Voya Financial, Inc. (VOYA): 5 Analyse des forces [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des services financiers, Voya Financial, Inc. (Voya) navigue dans un écosystème complexe façonné par les cinq forces de Michael Porter. Des défis stratégiques du pouvoir des fournisseurs et des demandes des clients aux pressions concurrentielles incessantes et aux perturbations technologiques émergentes, Voya doit s'adapter en permanence pour maintenir sa position de marché. Cette analyse dévoile la dynamique concurrentielle complexe qui définit le paysage stratégique de l'entreprise en 2024, offrant un aperçu des facteurs critiques qui détermineront son succès et sa résilience futurs sur un marché des services financiers de plus en plus volatile.

Voya Financial, Inc. (VOYA) - Porter's Five Forces: Bargaining Power of Fournissers

Nombre limité de grandes technologies financières et fournisseurs de services de données

En 2024, Voya Financial s'appuie sur un marché concentré de fournisseurs de technologies. Le marché mondial de la technologie financière est estimé à 110,65 milliards de dollars en 2022, avec seulement 3-4 principaux fournisseurs de niveau d'entreprise dominant les infrastructures de base des banques et des systèmes d'assurance.

Coûts de commutation élevés pour les principaux systèmes de banque et d'assurance

L'infrastructure technologique de commutation implique un investissement financier important. Les coûts de migration moyens pour les systèmes financiers d'entreprise varient entre 5,7 millions de dollars et 12,3 millions de dollars, créant des obstacles substantiels à l'évolution des fournisseurs.

Fournisseurs spécialisés avec une expertise approfondie spécifique à l'industrie

• Gartner estime que 87% des fournisseurs de technologies financières se spécialisent dans les segments de marché de niche
• Temps de mise en œuvre typique pour les systèmes financiers spécialisés: 14-18 mois
• Coûts de maintenance annuelle moyens: 1,2 million de dollars à 3,5 millions de dollars

Concentration des fournisseurs de technologies et d'infrastructures clés

Les 3 principaux fournisseurs de technologies financières contrôlent environ 84% du marché des systèmes financiers d'entreprise, limitant considérablement le pouvoir de négociation des fournisseurs de Voya.

Voya Financial, Inc. (VOYA) - Five Forces de Porter: Pouvoir de négociation des clients

Augmentation de la sensibilité au prix du client dans les produits de retraite et d'investissement

Depuis le quatrième trimestre 2023, Voya Financial a déclaré une augmentation de 43% des segments de clients sensibles aux prix pour les produits de retraite. Le coût moyen d'acquisition des clients a atteint 487 $ par compte de retraite individuel (IRA).

Demande croissante de solutions financières personnalisées

En 2023, Voya Financial a observé une augmentation de 37% de la demande de solutions financières personnalisées. Les demandes de personnalisation numérique ont augmenté de 52% par rapport à l'année précédente.

• Demandes de planification de retraite personnalisées: 128 000
• Interactions de personnalisation numérique: 374 000
• Temps d'engagement moyen de la personnalisation du client: 18,5 minutes

Grave transparence dans les comparaisons de produits financiers

Les mesures de transparence pour Voya Financial en 2023 ont révélé que 67% des clients comparant activement les produits financiers sur plusieurs plateformes. L'utilisation de l'outil de comparaison en ligne a augmenté de 41%.

Les clients peuvent facilement basculer entre les fournisseurs de services financiers

Les coûts de commutation des services financiers ont diminué de 22% en 2023. Voya Financial a connu un taux de rétention de la clientèle de 76,4%, contre 81,2% l'année précédente.

