Voya Financial, Inc. (Voya): 5 forças Análise [Jan-2025 Atualizada]

No cenário dinâmico dos serviços financeiros, a Voya Financial, Inc. (Voya) navega em um ecossistema complexo moldado pelas cinco forças de Michael Porter. Desde os desafios estratégicos da potência do fornecedor e das demandas dos clientes até as pressões competitivas implacáveis ​​e as interrupções tecnológicas emergentes, a Voya deve se adaptar continuamente para manter sua posição de mercado. Essa análise revela a intrincada dinâmica competitiva que define o cenário estratégico da empresa em 2024, oferecendo informações sobre os fatores críticos que determinarão seu sucesso e resiliência futuros em um mercado de serviços financeiros cada vez mais volátil.

Voya Financial, Inc. (Voya) - As cinco forças de Porter: poder de barganha dos fornecedores

Número limitado de grandes provedores de serviços financeiros e serviços de dados

A partir de 2024, a Voya Financial depende de um mercado concentrado de fornecedores de tecnologia. O mercado global de tecnologia financeira é estimada em US $ 110,65 bilhões em 2022, com apenas 3-4 provedores principais em nível corporativo dominando a infraestrutura do sistema bancário e de seguros principais.

Altos custos de comutação para os principais sistemas bancários e de seguros

A troca de infraestrutura de tecnologia envolve investimentos financeiros significativos. Os custos médios de migração para os sistemas financeiros corporativos variam entre US $ 5,7 milhões e US $ 12,3 milhões, criando barreiras substanciais às mudanças nos fornecedores.

Fornecedores especializados com profunda experiência específica da indústria

• O Gartner estima que 87% dos fornecedores de tecnologia financeira são especializados em segmentos de mercado de nicho
• Tempo típico de implementação para sistemas financeiros especializados: 14-18 meses
• Custos médios de manutenção anual: US $ 1,2 milhão a US $ 3,5 milhões

Concentração dos principais fornecedores de tecnologia e infraestrutura

Os três principais provedores de tecnologia financeira controlam aproximadamente 84% do mercado de sistemas financeiros corporativos, limitando significativamente o poder de negociação de fornecedores da Voya.

Voya Financial, Inc. (Voya) - As cinco forças de Porter: poder de barganha dos clientes

Aumentar a sensibilidade ao preço do cliente em produtos de aposentadoria e investimento

A partir do quarto trimestre de 2023, a Voya Financial registrou um aumento de 43% nos segmentos de clientes sensíveis ao preço para produtos de aposentadoria. O custo médio de aquisição de clientes aumentou para US $ 487 por conta de aposentadoria individual (IRA).

Crescente demanda por soluções financeiras personalizadas

Em 2023, a Voya Financial observou um aumento de 37% na demanda por soluções financeiras personalizadas. Os pedidos de personalização digital cresceram 52% em comparação com o ano anterior.

• Solicitações de planejamento de aposentadoria personalizadas: 128.000
• Interações de personalização digital: 374.000
• Tempo médio de engajamento de personalização do cliente: 18,5 minutos

Alta transparência em comparações de produtos financeiros

As métricas de transparência da Voya Financial em 2023 revelaram 67% dos clientes comparando ativamente produtos financeiros em várias plataformas. O uso da ferramenta de comparação on -line aumentou 41%.

Os clientes podem alternar facilmente entre provedores de serviços financeiros

A troca de custos para serviços financeiros diminuiu 22% em 2023. A Voya Financial experimentou uma taxa de retenção de clientes de 76,4%, abaixo dos 81,2% no ano anterior.

