ICICI Bank SWOT Analysis, Competitors & USP
SWOT analysis of ICICI Bank analyses the brand by its strengths, weaknesses, opportunities & threats. In ICICI Bank SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like ICICI Bank to benchmark its business & performance as compared to the competitors. ICICI Bank is one of the leading brands in the banking & financial services sector.
The article below lists the ICICI Bank SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the ICICI Bank SWOT Analysis:
In this article:
SWOT Analysis of ICICI Bank
For ICICI Bank, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
ICICI Bank Strengths
The strengths of ICICI Bank looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of ICICI Bank :
1. ICICI bank is the front runner in the Indian Private Banking Sector
2. ICICI has a strong presence via its branches & 14000+ ATMs
3. High use of technology to make life simpler for the customers
4.Large number of facilities for the customers in terms of products and services
5. Over 75,000 employees at ICICI
6. Decades of Experience in the Banking sector along with marketing has added to the brand name
7. ICICI has presence in over 19 countries
8. Marketing & branding using celebrity brand ambassadors has boosted the brand's image
9. Services like net banking, mobile banking, NRI services, apps etc offered by ICICI
10. It has been given several awards for its banking, CSR activities and other initiatives
ICICI Bank Weaknesses
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the ICICI Bank SWOT Analysis:
1. High competition means limited market share growth for ICICI bank
2. Controversies like alleged money laundering, debt recovery etc hurt the brand image
ICICI Bank Opportunities
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in ICICI Bank SWOT Analysis:
1. Opening more branches in the rural areas can boost ICICI's business
2. Use of technology to penetrate rural markets
3. Venturing into countries like Africa where the economy is coming up
4. ICICI bank can tap the youth by promoting their app and net banking
ICICI Bank Threats
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of ICICI Bank are as mentioned:
1. Ever changing RBI policies can affect operations of ICICI bank
2. International and other Competitors
3. Inability to adapt to changing conditions due to large size
4. Concern on privacy of user accounts using netbanking can be a threat for ICICI
ICICI Bank Competitors
There are several brands in the market which are competing for the same set of customers. Below are the top 7 competitors of ICICI Bank:
2. HDFC
5. IDBI Bank
7. Axis Bank
Hence this concludes the ICICI Bank SWOT analysis.
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About ICICI Bank
| ICICI Bank Overview | |
|---|---|
| Parent Company |
ICICI Bank Limited |
| Category |
Banking |
| Sector | |
| Tagline/ Slogan |
Khayal Aapka; Hum hain na |
| USP |
ICICI is the most efficient and tech Savvy bank in the Indian banking industry |
| ICICI Bank STP | |
| Segmentation |
People who want to invest their money in the banking industry |
| Target Market |
People in the high and the mid income group |
| Positioning |
ICICI has positioned itself as the bank that is customer friendly and is using technology to reach its customers |
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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