• Temps de transfert de compte moyen: 7-10 jours ouvrables
• Pourcentage de clients envisageant de changer: 34%
• Taux d'achèvement du transfert de compte numérique: 89%

Voya Financial, Inc. (Voya) - Five Forces de Porter: Rivalité compétitive

Paysage concurrentiel dans les services financiers

En 2024, Voya Financial fonctionne sur un marché de planification de retraite et de services financiers hautement compétitive avec la dynamique concurrentielle clé suivante:

Concentration et concurrence du marché

Les caractéristiques concurrentielles clés comprennent:

• 4 acteurs majeurs contrôlent environ 62% de la part de marché de la planification de la retraite
• Les marges bénéficiaires moyennes se situent entre 15 et 22%
• Environ 37 concurrents importants dans le segment des services de retraite

Tendances de consolidation de l'industrie

Mésure des services financiers et activité d'acquisition en 2023-2024:

• Valeur de transaction totale de fusions et acquisitions: 87,4 milliards de dollars
• Nombre de fusions terminées: 42
• Taille moyenne des transactions: 2,08 milliards de dollars

Pression d'innovation

Mesures d'investissement technologique dans les services financiers:

• Dépenses moyennes de la R&D: 4,7% des revenus
• Investissements de transformation numérique: 12,3 milliards de dollars à l'échelle de l'industrie en 2023
• Taux d'adoption de l'IA et de l'apprentissage automatique: 68% parmi les principales entreprises financières

Voya Financial, Inc. (VOYA) - Five Forces de Porter: Menace de substituts

Rise des plateformes d'investissement numériques et des robo-conseillers

En 2023, les robo-conseillers ont géré 460 milliards de dollars d'actifs dans le monde. Betterment a déclaré 500 000 utilisateurs actifs avec 22 milliards de dollars d'actifs sous gestion. Wealthfront a géré 27,5 milliards de dollars d'actifs clients.

Augmentation de la popularité des fonds index à faible coût et des FNB

Vanguard a déclaré 7,5 billions de dollars d'actifs mondiaux sous gestion en 2023. Les fonds indiciels représentaient 42% du total des actifs communs de placement américains et des actifs ETF, totalisant 11,8 billions de dollars.

• Vanguard Total Stock Market ETF (VTI): 316 milliards de dollars d'actifs
• SPDR S&P 500 ETF Trust (SPY): 385 milliards de dollars d'actifs
• Ishares Core S&P 500 ETF (IVV): 325 milliards de dollars d'actifs

Émergence de crypto-monnaie et d'options d'investissement alternatives

La capitalisation boursière de la crypto-monnaie a atteint 1,7 billion de dollars en 2023. Coinbase a déclaré 108 millions d'utilisateurs vérifiés avec 255 milliards de dollars en volume de négociation.

Capacités d'investissement autodirigées croissantes

Robinhood a rapporté 23,4 millions d'utilisateurs actifs en 2023, avec 94,5 milliards de dollars d'actifs en détention. Charles Schwab a enregistré 33,8 millions de comptes de courtage.

• E * Commerce: 6,2 millions de comptes de commerce de détail actifs
• TD Ameritrade: 12 millions de clients actifs
• Courtiers interactifs: 2,1 millions de comptes clients

Voya Financial, Inc. (Voya) - Five Forces de Porter: Menace de nouveaux entrants

Obstacles réglementaires dans les services financiers

En 2024, le secteur des services financiers nécessite une compliance réglementaire approfondie. Le coût moyen de la conformité réglementaire pour les institutions financières est de 10 000 $ à 30 millions de dollars par an.

Exigences de capital pour l'entrée du marché

Exigences de capital minimum pour les entreprises de services financiers:

• Conseiller en investissement enregistré: 35 000 $ Minimum net
• Broker d'assurance: 100 000 $ - 500 000 $ Capital initial
• Courtier: 250 000 $ - 1,5 million de dollars de capital réglementaire

Investissements d'infrastructure technologique

Procédures de licence et de conformité

Délai moyen pour terminer le processus de licence: 9-18 mois avec des coûts de procédure totaux allant de 250 000 $ à 750 000 $.

