Swot Analysis of ICICI bank - ICICI Bank SWOT analysis

Table of Contents

Strengths in the SWOT analysis of ICICI Bank

ICICI is the second largest bank in terms of total assets and market share
Total assets of ICICI is Rs. 4062.34 Billion and recorded a maximum profit after tax of Rs. 51.51 billion and located in 19 countries
One of the major strength of ICICI bank according to financial analysts is its strong and transparent balance sheet
ICICI bank has first mover advantage in many of the banking and financial services. ICICI bank is the first bank in India to introduce complete mobile banking solutions and jewelry card
The bank has PAN India presence of around 2,567 branches and 8003 ATM’s
ICICI bank is the first bank in India to attach life style benefits to banking services for exclusive purchases and tie-ups with best brands in the industry such as Nakshatra, Asmi, D’damas etc
ICICI bank has the longest working hours and additional services offering at ATM’s which attracts customers
Marketing and advertising strategies of ICICI have good reach compared to other banks in India

Customer support of ICICI section is not performing well in terms of resolving complaints
There are lot of consumer complaints filed against ICICI
The ICICI bank has the most stringent policies in terms of recovering the debts and loans, and credit payments. They employ third party agency to handle recovery management
There are also complaints of customer assault and abuse while recovering and the credit payment reminders are sent even before the deadlines which annoys the customers
The bank service charges are comparatively higher
The employees of ICICI are bank in maximum stress because of the aggressive policies of the management to win ahead in the race. This may result in less productivity in future years

Banking sector is expected to grow at a rate of 17% in the next three years
The concept of saving in banks and investing in financial products is increasing in rural areas as more than 62% percentage of India’s population is still in rural areas.
As per 2010 data in TOI, the total number b-schools in India are more than 1500. This can ensure regular supply of trained human power in financial products and banking services
Within next four years ICICI bank is planning to open 1500 new branches
Small and non performing banks can be acquired by ICICI because of its financial strength
ICICI bank is expected to have 20% credit growth in the coming years.
ICICI bank has the minimum amount of non performing assets

RBI allowed foreign banks to invest up to 74% in Indian banking
Government sector banks are in urge of modernizing the capacities to ensure the customers switching to new age banks are minimized
HDFC is the major competitor for ICICI, and other upcoming banks like AXIS, HSBC impose a major threat
In rural areas the micro financing groups hold a major share
Though customer acquisition is high on one side, the unsatisfied customers are increasing and make them to switch to other banks