MIS 380 FINAL REPORT

Alaa Elgamal
Basil Mahmoud
Maryanne D'mello
Mohammad Sufyan
Zarlish Jawed
Arbor

TABLE OF
CONTENTS

01 Introduction and
Firm Overview

02 Industry Overview
and History

03 Industry Analysis:
Porter's 5 Forces

04 Industry Analysis:
SWOT Analysis

05 Conclusion

06 Business Model
Canvas

07 References
 Arbor

INTRODUCTION
Arbor: Your Application To
Save Automatically
A three-in-one platform that helps customers save, invest and pay off debt
efficiently for a minimal fee of 2 Euros

Founded in 2017, Arbor is a European-based fintech platform employing a digital wallet to offer its
financial services. Native to Spain, the firm has over 100,000 customers as of May 2021 figures and predicts
an approximate 20% increase every month (Kishinchand, 2021). Essentially a neo bank, Arbor offers the
following services:
1. Savings management:
a. Arbor allows its users to transfer funds from their origin and savings account free of charge.
b. Arbor’s phone app allows users to track and record their daily expenses, the trends and patterns
can aid in reducing future expenses through budgeting.
2. Loan payments:
a. Arbor users can directly pay off loans using the Arbor platform since the transfer of funds has no
fee attached to them.
3. Investment opportunities:
a. Arbor has a select few approved ETFs which their users can invest in, approved in the sense that
they have little to no regulatory disputes.
b. Users of the platform can begin investing with as little as 5 Euros.
c. Users can also set aside investment amounts by linking their savings account, in doing so, every
month the specified amount for investment purposes is deducted from their savings account and
transferred to their preferred ETF.

Arbor offers a business model which rivals traditional banks in the country. Through the use of its
platform, Arbor serves both its normal customers and its premium customers by offering a wide variety of
customizable services. Customers who develop loyalty to the platform can subscribe to the more premium
version which is Arbor Gold, more of which will be discussed in the report preceding. ("Arbor Fintech," 2008)
Moreover, serving as a disruptor Arbor competes with the traditional banks by offering its users “ethical
loan repayment options.” Compared to the Bank of Spain who currently offers about 18% in average
annual interest rates for credit cards ("Arbor Fintech," 2008). Arbor rivals this perfectly by not only
guaranteeing half the interest rate but also saving up to 1300 euros for its average customer. However it
should be known that Arbor is not offering its users a lower interest rate, it is merely allowing its users
access to a financial coach who can assist with the refinancing of loans and effectively early loan
repayments. All these aforementioned benefits are just a result of one key feature in ethical loans, there’s
more that’s part of the journey Arbor offers, and we aim to display that in our report ("Arbor Fintech,"
2008).
 How does Arbor Work?
Easy to understand infographics and an even easier process to set up your account, Arbor ensures
customers never have to spend time decoding how to save.

Users must have an origin account

(where salary comes in) and another
bank account which is where the
saved money will be accumulated.

The money goes from Arbor’s “My

Piggy Bank” wallet to the other bank
account and both are covered by the
deposit guaranteed fund. This secures
transactions and Arbor also does not
charge users for transferring money
from the salary account to the
savings account.

Arbor partners with LemonWay which

is their payment provider. Once the
savings rules are met, Arbor notifies
LemonWay to proceed with charging
and depositing the money in the
user’s destination account (either the
MyPiggyBank wallet within the Arbor
application or the bank directly)
(Arbor FAQ’s).

An example of Arbor's user interface as

seen on the Arbor application.
 Arbor

INDUSTRY OVERVIEW
& HISTORY
Arbor belongs to the wealth management industry since it provides users with a fintech platform to
improve financial wellness. Moreover, it allows people to use their app to save, invest and reduce
their debts(Arbor,2020). The wealth management industry refers to an investment advisory
discipline that works closely with individuals and businesses and offers them financial planning,
investment portfolio management, and several financial aggregated services. Other than that, In
the past few decades, several events have occurred, which shaped the current wealth
management industry.