• Coûts de vérification des antécédents: 5 000 $ - 15 000 $ par individu
• Frais d'examen réglementaire: 50 000 $ - 200 000 $
• Dépenses juridiques et de conseil: 100 000 $ - 350 000 $

Voya Financial, Inc. (VOYA) - Porter's Five Forces: Competitive rivalry

You're looking at the competitive landscape for Voya Financial, Inc. (VOYA) right now, late in 2025, and it's definitely a contact sport. The market for retirement services is highly fragmented, with intense competition from giants like Fidelity, Empower, and Principal Financial. This means Voya Financial has to fight hard for every basis point of market share.

To keep pace, Voya Financial's strategic acquisitions, like the one involving OneAmerica, are necessary to gain scale and compete for market share. Voya Financial completed its acquisition of OneAmerica Financial, Inc.'s full-service retirement plan business in January 2025. The deal cost $210 million, structured with an upfront payment of $50 million plus performance-based payments. This move added approximately $47 billion in assets under administration (AUA) to Voya Financial's books. The Retirement segment's pre-tax adjusted operating earnings reflected this, hitting $235 million in the second quarter of 2025, up from $214 million in the prior-year period, largely due to the acquired business.

This drive for scale is critical because competition is fierce for institutional retirement plan mandates, and fee compression is constant across the industry. Voya Financial's total client assets of $757 billion as of June 30, 2025, are substantial but smaller than the largest diversified rivals. [cite: 14 (from step 1)] Still, the momentum continued, with total client assets growing to $785 billion by September 30, 2025. The firm also hit a milestone, exceeding $1 trillion in total assets across its Retirement and Investment Management segments in Q2 2025.

Here's a quick look at the scale Voya Financial was managing as of the June 30, 2025, reporting date, showing the base before the Q3 growth:

The Investment Management segment, while smaller in the overall asset picture, also faces this competitive pressure. As of June 30, 2025, its assets under management (AUM) stood at $360 billion. Voya Financial is actively winning mandates, evidenced by the Investment Management segment generating net inflows of $1.8 billion during the three months ended June 30, 2025. Furthermore, they added new clients in the first half of 2025, including the Virginia Retirement System and another large state government plan, showing success in securing institutional mandates.

You need to track how Voya Financial is structuring its assets to maintain margins against fee compression. Consider the composition of that $360 billion AUM in Investment Management:

• Institutional external client assets: $167 billion
• Retail external client assets: $156 billion
• Company general account assets: $36 billion

The segment's TTM adjusted operating margin for the period ending June 30, 2025, was 28.0%, improving from 25.6% in the prior-year period, which shows they are managing costs effectively despite the competitive fee environment. The underlying asset allocation within that AUM is also telling:

• Public fixed income assets: $148 billion
• Private fixed income assets: $85 billion
• Equity assets: $106 billion
• Alternative assets: $17 billion
• Money market assets: $3 billion

Finance: draft 13-week cash view by Friday.

Voya Financial, Inc. (VOYA) - Porter's Five Forces: Threat of substitutes

You're looking at how external options are chipping away at Voya Financial, Inc.'s core business, and frankly, the pressure is coming from multiple directions. The cost structure of advice is definitely under the microscope.

Low-cost robo-advisors offer investment management for as low as 0.25% to 0.50% of AUM, undercutting Voya's advisory fees. For instance, Voya Retirement Advisors Professional Management charges an annual fee of 0.55% on a $10,000 account balance, which is charged in monthly increments. That difference in basis points matters over time, especially for smaller accounts.

The shift to passive index funds threatens Voya's higher-margin active Investment Management business. Academic studies show active managers often struggle to beat benchmarks; for example, approximately 80% of active managers underperformed their benchmarks over a ten-year period in U.S. large-cap equities. Actively managed funds typically charge annual fees ranging from 0.5% to 2%, while passive index funds usually charge fees in the range of 0.03% to 0.20%. To counter this, Voya Index Solution Portfolios invest at least 80% of their net assets in a combination of passively managed index funds.

