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Strengths: Some of the strengths that we have in our product that it will be one of a kind.
No other business has incorporated this type of tech. Although it has been used
individually it has not been used in conjunction with any other product. Consumers
nowadays are worried of potential hackers while shopping. Identity theft is an ongoing
issue and is very hard to combat. We already use finger prints as a form of identification
why not use it daily, link it to our bank accounts instead of carrying wallets which we
forget and lose every day.
Weaknesses: Include consumers worried about the effectiveness of the product. It has
been shown already that finger prints can be stolen and used to access phones and other
products that use finger print recognition. But pin/passcodes are far more easily guessed
and stolen. Study shows that 55% of people use the same password on all their phones,
credit cards, emails, etc... Another weakness might involve the cost of mass producing a
product like this.
Opportunities: This technology will open up new pathways to protecting the everyday
consumer. A patent will make us to become the sole manufacturers of this product allowing
us to mass produce it. This product could also be used at home and not only at DMV’s or
retailers. This protection could eliminate the use of keys not only wallets. Partnering with
retailers, phone manufacturers such as Apple or Samsung.
Threats: An inevitable threat that we will face are hackers trying to stop our product
before hitting the shelves. This tech is bad news for bad guys so even after it is produced
and perfected there will be cyber criminals trying to break through and compromise it.
