base was digitally active in 2018. USAA members launched the organization’s virtual agent, EVA, 34M times in 2018. On a monthly basis, 2.2M members exclusively used mobile, a 27% increase over 2017. In 2018, USAA Labs had 7,600+ employee submissions and implemented 1,172+ new ideas for the benefit of members and employees. 87% of employees participated in employee innovation in 2018. USAA helped stall 13M+ cyber-attacks and prevented $11.1 million in fraud loss daily.

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Weakness

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Opportunity

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Threat

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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in USAA Analysis Report

1. USAA annual report 2019 - https://content.usaa.com/mcontent/static_assets/Media/mf_arpt_37732.pdf

2. USAA returning $800 million in dividends - https://communities.usaa.com/t5/Market-Commentary/Inflation-Report-Looming-Rise-in-Labor-Appear-Positive-for-Bull/ba-p/167515

3. USAA2018 Investment Outlook - https://communities.usaa.com/t5/Market-Commentary/2018-Investment-Outlook/ba-p/155345

4. USAA company website - https://www.usaa.com/

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USAA SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). USAA SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/usaa/ [Accessed 08 Aug, 2020].

In-text: (SWOT & PESTLE.com, 2020)

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USAA SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.

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USAA SWOT & PESTLE Analysis
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