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PROBLEM STATEMENT

Nexity's major problem is their competitor's size in the banking industry. Nexity is relatively small compared to their major competitors. Virtual banks, such as Nexity has only captured 2 percent of the total U.S. banking market share thus far. Nexity's lack of market share and brand awareness within the banking industry is a major concern of theirs. Nexity's problem is how they are going remain successful in the banking industry, increasing their market share, and grow within the banking industry. Nexity's competitors have the capability of offering the same products, with better customer service.
While the convenience and great rates were attracting to some online consumers, Internet-only banks, such as Nexity had suffered pitfalls stunting their growth. The lack of person-to-person contact forced consumers to resolve problems over the phone or via e-mail, which could be frustrating for some.
Concern over deposit and cash still limited the convenience......

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Approximate Word Count: 4222
Approximate Pages: 17 (250 words per double-spaced page)

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