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Detailed SWOT Analysis of Bank of India – A Major Indian Nationalised Bank

Updated on: Jan 30, 2022
SWOT Analysis of Bank of India - Featured Image

The last time we saw the SWOT analysis of Indian Overseas Bank. But this time we will explain the SWOT Analysis of Bank of India elaborately.

Over the years, Bank of India, popularly known as BOI has emerged as one of the leading nationalized banks of our country and part of its success can be attributed to its marketing strategy having a strong marketing strategy is crucial for any brand to reach its customer base. 

The marketing strategy of the Bank of India includes traditional as well as digital marketing. In today’s time, digital marketing is very important for reaching out to customers as everything is shifting towards digital. If you want to learn digital marketing and its scope, do check out Free Digital Marketing Masterclass by Karan Shah, the founder and CEO of IIDE.

Before we dive into the SWOT Analysis of Bank of India, let’s take a look at the company, its history, finances, products, and opponents.

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About Bank of India

SWOT Analysis of Bank of india - Bank of India building

Founded in 1906 by a group of eminent businessmen from Mumbai – Bank of India was nationalised along with 13 banks in 1969. Since then the bank has seen rapid growth as a strong national bank. In business volume, the Bank occupies a premier position among the nationalised banks.

The bank has over 5,084 branches in India extended over all states and union regions including specialized branches. These branches are directed through 54 zonal offices. There are 60 branches, 5 subsidiaries, and 1 joint venture abroad. The bank facilitates the provision of cost-effective financial processing and communication services.

Quick Stats on Bank of India
Owner Government of India
Year Founded 1906
Origin Mumbai, India
No. of Employees 51,459
Company Type Public
Market Cap Rs 23,246.70 Crore (2021)
Annual Revenue Rs 48,040.93 Crore (2021)
Net Income/ Profit Rs 2,160 Crore (2021)

 

Services By Bank of India

  • Consumer Banking
  • Corporate Banking
  • Finance & Insurance 
  • Investment Banking
  • Mortgage Loan
  • Private Banking
  • Wealth Management 


Competitors of Bank of India

After understanding the core of the corporate, let us now proceed to the SWOT analysis of Bank of India. 


SWOT Analysis of Bank of India

A SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or a business venture. A good SWOT analysis can help you reach your online marketing goals or kick your business startup into high gear. 

To better understand the SWOT analysis of Bank of India, refer to the infographic below:

SWOT Analysis of Bank of India - SWOT Infographics of Bank of India  

Let’s proceed further with expanding on the strengths of the Bank of India from the SWOT analysis of Bank of India.

Strengths of Bank of India

  • Public Bank: Since the bank is a public sector undertaking, it has the backing of the government.
  • Efficient Services: The bank is efficient in managing its assets and providing ROA which is also improving over the last 2 years.
  • Growing Reach: BOI has a huge geographical presence in the country, thus making it accessible to the customers and increasing its reach to the target market.
  • Financially Backing the Agriculture Sector: Financial Facilities for the agricultural sector give a positive push to the agriculture sector to grow more.
  • Customers as Main Priority: They emphasise providing benefits to customers. BOI’s main motive is customer satisfaction that’s why BOI comes up with effective financial solutions and home loan services.
  • Empowering Employment: Bank of India has over 50,000 employees, empowering employment in the nation.
  • International Presence: It has representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, People’s Republic of China, Australia and a branch in Hong Kong.
  • Easement of Banking: Online Telebanking facilities are available to all its core customers and individuals as well as corporate.

Bonus Tip: BOI offers online services like UPI app for easing the transaction process, net banking services, U-Control app for credit card users. Digitalisation has benefited customers with a cashless and hassle-free experience while banking. So, isn’t investing in learning digital marketing skills worth the investment? If you think yes, then there are several short-term courses in IIDE that will help you learn about digital marketing and how to leverage its power to grow.


Weaknesses of Bank of India

  • Less International Presence: Nominal international presence as compared to leading players. 
  • Lack of Digital Customer Support: They do not respond to their customer’s queries and do not guide them which helps their competitors.
  • Less Advertisement Leads to Lower Brand Presence: The bank has to work out more on marketing its services. It has to come up with regular campaigns both online and offline to bring in new customers or to retain existing customers.


Opportunities for Bank of India

  • Expansion: Bank of India needs to expand its presence in the rural market.
  • Increasing Investments: Increasing its Non-SLR investments will result in increased profits.
  • Interests Rates: BOI can make credit cards more profitable by increasing the interest rate and the non-performing assets can be eased.
  • Digitalization: With the Internet, the world has become a smaller place that helps in communication in any part of the world. This helps the bank get into the international market and target the global audience which helps to increase profitability.
  • Other Opportunities: Small scale business banking, more global penetration through international banking, acquisition of smaller local banks in India.


Threats to Bank of India

  • Private Sector Banks are Increasing Its Competition: Private sector banks are developing novel investment packages and thereby gaining market share among retail consumers.
  • Economic Crisis: As a result of the economic crisis, clients are not saving money in banks, reducing bank liquidity and making it difficult to operate efficiently.
  • Changing Policies: Banking policies are governed by Reserve Bank of India  (RBI) laws and regulations, therefore any changes made by the RBI have a direct impact on the bank’s operations.
  • High Competition: The primary competitors are Bank of Baroda, Canara Bank, Central Bank, Indian Overseas bank which is performing well.
  • Online Banks: Loans are provided online by private banks which pose a threat to the Bank of India.
  • Tech-Platforms: New-age technology like payment wallets are affecting the business of the bank.

This ends our study on the SWOT analysis of Bank of India. Let us conclude our learning below.

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To Conclude,

To sum up, BOI has a huge mass of incredibly innovative services providing enough options. The company has the advantage of the brand trust of thousands in India. It has been updated with technology although not the most advanced but not behind as well; however, BOI should start focusing on creative advertisement to attract more inventors in India as well as internationally.

With a huge increase in the service industry. There is a very high competition where marketing plays a crucial role-taking advantage of technology not merely in this industry in which every other company is focusing on digital marketing to rise ahead of each other.  If you have the curiosity to learn you may check out IIDE’s 3 Month Advanced Online Digital Marketing Course to know more.

We hope this blog on the SWOT analysis of Bank of India has given you a good insight into the company’s strengths, weaknesses, opportunities and threats.

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Thank you for investing your valuable time to read this, and do share your thoughts on this case study of the SWOT analysis of Bank of India in the comments section below. 

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Aditya Shastri

Lead Trainer & Head of Learning & Development at IIDE

Leads the Learning & Development segment at IIDE. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. He has been a guest speaker at prominent colleges in India including IIMs......[Read full bio]

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