The banking and wealth management industries showed significant growth up until 2007. However,
the Financial crisis between 2007-2009 impacted the financial services industry and wealth
management industry majorly. During that period, the S&P 500 value dropped drastically, followed
by the crash of the US housing market. Consequently, people lost their trust in banks and became
cautious with their wealth. Additionally, the revenue of the wealth management industry
plummeted. To gain public trust again, many organizations started offering customized services,
which allowed new opportunities for innovators.

Furthermore, technological development played a substantial role in shaping the current wealth
management industry. The use of technology such as the internet, and cloud computing have
modified the working methods of wealth managers. Wealth managers can access the data
provided by customers to understand their needs and offer them customized services.

These developments helped in increasing efficiency and streamlining operations. Firstly, it made
businesses more efficient by offering access to an increasingly digitized customer base. Hence,
enabling employees to interact better with customers by retaining their data from different
platforms. Arbor achieves this by offering customized services through its mobile application when
customers fill in the required information. Secondly, it streamlined operations through a cloud-
based or ERP System, which integrates all key sectors such as marketing, CRM, accounting, sales,
and so on in one place. Overall, Arbor is using approximately 87 technologies to offer customized
services for their website, including Google Analytics, Lets Encrypt, API, and Google Font
(Crunchbase,2021).

Lastly, the current pandemic served as an awakening call for investors and wealth managers to
consider investment strategies under extreme circumstances as well. It allowed more
communication methods between customers and the firms. Fintech firms like Arbor, already had a
competitive advantage over their competitors as they did not have a tough time adjusting to new
norms. Lastly, the wealth management industry is expected to grow further in the future as they
are recovering from the covid impact. The statistics show that “the market is expected to reach
$1755 billion in 2025 at a G=CAGR of 9%” (Report Linker,2021)
Arbor

INDUSTRY ANALYSIS:
PORTER'S 5 FORCES
Competitive Rivalry
Arbor’s main value proposition is providing a free, easy-to-use application that helps users
save, invest and pay off outstanding loans on one platform. They are based in Madrid,
Spain, and cater to mostly the European Union with the majority of their users presumably
based in Spain. If we look at this target market, we see that there are plenty of money-
saving applications available in the region.

Traditional banks or incumbents are one important competitor. They offer a safe and
trusted place for customers to save money but Arbor’s convenience with the easy-to-use
application and their customer-centric approach makes it a customer’s preferred choice.
Since they only focus on saving and investing and have low fixed costs, they are able to
tweak the platform as and when demand for a certain service increases. Competitive
rivalry from banks can therefore be classified as low and the partnership agreement they
have with most banks is a good example of an arms-length agreement.

An example of one of Arbor’s main competitors in the fintech space would be Goin, also a
startup that focuses on goal-oriented savings and investments. As of 24th July 2020, Goin
has been downloaded by 350,000 people and its founders are on the Forbes Europe Top 30
Under 30 List and has acquired 5 million euros in a new investment round (Torrego, 2020).

According to Crunchbase’s traffic analysis, Goin attracts more monthly visitors to the
website (8.830) compared to Arbor (4,267). This is probably because Goin is almost entirely
free to use and only charges a small management fee for the investing service they offer.
Their investing service is also done through ETFMatic, the same company that Arbor uses.
(Arbor Fintech - Tech Stack, Apps, Patents & Trademarks, 2021)

Arbor’s only difference from Goin is the fact that it also offers the feature of aiding the
user to pay off outstanding debt. While the application is free to download, users require
an Arbor Gold subscription to access all the services that it offers, this makes it easier for
other applications to simply cut down on their profits and offer the same services for free.
This would increase user adoption for the free applications, thus taking customers away
from Arbor. Arbor’s existing low subscription fee of 2 euros a month can be offered at a
lower rate at certain times of the year in order to attract more users and convince them to
use the platform initially.
Arbor

INDUSTRY ANALYSIS:
PORTER'S 5 FORCES
Supplier Power
In terms of suppliers for FinTech’s, we will discuss how Arbor partners with banks to store
and manage user’s deposits and how they partner with ETFMatic to invest user’s deposits
and multiply savings. Arbor’s current bank partners include:
Abanca, Bancapueyo, Pastor Bank, Popular Bank ,Bankia, Bankinter, BBVA, Caixa Bank,
Workingbox, Cajamar, Cajasur, Coinc, Deutschebank, EVO, Ibercaja, ImaginBank, ING,
Kutxabank, Liberbank, Mediolanum, N26, Openbank, Ruralvia, Sabadell, Santander, Self
Bank, Triodes, Unicaja (Arbor FAQ’s)