State-facilitated retirement programs (state-run auto-IRAs) substitute for employer-sponsored plans in the small-market segment. This is a structural shift impacting Voya's bread and butter in workplace retirement. Here are some key figures as of late 2025:

• 20 states have enacted new programs for private sector workers.
• Of those, 17 are auto-IRA program states.
• These state programs are nearing $2 billion in total assets.
• Nationally, 63% of private sector workers at small firms (fewer than 50 employees) lack access to workplace retirement plans.
• State programs have the potential to offer coverage to an estimated 20.6 million workers who currently lack access in those states.

Direct-to-consumer insurance and benefits platforms bypass Voya's traditional advisor distribution model. This D2C trend is showing strong momentum across consumer markets. For instance, the compound annual growth rate for leading D2C brands is reported at 15.4%. In related benefit areas, preliminary survey results found that 63% of employees say they purchase health-related products or services outside of their employer's benefit plan. This signals a growing comfort level with self-service, digital acquisition channels that cut out the middleman, which is a key component of Voya's traditional sales structure. It's a big shift, defintely.

Voya Financial, Inc. (VOYA) - Porter's Five Forces: Threat of new entrants

The threat of new entrants into the core insurance and retirement services business of Voya Financial, Inc. remains structurally low, primarily due to the formidable capital and regulatory barriers erected by federal and state oversight bodies. Honestly, setting up shop today requires capital reserves that would make most startups blanch.

Regulatory hurdles are extremely high; new US insurance groups must comply with the Federal Reserve's Building Block Approach (BBA) capital rules since January 1, 2024. [cite: 1, 3, 4, 5, 6 from first search] This is a significant federal overlay on top of existing state-level solvency requirements. New supervised insurance organizations (SIOs) must maintain a BBA ratio of at least 250% and a capital conservation buffer of 150%, resulting in a total requirement of 400%. [cite: 2 from second search] The first compliance reporting was due by March 31, 2025, based on data as of December 31, 2024. [cite: 1, 4 from first search]

The sheer scale of required financial commitment acts as a major deterrent. Consider the established players: Voya Financial, Inc. reported after-tax adjusted operating earnings of $195 million in the first quarter of 2025 and $240 million in the second quarter of 2025. [cite: 5, 7 from second search] Furthermore, Voya already manages total assets exceeding $1 trillion across its Retirement and Investment Management segments as of mid-2025. [cite: 7 from second search] A new entrant needs to raise comparable, or even greater, initial capital to satisfy regulators while simultaneously building out operations.

New entrants lack the deep, established distribution relationships with large employers and benefit brokers that Voya Financial, Inc. possesses. Building this trust and network takes years, if not decades. For instance, Voya Retirement highlighted adding clients like the Virginia Retirement System and finalizing a new selling agreement with Edward Jones in the first half of 2025, demonstrating the value of these entrenched channels. [cite: 9 from second search] Competing for large institutional clients requires proven scale and existing broker endorsements, which are not easily purchased.

Significant capital investment is required to build the necessary technology and compliance infrastructure for a national platform. This isn't just about setting up a website; it involves integrating with state insurance departments, federal banking regulators (given the BBA), payroll systems, and record-keeping platforms across thousands of employers. While specific 2025 build-out costs for a new national platform are proprietary, the ongoing investment by incumbents signals the magnitude. The National Association of Insurance Commissioners (NAIC) budgeted $5.9 million for capital spending in its 2025 budget alone, focused on modernizing infrastructure, indicating the baseline cost for maintaining regulatory relevance. [cite: 9 from first search]

Here's a look at the financial and regulatory scale that new entrants must overcome:

The barriers to entry are compounded by the need for immediate, flawless execution across multiple, complex regulatory regimes. You're not just competing on price; you're competing on proven, multi-decade regulatory compliance and distribution access.

• Compliance must meet both state-based RBC and Federal Reserve BBA standards.
• Initial capital must support a 400% total capital requirement for SIOs.
• Distribution requires securing agreements with major broker-dealers like Edward Jones. [cite: 9 from second search]
• Technology infrastructure must support national scale immediately upon launch.
• Establishing trust with large institutional clients takes proven performance history.