Egg Banking SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 353
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SWOT Analysis of Egg Banking with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Egg Banking

Parent Company

Yorkshire Building Society

Category

Savings and Mortgages

Sector

Finance and Insurance

Tagline/ Slogan

Banking without the bother

USP

Internet-only bank

STP

Segment

Retail and business segment

Target Group

Young internet-savvy customers

Positioning

UK’s first internet-only bank

SWOT Analysis

Strengths

1. First mover advantage with its positioning as UK’s first internet only bank
2. Parent company Yorkshire Building Society is considered as one of the leading and successful building societies in UK
3. Allows business units to respond to changes in business environment far more quickly due to its high IT involvement
4. Implementations of advanced analytics and decision management tools like Blaze control Centre brought many benefits to the bank

5. Over 1000 employees are in the workforce

Weaknesses

1. Absence of branches being the internet only bank may lead to insecurity and fear among the customers
2.Use of inappropriate sales techniques by the bank tainted its image which resulted in customers becoming skeptical about the bank

3. Sale to Citigroup diluted the brand

Opportunities

1. Leverage its Parent company’s huge nationwide branch network and assets
2.New products can be innovated
3. Markets with high smartphone penetration can be explored

Threats

1. Fear among the customers related security breach as its online based company
2. Products are easily replicable by established companies
3. Media explosion and intense competition creates the demand for some innovations on a continuous basis

Competition

Competitors

1. Barclays
2.HSBC
3.Cahoot



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