SWOT Analysis of Central Bank of India: National Insights

Services By Bank of India

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

Competitors of Central Bank of India

• Indian Bank
• Bank of Baroda
• Corporation Bank 
• Canara Bank
• Dena Bank
• Bank of Maharashtra

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

SWOT Analysis of Central 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 Central Bank of India, refer to the infographic below:

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

Strengths of Central Bank of India

• Large Network: The bank has numerous branches with 3656 branches, 178 extension counters spread around the country, and POC across India located at different locations.
• Expertise: Central Bank of India has gained popularity in small and medium-sized business banking expertise all over the country.
• Involvement in Government Plans: Central Bank of India is an active participant in government programmes especially for agro-based and small-scale businesses.
• Strategy Selection: They have gained expertise in choosing the right strategy for the right products as they know how to attract customers using their high experience of decades.
• Empowering Employment: Central Bank of India has over 32,000 employees, empowering employment in the nation.
• Customers as Main Priority: They emphasise providing benefits to customers. CBI’s main motive is customer satisfaction that’s why CBI comes up with effective financial solutions and home loan services.

Weakness of Central 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.
• Customer Service: India’s banking industry is fiercely competitive and the bank’s client service is one of its distinguishing features. The bank representatives require more training and education to handle customer queries properly.

Opportunities for Central Bank of India

• Self-employment Initiatives: Initiatives involving youth can be launched to attract a particular target segment.
• Government Favourable Schemes: Schemes as per government plans can be prepared to attract more customers and provide a vast pool of services.
• Overseas Extension: Expanding the chain on a global level will increase the trust and revenue of the organization.
• Better Customer Deals: Can provide the best customer deals by customizing certain services as per user requirements.

Threats to Central Bank of India

• Fluctuating Scenarios: Nowadays economic fluctuations are hard to predict and can cause a deep effect on the system if not handled well.
• Impact of Legislation: Legislation impact can be highly risky and needs to be focused on.
• High-risk Involvement: There are a lot of risks involved in forecasting any government decision and creating a scheme for customers.
• High Competition: There are several private banks which nowadays are providing better and faster services as compared.
• 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.
• Tech-Platforms: New-age technology like payment wallets are affecting the business of the bank.

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