Situation evaluation and market plan for a UK bank

In UK I am employed in a Harvest standard bank and I must prepare a business arrange for a bank or investment company in the situation when there is global downturn in the country and now bank industry is coming out of recession. There are a great number of opportunities in the current market because new businesses are growing, new migrants are to arrive the country specially students, many Europeans are also arriving due to recovery toward balance in the united states. In this example many sole proprietors and partnerships are taking place many people want to begin business. There is an opportunity for finance institutions so our loan company can take benefits from this example by launching a web bank because of the intervention of technology in banking companies which are lowering the costs, offering competition and rough time to every business so a finance institutions.

UK market analysis

In a report from Office of National Statistic in view review in August 2010 it was mentioned that about 30. 1 million of individuals uses the internet every day which is about 60% of the full total population. The number of persons who never used the internet is reducing day by day in each year about 9-10 million end user adds in earlier years. The number of one who bought the goods or services from online source was about 31 million in this past year. This figure symbolize about 62% of all one who are above the age of 16, usually people purchased activities and clothes from online.

There was about 73% web connection in houses for total households which is almost 19. 2 a huge number residences. People use more internet connection in London than outside / other part of the London. Good sized quantities of people especially teenagers use internet for networks like Facebook, twitter, Bebo, Twitter, Yahoo, Hotmail among others.

So UK market is use to of the internet to allow them to also use internet online bank-account due to shortage of time, 24 Hrs banking, and all banking facilities through online. You can do online purchasing and check the bank transactions concurrently. Time saving is a key factor for these kind of banks and bank transactions, loan provider can reduce cost for its operations. They can give competitive edge in facilities as compare to there competitors and produce a bench symbol in the banking industry.

Product and Technology Analysis

In product and technology evaluation, our Harvest loan company is adding manly two product in the united kingdom market that happen to be 'online direct first deposit product' and 'online residential mortgagees lending product' which are very possible for Harvest bank to manage. These are the introductory products besides these we will establish other more products conclusion of the introductory phase of the aforementioned point out products. Customers need to get more and more facilities from new companies at a competitive price as well as services with ground breaking features.

From technological perspective in UK, it is well create and there is well develop infrastructure which is capable of handling these kind of business products. As we mentioned previously that the technology is very cheap in the country, telecommunication sector is developed which is the foundation of online bank because bank has to provide online and telephoning banking facilities so that it is wonderful for the new 'harvest online lender'. The technology and telecommunication areas are interlinked with one another in UK both industries are well prepared and also have a good scientific infrastructure.

Environmental Analysis

In environmental examination we will analyse both interior and external environmental evaluation of the lender. using this method we are know that what strategies we are need to attain our objective / goal in the banking industry because of the competition in the bank sector.

External Analysis

In external research we our bank can look on the broader possibility and exterior environment out aspect the organization which is helpful for our bank for making strategies proficiently and effectively.

Political

The political situation of the UK is secure, country is appearing out of recession, govt and traders are buying the united states especially in stock market and financial market. FSA ( Financial Services Power ) is making new plans for money laundering activities, customers satisfaction, quality services from banks, banking industry expansion, and safe guard of depositors interest and the amount of money. Soon when BASEL III will launch than there will be more regulatory regulations for bank industry so it is better to launch loan provider now because the conditions and circumstances are best for launching a bank in UK now a days.

Social and Culture of the united kingdom is blend people belong to different demographic areas so there cannot be a universal guideline or regulations for the customer. We should be familiar with the actual fact and formulate those insurance policies which are beneficial for all general population at large, which cover all the sector of the modern culture. There is about 61 million inhabitants of the country, both male and female work together with about 55 and 45 respectively. There are equivalent opportunities of job for each one. Everyone is unbiased in this country so there are more opportunities for opening a bank account because people use to search internet every day about 60% of the parents use internet every day which is lot so people should to work with online baking center. Now days almost every one has mobile internet facility or smart telephones which can allow customers to check on sites and internet on their telephones which is good banking companies and customers.

Economic

The Economic situation of the united states is making progress due to fiscal and monetary policies of the united states. Although the county was at the bad downturn period of time however now it is progressing toward recovery which is wonderful for the country, bank industry is participating in very important role in it by spending the market which is the need of that time period. In UK you can find more import than export so there exists deficit in balance of payment which is negative for the country. Although county more export is services, technology, equipment and advancement, but is insufficient for the united states since there is less efficiency or industrialization in the united states.