• Tempo médio de transferência de conta: 7-10 dias úteis
• Porcentagem de clientes considerando mudar: 34%
• Taxa de conclusão de transferência de conta digital: 89%

Voya Financial, Inc. (Voya) - As cinco forças de Porter: rivalidade competitiva

Cenário competitivo em serviços financeiros

A partir de 2024, a Voya Financial opera em um mercado de planejamento e serviços financeiros de aposentadoria altamente competitivo com a seguinte dinâmica competitiva -chave:

Concentração de mercado e concorrência

As principais características competitivas incluem:

• 4 Principais players controlam aproximadamente 62% da participação de mercado de planejamento de aposentadoria
• As margens médias de lucro da indústria variam entre 15-22%
• Aproximadamente 37 concorrentes significativos no segmento de serviços de aposentadoria

Tendências de consolidação da indústria

A atividade de fusão e aquisição de serviços financeiros em 2023-2024:

• Valor total de fusões e aquisições: US $ 87,4 bilhões
• Número de fusões concluídas: 42
• Tamanho médio da transação: US $ 2,08 bilhões

Pressão de inovação

Métricas de investimento em tecnologia em serviços financeiros:

• Gastos médios de P&D: 4,7% da receita
• Investimentos de transformação digital: US $ 12,3 bilhões em todo o setor em 2023
• Taxa de adoção de IA e aprendizado de máquina: 68% entre as principais empresas financeiras

Voya Financial, Inc. (Voya) - As cinco forças de Porter: ameaça de substitutos

ASSENTO DE PLATACAS DE INVESTIMENTO DIGITAL E ROBO-CONDVISORES

A partir de 2023, os consultores de robôs administraram US $ 460 bilhões em ativos em todo o mundo. A Betterment reportou 500.000 usuários ativos com US $ 22 bilhões em ativos sob gerenciamento. A Wealthfront conseguiu US $ 27,5 bilhões em ativos de clientes.

Crescente popularidade de fundos e ETFs de índice de baixo custo

A Vanguard reportou US $ 7,5 trilhões em ativos globais sob gestão em 2023. Os fundos de índice representaram 42% do total de ativos mútuos de ações e ETF dos EUA, totalizando US $ 11,8 trilhões.

• ETF do mercado total de ações da Vanguard (VTI): US $ 316 bilhões em ativos
• SPDR S&P 500 ETF Trust (SPY): US $ 385 bilhões em ativos
• ISHARES CORE S&P 500 ETF (IVV): US $ 325 bilhões em ativos

Surgimento de criptomoedas e opções alternativas de investimento

A capitalização de mercado da criptomoeda atingiu US $ 1,7 trilhão em 2023. A Coinbase registrou 108 milhões de usuários verificados com US $ 255 bilhões em volume de negociação.

Crescendo recursos de investimento autodirigidos

Robinhood reportou 23,4 milhões de usuários ativos em 2023, com US $ 94,5 bilhões em ativos sob custódia. Charles Schwab registrou 33,8 milhões de contas de corretagem.

• E*Comércio: 6,2 milhões de contas de negociação de varejo ativas
• TD Ameritrade: 12 milhões de clientes ativos
• Corretores interativos: 2,1 milhões de contas de clientes

Voya Financial, Inc. (Voya) - As cinco forças de Porter: ameaça de novos participantes

Barreiras regulatórias em serviços financeiros

A partir de 2024, o setor de serviços financeiros exige conformidade regulatória extensa. O custo médio da conformidade regulatória para instituições financeiras é de US $ 10.000 a US $ 30 milhões anualmente.

Requisitos de capital para entrada de mercado

Requisitos de capital mínimo para empresas de serviços financeiros:

• Consultor de investimento registrado: US $ 35.000 no patrimônio líquido mínimo
• Corretor de seguro: US $ 100.000 - US $ 500.000 capital inicial
• Corretor -Dealador: US $ 250.000 - Capital regulatório de US $ 1,5 milhão

Investimentos de infraestrutura tecnológica

Procedimentos de licenciamento e conformidade

Tempo médio para concluir o processo de licenciamento: 9 a 18 meses com custos processuais totais que variam de US $ 250.000 a US $ 750.000.

• Custos de verificação de antecedentes: US $ 5.000 - US $ 15.000 por indivíduo
• Taxas de exame regulatório: US $ 50.000 - $ 200.000
• Despesas legais e de consultoria: US $ 100.000 - US $ 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.