The last time we saw the SWOT analysis of Indian Overseas Bank. But this time we will explain the SWOT Analysis of Central Bank of India elaborately.
The Central Bank of India (CBI) was founded in 1911. Sir Sorabji Pochkhanawala envisioned the bank. CBI is present across 27 states and four union territories, out of a total of 29. It has 3656 branches & 178 extension counters in its network.
The marketing strategy of the Central 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 Central Bank of India, let’s take a look at the company, its history, finances, products, and opponents.
About Central Bank of India
The Central Bank of India, founded in 1911, was the very first Indian financial institution to be entirely owned and operated by Indians. The Bank’s founder, Sir Sorabji Pochkhanawala, saw his dream come true with the establishment of the Bank. Sir Pherozesha Mehta served as the first Chairman of the genuinely “Swadeshi” bank. Sir Sorabji Pochkhanawala was so proud of the Central Bank of India that he declared it to be the “property of a nation and the country’s wealth.”
The Central Bank of India lives just on the faith of the people and views itself as the people’s own banks, he continued. Because of its extensive network, the Central Bank of India can truly be called an All India Bank, as it operates in 27 of India’s 29 states as well as three of the country’s seven union territories. The Central Bank of India is one of the most well-known public sector banks in India, with 3656 branches and 178 extension counters spread around the country.
|Founder||Sir Sorabji Pochkhanawala|
|No. of Employees||32,335|
|Market Cap||Rs 19,098 Crore (2021)|
|Annual Revenue||Rs 25,897.44 Crore (2021)|
|Net Income/ Profit||Rs 888 Crore (2021)|
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
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.
The Central Bank of India is expanding its banking sector in both India and the worldwide market. As we can see from the SWOT Analysis of Central Bank of India, there is a lot of room for growth in so many areas.
With the advent of digital technology, where nearly everyone usually spends an hour of their day on their phones, appropriate digital marketing and online presence can be a fantastic approach to boost client relations.
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 Central Bank of India has given you a good insight into the company’s strengths, weaknesses, opportunities and threats.
If you enjoy in-depth company research just like the SWOT analysis of Central Bank of India, check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for investing your valuable time to read this, and do share your thoughts on this case study of the SWOT analysis of Central Bank of India in the comments section below.