This is a very comprehensive list and Arbor is currently working on partnering with more
banks. Chances are, however, that most users use these banks and as such, users will be
satisfied with the application’s diversity. Since there is a variety of banks to choose from,
Arbor’s supplier power is low. Banks would want to partner with Arbor because it
encourages users to deposit money thus bringing in business for the bank.

Additionally, they partner with Aion Bank for investment services, this is a robotic
investment manager based in Belgium. Since it’s a Robo-advisor we can safely assume that
the fees they charge are significantly lesser than a traditional investment bank. The system
also constantly adjusts users’ portfolios to stay within the specific risk level and the entry
fee to start investing is just 5 Euros.

Arbor itself doesn’t charge users any commissions on profits earned which is different from
Goin, their competitor. Arbor uses ETFMatic for investments in ETFs. There are a plethora
of Robo-advisors available in Europe including Openbank Wealth, StashAway, and Finizens
in Spain alone. This makes ETFMatic and Aion Bank’s bargaining power lower. (Arbor FAQ’s)
 Arbor

INDUSTRY ANALYSIS:
PORTER'S 5 FORCES
Buyer Power

Taking into account customer switching costs, we see that they are relatively low.
Customers are exposed to a multitude of savings apps, lending apps, and investment apps.
However, there are few other apps that perform these functions via one platform and
therefore, customers are more inclined to use one application rather than clutter up their
life with multiple apps all requesting bank details and charging separate fees.

Customers of Arbor Gold particularly can use the full services of the app for a minimal fee
of 2 euros (Arbor FAQs). Other applications which are supposedly free to use often charge
portfolio management fees or have other hidden charges. Hence, we can conclude that
buyer power is moderate depending on the convenience a customer wishes to have when it
comes to managing their savings.

We also have to keep in mind geographical location because currently, Arbor only offers its
services to customers who bank with Spanish banks so the fintech startup doesn’t have a
diversity of location on its side.

Tus Gastos - Savings App Degiro - Investment App

Fintonic - Savings App InBestMe - RoboAdvisor

 Arbor

INDUSTRY ANALYSIS:
PORTER'S 5 FORCES
Threat of Substitution

Encouraging customers to use a financial management application is not easy because it

requires sensitive information to be shared with the application. It also requires the
involvement of multiple regulatory bodies and the process to acquire the permits for this
can be painstakingly long. Potential substitutes who take the time to do this can easily
compete in this industry.

To illustrate, Arbor is not a very unique idea, it’s simply a single platform for customers to
save, invest and pay off debt. Thus, for Arbor to stay ahead of the game, they charge a
lower rate because of the lower fixed costs they incur as an organization “ they have light
assets”.

On the other hand, traditional financial institutions, who technically might already be
offering these services via one platform, require heavy investment for the upkeep and
maintenance of a new application, and setting up this infrastructure adds to the existing
high fixed costs that they must pay “ heavy assets”.

Hence, in short, it's difficult but not impossible for substitutes who incorporate technology
in their services to simply add new features to their existing application and create a one-
stop platform for Arbor’s customers.

FinTechs have light

assets and no heavy
fixed costs associated
with physical branches

Incumbents have
heavy fixed costs and
incorporating new
technology takes time
Arbor

INDUSTRY ANALYSIS:
PORTER'S 5 FORCES
Threat of New Entry

As mentioned above, financial management applications must go through extreme scrutiny

in order to come to market. This requires months and sometimes years of applications and
approvals. The Spanish government itself doesn’t have a specific regulatory framework
with respect to fintech, insurtechs, or cryptocurrencies and they rely on the European
Union’s rules to enforce legislation in this space. New fintechs however, must comply with
the strict data protection laws and AML requirements as per domestic laws (Global Legal
Group, 2020). After that, one must secure the trust of customers which is an equally hard
task to do.

