Halifax SWOT Analysis, USP & Competitors

Posted in Banking & Financial Services, Total Reads: 1017
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SWOT Analysis of Halifax with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis

Halifax

Parent Company

Lloyds Banking Group

Category

Banking and financial services

Sector

Financial services and insurance

Tagline/ Slogan

-

USP

Among the largest retail banks in UK.

STP

Segment

British home owners and savers

Target Group

Britons in need of banking services like bank accounts, credit cards, mortgages etc.

Positioning

Retail banking arm of Lloyds Banking Group providing customers with retail banking products and insurance.

SWOT Analysis

Strengths

1. UK’s largest provider of residential mortgages and savings account
2. The bank is backed by a strong parent company, The Lloyds banking group.

3. Wide variety of services under one brand name – insurance, share dealing, loans, credit cards etc.
4. Different kinds of current accounts to suit the needs of different classes of people – current account, reward current account and ultimate reward current account.

5. Different kinds of ISA’s (individual savings account) to suit various categories of savers including one for children – the junior cash ISA.

6. Provides convenience of operation through online banking system.

7. Facilitates payment of money abroad through its international payment services.

Weaknesses

1. Some of the advertisement campaigns by the Bank have had negative reaction from viewers.
2. Had a severe problem of credit crunch during the 2008 financial crisis.
3. Recently changed overdraft charges (daily fee for overdrafts) have caused resentment among customers.

Opportunities

1. Expansion through programs such as CashBack Extras - the cashback debit card scheme which was launched recently.
2. Expansion by targeting elderly population through wealth management schemes.
3. Expansion through acquisition of other smaller banks and insurance firms.

Threats

1. Slowdown in economy can have adverse affect on the banking business.
2. Default risk – there is a probability of customers defaulting on their loan payment causing losses to the bank
3. Tight competition in the UK financial sector especially retail banking.

Competition

Competitors

1.HSBC
2.RBS
3.Barclays

 


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