abhishreshthaa
Abhijeet S
SWOC analysis of SBI’s internet banking
Strengths:
Greater reach to customers
Quicker time to market
Ability to introduce new products and services quickly and successfully
Ability to understand its customers’ needs
Customers are given access to information easily across any location
Greater customer loyalty
Easy online application for all accounts, including personal loans and mortgage
24 hours account access
Quality customer service with personal attention
Weaknesses:
Lack of awareness among the existing customers regarding internet banking
Obsolesce of technology take place very soon specially in terms of security on internet.
Procedure for applying for id and password for using services related to internet banking takes time.
Lack of knowledge is found regarding internet banking in employees of SBI
Implementation of newer technology is little bit complicated
Employees needs training to obtain knowledge regarding I-banking
Opportunities:
Approximately 95% of customers are not using internet banking.
Core competency can be achieved in terms of banking if focus is made on awareness of internet banking state bank of India.
Can become 1 virtual bank of India.
Concentration of various services should be made using internet banking
CHALLENGES:
Maintaining Business Edge over competitors in the context of sameness in IT infrastructure
Multiple vendor support is necessary for working of highly complex technology
Maintaining secured IT infrastructure for business operations
Alternative must be there in case of failure of system
Strengths:
Greater reach to customers
Quicker time to market
Ability to introduce new products and services quickly and successfully
Ability to understand its customers’ needs
Customers are given access to information easily across any location
Greater customer loyalty
Easy online application for all accounts, including personal loans and mortgage
24 hours account access
Quality customer service with personal attention
Weaknesses:
Lack of awareness among the existing customers regarding internet banking
Obsolesce of technology take place very soon specially in terms of security on internet.
Procedure for applying for id and password for using services related to internet banking takes time.
Lack of knowledge is found regarding internet banking in employees of SBI
Implementation of newer technology is little bit complicated
Employees needs training to obtain knowledge regarding I-banking
Opportunities:
Approximately 95% of customers are not using internet banking.
Core competency can be achieved in terms of banking if focus is made on awareness of internet banking state bank of India.
Can become 1 virtual bank of India.
Concentration of various services should be made using internet banking
CHALLENGES:
Maintaining Business Edge over competitors in the context of sameness in IT infrastructure
Multiple vendor support is necessary for working of highly complex technology
Maintaining secured IT infrastructure for business operations
Alternative must be there in case of failure of system