Royal bank of Canada SWOT Analysis
INTRODUCTION
Royal Bank of Canada is the largest multi financial and the largest bank in the Canadian market. This company has its headquarters in Canada Toronto, it was founded in the year 1864 at Halifax Nova Scotia, currently it is having total assets worthy over CA$1.27 trillion .according to history this bank was founded by a group of maritime trade merchants initially as a private and bank that was not chattered the aim by then was to help the traders in their day to day activities.
STRENGHTS
- This company has a good record of developing new products in the market. This aspects makes it more competitive and wining many customers in the market due to product innovation.
- The company is known to have a successful record of integrating complimentary by being involved in acquisition and mergers
- Another aspect that makes this company the best is that it has a highly-skilled workforce as it puts them in successful learning and TRAINING PROGRAMS. Making The workers ready to face the clients
- The royal bank of Canada has reliable distribution channels, which markets it even advance into the new and potential markets.
- Lastly, from company history, we can see that it has a higher probability of being successful at go to market strategies when marketing its products.
Don't use plagiarised sources.Get your custom essay just from $11/page
WEAKNESS
- The company, at times, has gaps in the items sold, meaning that there is a lack of choices. However, this could give the competitors in the market get a new foothold and compete for royal bank of Canada.
- Investment in Research and Development is below the fastest growing players in the industry. Even the range sold by the company. This lack of choice can give a new competitor a foothold in the market.
- This bank has been challenged when it comes to moving to another product segment due to the effects of having limited success outside the firm.
- The research shows that the company is lacking proper Financial planning .it is clear that the company asset and liquid ration explains that the company mostly use cash efficiently than its currents statistics.
- There is still some need for technological integration as this would give the company a potential of expansion to more potential markets out there.
OPPORTUNITY
- The bank has got a possibility of getting more new customers on online channels as it has invested in online social platforms.
- The company is having an economic uptick due to customer increase in their spending after it has had some recession in the past years, now it is capable of getting and wining new customers to advance its market.
- The company has shown a market development which is likely to make it increase its competitive advantage in the market
- The government and federal states are giving the company some contracts, e.g. the government green drive as this is an opportunity for this bank
- Another possibility is the come is opening new markets as the government has set new trade agreements standards which give this company has a chance to get into the new emerging demand from the adoption of technology.
THREATS
- The most common risks facing this company is exposition to currency fluctuation as it operates in different countries.
- There are also some cases of inadequately skilled personals into eh global market this could be a threat to the steady growth of the company profits in the international market
- There are challenges like lawsuits in the foreign or new markets due to constitutional changes to a market standard sin country it operates
- Another thereat could be further technological advancement by the competitor may disrupt the royal bank of Canada international market
- Lastly, we can say that the company could likely have a threat of not having regular innovative products supply as this could result from the company being defeated by its competitors.
CONCLUSION
Generally from the above discussion SWOT analysis, it is among the top firms in the Canadian industry. This financial institution keeps its position in the market through doing critical analysis and reviewing of the company’s strengths, wellness, opportunities and threats. The management uses this analysis to effectively coordinate with all departments in the firm including, finance, marketing, operations and management information to identify the eternal strategic factors, like threats and opportunities and internal factors including weakness and strength which makes the manager of the bank come up with strategies to improve the business.