Considering Arbor is a startup, they managed to amass quite a number of users quickly,
but this is also a matter of convenience. Customers could use this handy application for 3
tasks all in one for a minimal monthly fee which they don’t have to pay if they don’t want
some features. This makes it customizable, and they also partnered with almost all the
major banks as mentioned above which must have taken a fair amount of time and
coordination. Despite that, they managed to keep profit margins low by charging a lower
fee to Arbor Gold customers which is a commendable achievement.

Overall, new entrants must spend considerable amounts of both time and money to secure
permits, convince regulatory bodies and earn the trust of customers. This means that new
entrants, just like with substitutes, would have a difficult but not impossible job to do in
order to enter this field. (Lucio & Sarahi, 2021)
 Arbor
INDUSTRY ANALYSIS:
SWOT ANALYSIS
1
Strengths
Arbor charges a premium price to access
some services, so customers can access the
free version of the financial wellness app and
enjoy it. For example, no commission is
charged when transferring savings, which
makes it completely free. Also, customers
have the option to upgrade to Arbor Gold,
which would allow them to gain access to
extra features such as Arbor’s Ethical Loans.
3 2021). Thus, Arbor is constantly growing and is
Arbor has channel partners available that help
facilitate the features available on
platform. For example, Aion Bank (Belgian
Bank) is Arbor’s partner bank for investments.
So, customers that wish to invest through Arbor
would have their investments provided by Aion
bank, which is supervised by the national bank
of Belgium, and the financial services and
markets authorities in Belgium. Also, Lemon
Way is Arbor’s accredited payment institute
that handles bank transfers through Arbor.
Having these accredited institutes enhances
customer security with Arbor.
2
Arbor’s Growing brand equity allows it to
accumulate funds from venture capital investors.
In March 2021, Wisr, an Australian listed company
offering consumer loans services entered the
Spanish financial market through the acquisition
of a minority stake in Arbor (DÍAS, 2021).
Moreover, it will become a shareholder in Abor,
joining FinRebel Group (New York), Tifin Capital
Partners (New York), and Apex Capital (Sydney)
as part of the multinational pool of investors that
are financially backing Arbor’s operations (DÍAS,
trying to acquire a larger market share in the
industry.
4
the
Arbor also offers a personalized customer
experience through Arbor Gold by offering free calls
with a financial coach. Additionally, Arbor’s local
market knowledge as a company that is based in
Madrid allows it to find the best partners for its
customers’ needs in Europe. Lastly, they possess a
higher level of customer accessibility because the
minimum amount required to start an investment is
5 euros and the saving feature is free.
According to Arbor’s LinkedIn, Arbor has 21
employees that help facilitate the platform to their
customers. This small team managing the growing
platform means that they are cost-effectively
serving a large group of customers using IT (Arbor
Fintech, 2021).
 Arbor

INDUSTRY ANALYSIS:
SWOT ANALYSIS
Weaknesses
1
In terms of weaknesses, Arbor’s business
model has not been monetized appropriately,
their aggressive focus on customer
accessibility makes it difficult for Arbor to
accumulate revenue. Arbor’s platform is free
to use and their main source of revenue is

2
Arbor Gold, which is 2 euros a month, this
slows the pace of growing revenues
significantly.

Although Arbor aims to provide customers

with an excellent experience while saving,
Arbor has no customer relationship “
virtually” when operating by the free app
version, which makes it hard for customers
to be loyal to Arbor. Arbor’s customer
relationship model is in effect when
customers gain access to Arbor Gold, but it
might still not be enough to maintain

3
customer retention.

Lastly, Arbor’s investment feature lacks

transparency. Although Arbor states that
customers can start their investments for as
low as 5 euros, Arbor reserves the right to sell
any portfolio that is lower than 100 euros for
cash, this serves as a disadvantage to
customers starting their investment portfolio
affecting customer satisfaction.
Arbor

INDUSTRY ANALYSIS:
SWOT ANALYSIS
Opportunities
Arbor must lookout for all types of opportunities in the market to ensure they stand out
in the crowd. To be specific, the external opportunities are openings, trends, or gaps in
the market that Arbor can smartly turn into profits.

