81658073 health care Industry SWOT analysis - Running Head...

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Running Head: BANKING INDUSTRY SWOT ANALYSIS 1 Banking Industry SWOT analysis Name: Institution: Date:
BANKING INDUSTRY SWOT ANALYSIS 2 Banking Industry SWOT Analysis The success of every industry depends on how the key players understand SWOT analysis. It involves ascertaining the Strengths, Weaknesses, opportunities and Threats both in internal and external business environment (Thompson, 2010). By analyzing the this key factors, the business would be able to utilize their advantage that they have in market environment while at the same time they would be able to ascertain the challenges that are likely to be encountered thus coming up with strategies that would provide solution and enable them to conduct their business activities successfully. The SWOT analysis allows a business to understand how a competitor is positioned in the environment by assessing its strengths, weaknesses, opportunities, and threats. An understanding of a competitor's position can be a key for a business to determine where funding and resources should be allotted to create new products or services (Thompson, 2010). By doing so, the industry would be able gain competitive advantage and succeed in their business operations. The SWOT analysis also allows industry management to plan their short term and long term goals thus coming up with strategic plans that would enable them to achieve their goals. This research paper would conduct SWOT analysis of banking industry. The strength of an industry when in SWOT analysis is the capabilities that an industry possesses that enables them to compete and survive in the market environment (Mohapatra, 2012). The strength of an industry thus provides a company with a competitive advantage over other industries as a result of the productivity impact that it has on the business. The adoption and use of new technologies is one of the strengths that the banking industry has (Mohapatra, 2012). Technological advancement has enable bankers to improve their service delivery by enabling their customers to bank anywhere, anytime they want to undertake financial transactions. The adoption of information technology has been a key driver that has enabled
BANKING INDUSTRY SWOT ANALYSIS 3 financial institution to provide effective, efficient, reliable, and user friendly financial system.

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