Posted in Banking & Financial Services, Total Reads: 1442
SWOT Analysis of Harrods Bank with USP, Competition, STP (Segmentation, Targeting, Positioning) - Marketing Analysis
Harrods Group (investing arm of State of Qatar)
Banking and Financial Services
Provides personalized banking in a competent and efficient manner while keeping up quality of service.
British savers and house owners.
High net worth British citizens.
Bank which provides safe and personalized banking services to its clients.
1. The bank has a huge experience in the banking sector. It has been in the banking sector since 1893. 2. Owned by a parent group which is active in various sectors such as retail, aviation (repair and maintenance), etc. and has a strong brand name.
3. Parent company was bought by sovereign wealth fund of the State of Qatar – further adding credibility to the financial strength of the bank. 4. One of the unique features of the bank is that it sells gold bars and coins which customers can buy off the shelf. Gold products weighing from 1g. to 12.5 kgs. are sold through the bank.
5. The bank provides a wide range of services like high value current account, high value deposit account, high value capital account etc.
6. Account holders at the bank can buy and sell foreign currency free of charge.
7. Offers home delivery service within 3 days anywhere in UK – this is very useful for clients having business and holiday requirements.
1. Operates through just one office located in London. 2. The bank lacks global presence. The bank maintains relationships with overseas banks and payment abroad is arranged through these banks, but that involves 3rd party banks. 3. The bank as of now does not support internet banking or related services.
1. Introduction of internet banking services will be a huge boost to overall customer experience
2. Expansion of offices within UK and Europe. 3. Using current clients to spread word about the banks quality and range of services to get more clients.
1. UK has very tight competition in the banking sector. 2. A slowdown in economic outlook can be a threat to banks operations. 3. False information being spread on the internet through fraudulent mails using name of Harrods Bank can affect the reputation of the bank.
4. Since the bank is owned by the State of Qatar, happenings in the Middle East can have impact on the banks operations.
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