SWOT - ICICI Bank

SWOT Analysis

Strengths

Brand name: earned a reputation for extending quality services.

Huge network: ICICI Bank has the highest number of linked branches in the country. The bank operates through a network of 450 BRANCHES AND over 1800 ATMs across India.

Diversified portfolio: ICICI Bank has umbrella of products to offer their customers like retail banking, Insurance, Demat services, personal loans etc.

Aggressive Marketing: ICICI Bank is known for its aggressive marketing of its products. Recent Endorsement of its product by AMITABH BAHCHAN proves the same.

Technology: ICICI bank’s technology platform has been acknowledged globally as one of the best in terms of robustness, flexibility and cost efficiency.

Salary accounts: ICICI is having an edge over other banks in case of Salary Accounts because of huge network

Weaknesses

Poor customer service: Though most of the companies are satisfied with the products offered by ICICI bank, the poor customer support/ service is creating a lot of dissatisfaction among the customers.

Little presence outside India: ICICI Bank is having little presence Outside India, because of which companies prefer MNC Bank, mainly Citibank.

High transaction costs: ICICI Bank charges high cost for its transactions. Customers are using only those facilities of ICICI Bank which are provided at cheaper rates (Salary Account) and for other services they are going to nationalize banks and MNCs (Foreign exchange)

Focus mainly on high end customers: The bank targets only the top bracket of clients and does not cater to the needs of small customers. Due to this reason the bank may sometimes loose good clients.

Opportunities

Increasing individual incomes in India.

New companies: Sectors like IT and ITES are on a boom in the Indian market context, with new companies mushrooming in the market.

Banking sectors that are planned by Indian government increase the possibility of lots of new services in banking.

Threats

Advent of MNC banks: Large numbers of MNC banks are mushrooming in the Indian market due to the friendly policies adopted by the government.

Ever improving nationalized banks: With PSU banks like SBI going all out to compete with the private banks and government giving them a free hand to do increases competition from nationalized banks as well.