All major high street banks have products and services available for their Corporate business customers.
The banks need a large number of products and services to meet the varying requirements of different types of business customers and they can choose from a wide range of products and services as and when they require them. Corporate business customers would need fast access to their bank, as they regularly need to purchase different things fast such as materials and products from their suppliers.They may also require regular loans in order to keep the business in hand. It is important that the customers receive advice that is offered to them about their financial transaction, which is a benefit to any business. Weakness: We think that banks have a number of weaknesses these include things such as their location. The location of a bank is very important and is not always convenient because they are mainly based in the town centre and it can be difficult for customers to visit the branch, especially with the parking problems in town centres.Some banks have poor customer service at certain busy times like at lunchtime on a working day.
There is too much paper work involved when taking out loans, which can be time consuming and frustrating for some customers. Opportunities: There are always opportunities for banks to improve their relationships with customers, they can do this by relocating their banks, or have other branches outside the town centre which would make it easier and more convenient for customers to access it.Threats: Cheaper labour abroad is a known threat in the banking industry. Many companies like HSBC are moving to countries like India for cheap call centre staff, which can affect the in the way they are operating as some customers do not want their call to be answered half way across the world.
This will affect the corporate business customers, as it will become more difficult for them to have their calls answered locally or nationally by their bank.An increase in interest rates would also be a threat to corporate business customers, as they will have to pay higher amounts of interest on their large business loans. As a result of this some customers may start to compare the interest rates of other banks and shop elsewhere for a better deal. As strengths, our high street bank arranges big structures, well-located (town centres, shopping centres…
), so it is accessible for the owners of SME. It is highly recognisable by its logo, store design..
.We have at the owners of SME’s disposal quick ways to deposit cash: “business express services” (no queues). We are available 24 hours a day, 7 a week, with Internet and phone banking. We offer a high range of “products” and services, as low cost business banking, committed overdraft guaranteed, discounted business loan (with low start loan payments, and a quick decision from us), and cash flow finance. We try to customize them, so they can respond to individual needs.