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SWOT analysis Strengths - Secure and convenient online banking for customers - Quality product and friendly service - Focused differentiation strategy - Low cost structure due to no physical presence of branches - Knowledgeable and friendly staff members - Technology savvy and convenience minded customer target - Serving customers efficiently quickly and efficiently - Partnership for brokerage accounts - Web trust seal security - High asset growth - High deposit growth - All product focused strategy - Efficient cost structure - 24 hours and 7 days call centers - More convenient services by online account Weakness - No brand recognition - Only 2 percent share of online market - Hit and run customers for specific products - Cant provide services like face to face contact - Hard to gain customer trust for sensitive issues - Cant have ATM and branches - High advertising and marketing expenses - One office for deposit collection - Few services are not available - Old people dont accept such technology based services - Difficult to solve few problems by call centers or email - More time for depositing money and for other few services - More time for deposit slips and other services - More time required for cash withdrawal Opportunities - Very large financial market - Rapidly growing market - Rapidly acceptance of technology based services industry - More young age people diverting towards internet bank - Many financial services can be provided by online banking companies which they are not offering now - Mergers and acquisitions with other online banks to grow rapidly - Developing countries and around the world economic development - International acceptance of service and by different international laws provides opportunity to operate in many countries Threats - Biggest threats from traditional banks which are providing such services at same cost - Threats from other internet financing service providers which can forward integrate - Securities and fraud issues discourage people from using internet banking
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