Technological

The technology of the UK is advance which is helpful for releasing our online loan provider and its own products. There may be modern telecommunication system in the united states which is wireless and fibre optic cables system. In banking industry there is certainly IBAN and SWIFT code system exist which is very helpful for international bank. The infrastructures of ATMs can be found entirely country which allow customer to withdraw their money anytime because of their convenience, now in the majority of the lenders there are ATMs machine which allow customers to deposit profit machine instead at the counter. Modern infrastructure of internet is very advance in the united states which is top most requirement of the online bank.

Market

UK market includes Govt. Semi govt. General public, private, corporate, insurance companies, teachers, students, self employed, job hunters and nationwide residents. By the law of the united states it is required by the companies, govt. Corporate entities, partnership organizations and only proprietors to truly have a bank-account and conduct business transactions through banking channel, because they have to show in their business purchase for VAT, income tax go back and companies house come back that their business trades are through bank stations. Thus online baking service will provide them an improved and clear slice picture of business purchase and their needs. For employees they can get salary direct to their consideration which they may use for their needs. They have got 24 hour usage of their account deals, anybody can do bank at any time they don't have to wait for the starting hours of standard bank.

Competition

The UK market is well informed because more folks are educated. People already have a knowledge of online banking because there will vary competitor in the market, main competition are ING Direct, Metro and HSBC Direct other are Lloyds, Barclay, Natwest, Hlifax, Santander etc. Now in UK nearly every bank is providing online banking facility but they have speciality in several fields however the ING Direct and Metro are main loan provider who are mostly in online bank. Metro was lunched just just lately about twelve months ago and it is successful so metro bank is our main competitor in online banking with recent start, we should be familiar with it.

Besides these rivals there are many other competitors in the market like credit card companies and insurance firms. Many of these companies are recognizing deposits and providing traditional banking facilities like virgin group of companies it will come in insurance, banking and visa or mastercard. There are many other companies which are providing services which banks provide so there exists more challenging competition in the banking industry.

Swot Analysis

For SWOT research we must look at the company internal and exterior environmental factors. In internal environmental factors we must go through the bank or investment company from inside perspective i. e. management, business it self, its regulations / Strategies, real human resource, standard bank infrastructure and customer satisfactions.

Strengths

Our Harvest loan company already is available in the banking industry so that it is our power that our brand name exists in the industry customer and general public know our bank or investment company. There are a lot of customers inside our existing bank that are helpful for our new bank product which will suit our existing and new customers. Our organizational composition is chiseled which is very helpful in decision making and efficiency of the organization. The majority of our bank personnel is young and full of energy, they have the require capacities and training for new technology and system which is improvement, all staff is fully determined. We've local staff atlanta divorce attorneys city and town, who is able to attract the local customers. We have the best technical infrastructure for online bank requirement. Safety and security of the bank software is high because they have the strategic alliance which top software manufacturing company of the business.

Weaknesses

Our staff is young they don't really have much publicity of the rival, customers and bank which can lead to poor performance and impact our reputation and high standard of service. We've a lot of competitors that happen to be international and bigger than us, they have got research department and more qualifies staff who are able to package with legal, functional, technological and other changes. Our opponents have more correspondent banking marriage for forex business, we are not familiar with this so that it will be problematic for us in this difficult competition.

Opportunities

Harvest bank established fact in the eye of customers, govt. public and private sector so our products of online debris and online home loans will be easily used by the customers. Country is appearing out of recession, customers never have sufficient fund for deposits but we may take money from international financial market and spend money on online mortgages services. In downturn property prices went down now people are again buying houses for save and secure investment purpose. It is good time for all of us to purchase home loans for the people who have less money for house by providing them competitive rate on property home loans at the basis of credit rating / score of customer.

Govt is encouraging house holder to stay in their property and providing them financial sport for home loan instalment, it is save and secure investment. The competitive rates and charges of the products provide us better image in the eye of the clients and we can draw in customers. There is certainly more range for our standard bank to market through electronic marketing and create knowing of our product and services to appeal to customers. The tourism industry of Europe and UK is increasing alot of students, buyers and migrants are coming which could be prospective clients for our standard bank for the money depositing. In future years there is certainly more advance technology in bank when there are no paper money and everything the transaction will be through bank / online, we have to be prepare for it.

Threats

Some clients still wish to accomplish business with this competitors

Source: Office of Country wide Statistic Ideas Survey

Statistical Bulletin: ACCESS TO THE INTERNET 2010

www. statistics. gov. uk/pdfdir/iahi0810. pdf

http://www. statistics. gov. uk/cci/nugget. asp?id=8

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