1 TARGET A LARGER SEGMENT

Arbor should consider targeting a larger segment of customers by
introducing the option of investing in cryptocurrencies. By doing so,
Arbor would be providing customers a more all-inclusive list of options,
which will lead to having room for risk-averse customers as well as risk-
takers on the app.

2 IMPROVE CLIENT RELATIONSHIPS

Arbor can go the extra mile to strengthen client relationships by building
"Arbor community" in order to raise awareness about investments and
ways of saving. To illustrate, building "Arbor community" would aim to
host virtual/ physical events for free and premium users to exchange
different investing overviews and share the latest market trends. Hence,
customers will be more conversant about investments, which would
undoubtedly increase customer loyalty and retention rates.

3 INTRODUCE SERVICES FASTER

Arbor should consider introducing new services faster than competitors
or modify its current services to ensure staying ahead of the game. For
example, Arbor's competitor "Goin" offers ETFs, crowdlending,
cryptocurrencies and is going to expand the list of options soon (Goin.
app FAQ, 2021), which could easily cause a shift in customers from Arbor
to Goin.
Arbor

INDUSTRY ANALYSIS:
SWOT ANALYSIS
Threats
Arbor can proactively respond to external threats by preparing contingency plans in case of
any occurrence. Thus, Arbor should always try to catch up on any unpredictable trends,
disruptions, and new financial instruments that occur in the market, just like cryptocurrencies.

1 NO INVOLVEMENT IN CRYPTOCURRENCY
Arbor advertises the app to customers as a tool that simplifies investments and
saving, yet they portray investing in cryptos as "gambling" to show why they don't
offer the service on the app, which would definitely make a lot of potential customers
think twice about using the app due to the fact that the digital currencies market is
evolving nowadays. Arbor shouldn't mention this explicitly on its website as this would
hold people back from trusting it as an investing app. Moreover, what aggravates the
impact of not being up to date with the market is that Goin is targeting the gaps in
Arbor's services by introducing the purchase of Bitcoin via its app.
A better way to handle the digital currencies market would be by introducing ETFs
that are crypto-related. To illustrate this idea more, ETFs are a less risky way to
benefit from cryptocurrencies without the accompanying price volatility of the direct
investment.

2 NOT CONSIDERING HIGH-RISK INVESTORS

This threat can be linked to the aforementioned opportunity “Arbor is trying to grow
its customer base”. So, Arbor should consider the needs of the new “potential
customers” who prefer investing their money in investments that have significant
room for growth, or in other words, Arbor should consider risk-takers who like to
invest in "high risk- high return" type of investments.

3 SECURITY CONCERNS
It’s true that some of Arbor's current security measures are SSL security protocols,
LOPD, and fingerprint access, however, in order to meet regulatory requirements and
limit online fraud, we recommend considering the process of verifying the client's
identity using face ID, which is known as KYC. To clarify, reg tech companies like
Trulioo provide KYC services to verify that the customer that is trying to move money
from his/her account to his/her bank account is actually the person whom they say
they are. Thus, Arbor should partner with such a company to ensure that transactions
are running smoothly, efficiently, and with a decreased possibility of fraud, which adds
value to customers by reducing their anxiety about finances.
Arbor

CONCLUSION
In a nutshell, Arbor as a fintech company is doing well in the market especially after the
partnership it had with the publicly listed company "Wisr". Yet, based on what we
learned from this course, companies that aim to take a large slice of customers in the
market must learn the new strategies and rules of the game, or else, they would simply
be out of the competition.

In the past 4 years, Arbor has

accumulated around 100,000 customers
as of May 2021 figures, which is good for
a relatively new fintech only based in
Spain but this needs to be compared to
other rivals in the same space.

Arbor faces intense competition from its

rival Goin, which has garnered over
350,000 customers as of 2020 Q3 figures
(Torrego, 2020). In addition, Goin also
has twice the amount invested in its firm
at 7.2 million Euros in comparison to 3.4
million euros for Arbor (Crunchbase,
2021).

Arbor can capitalize on its opportunities

mentioned such as building a community
and introducing services in tandem with
or even ahead of rival firms. If the firm
introduces cryptocurrency and involves
high-risk investors, it can shield itself
from being edged out of the competition
 Arbor’s Business Model Canvas
Key Partners Key Activities Elements of Value Customer Relationships Customer Segments

Banco De Espagna: National Bank of
Spain who registers the payment
institution.
LemonWay: Payment institution used
for secure transactions and to verify
transfer of funds from the bank to
Arbor or from Arbor’s My Piggy Bank
to the respective bank.
ETFMatic: Roboadvisor used for
Arbor Gold customers who choose to
invest their deposits.
Other major banks in Spain including
but not limited to Deutschebank,
Santander and Sabadell. These banks
hold either the origin accounts or the
destination accounts, Arbor being the
middleman.
Wealth Management: Ensuring
customers deposits are invested
according to their personal risk levels
Transferring funds: From user’s origin
(salary) account to either a different
bank account or My Piggy Bank
within Arbor itself
Securing transactions: Using a third
party service, Lemon Way to ensure
funds are being evaluated before the
transfer is made.
Maintaining and updating the easy
user interface via the free mobile
application.
Key Resources
Human Resources: Employees
IT Infrastructure: Computers, servers,
high speed connections)
Intellectual property: Customer
databases of sensitive financial
information
Physical assets: Buildings etc.
Reduces cost: For a subsidized rate
of 2 Euros a month, Arbor Gold
provides customers with their full
range of services which can save and
multiply money.
Avoids hassles, reduces efforts and
integrates: Customers can avail of 3
services in 1 platform (automated
savings, investment of deposits and
faster debt pay-off).
Simplifies: Arbor automatically
rounds up expenses and saves the
corresponding amount (expense of
1.9 euros = savings of 0.1 euros). Can
also save a fixed amount every
month.
Makes money: Customers of Arbor
Gold can invest as little as 5 Euros
and multiply their savings (with 0
commission on profits because they
use roboadvisors)
Account Management: For those that
opt for Arbor Gold, this includes
investment according to their
preferred risk levels.
C2C Support Forums: Via the Arbor
FAQ page and other forums, they are
easily available to answer any
questions that may arise promptly.
There’s an automated service via the
Q&A section as well.
Tech Support: For the operating side
of the application in case of
transaction issues etc.
Channels
Directly through the website,
Google Play/ App Store,
Tech forums/ partner channels,
Indirect referral through customers,
Banks do not advertise Arbor
(checked with Santander and
Deutschebank)
Arbor currently offers their services
B2C i.e. they target individuals who
would like to increase the amount
they save each month.
Customers link their bank account to
Arbor. There must be an origin
account with a partner bank where
salary or funds come in regularly.
Customers can choose various
options to save: round up expenses,
save a fixed amount each month,
save a % of salary or even challenge
themselves to save 1 euro for 1 week,
2 euros the next week etc.
Customers deposits are secured by
SSL security protocol, their deposists
are insured by the Deposit Guarantee
Fund for credit insitutions (up to
100,000 Euros) and data is kept
confidential by the LOPD (Organic
Law on Protection of Personal Data)

Cost Structure Revenue Streams

Arbor does not have major overheads (low fixed costs as everything is done via the app)
Arbor must bear marketing costs and platform maintenance costs.
Arbor Loans are only taken out to cancel credit card debt efficiently i.e. Arbor does not pay
interest, the app saves more money and that goes towards paying credit card debt.
No. of customers = 100k. Assuming 50% pay for Arbor Gold at 2 Euros/monthly = 1.2 million Euros
end of year 1. Additonally, with predicted growth of customers by 71% by the end of the year, Arbor
is at the beginning of its stride. That said, since they’re only operating in Spain their growths are
limited. We have predicted through our revenue model that Arbor will have revenues of 12.8
million and a customer base of 1.6 million end of year. (Revenues are not held constant, subject to
growth in base year and subsequent years)
Arbor

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chart=count#employee-metrics

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https://www.linkedin.com/company/arbor-fintech/

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Sabes cuánto pagas de intereses Y comisiones en tus tarjetas de crédito? (2021, March 26). Ahorra con
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europe/