COMPANY PROFILE -Bank of Ireland Group
Business Sector :Banking and Financial Services
Operating Geography :United Kingdom, Europe, Global
About Bank of Ireland Group :
The Bank of Ireland Group is an Irish commercial bank headquartered in Dublin, Ireland. The Bank, which has long been Ireland's primary banking institution, holds a unique place in the country's banking history. The Bank of Ireland first opened its doors on June 25, 1783, in Mary's Abbey, in a private home previously owned by Charles Blakeney. The Group offers a wide range of financial services to individuals, businesses, industries, and agriculture. Checking and deposit accounts, overdrafts, term loans, mortgages, international asset finance, leasing, instalment credit, debt financing, foreign currency facilities, interest and exchange rate hedging products, and executor and trustee services are some of the services offered by the bank. It also has a presence in Northern Ireland, where it makes its Pound Sterling banknotes. It also serves the British Post Office and AA Savings in the United Kingdom. Bank of Ireland Corporate Banking, which has offices in France, Germany, Spain, and the United States, is principally responsible for operations throughout the rest of the world. In June 2022, Bank of Ireland completed acquisition of J&E Davy Stockbrokers for €427 million which is projected to improve the combined services offered to its corporate clients and create more room for expansion.
Bank Of Ireland's Unique Selling Point or USP lies in it being specializing in retail and commercial banking, as well as being one of Ireland's top four banks. The mission statement of Bank Of Ireland reads, "We are empowered to take ownership and trusted to do the right thing to support our customers, colleagues and communities. We lead by example and challenge ourselves and each other to do our best work at all times".
Bank of Ireland Group Revenue :
€ 2,944 million - FY ending 31st December 2021
€ 2,620 million - FY ending 31st December 2020
Competitive Analysis of Bank of Ireland Group
The SWOT analysis for Bank of Ireland is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
1. Digital products are attracting a larger customer base
2. Considered to be the only bankassurer in the Irish market
3. Improving financial performance may lead to profits for the company
4. Focus on digitalization of the services will help in getting to profitability
5. Being a customer focused organization will improve the core of the company
| 1. Adverse impact of COVID 19 on the company |
| Opportunities | Threats |
1. Reduced costs in operations may improve profitability
2. Improvement and use of technology in the banking sector of Ireland
3. Rising fintech companies may improve the products offered by the bank
| 1. Risk of cyber-attack on the bank leading to breach of data affecting company’s reputation
2. Rising number of regulations post the 2008 crisis along with new regulations being set may increase costs
3. Lack of public trust in banking sector of Ireland may reduce future growth rate
|
Bank of Ireland Group SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed SWOT Analysis of Bank of Ireland Group
Strength
1. Digital products are attracting a larger customer base: Consumers are by and large moving towards digital banking. At Bank of Ireland, 70% of sales of key banking products originate digitally, and in-branch transactions are 93% automated. Digital journeys are getting better through company’s investments in more than 15 end-to-end redesigned sales and servicing journeys for customers. By making processes simpler and reducing application times, the customer experience of the product has improved. 810,000 customers have successfully changed to Bank of Ireland’s new mobile app which gave a 50% increase in functionality. The trend of digital engagement has picked up pace in 2020 with 69% of the customer interaction with the daily banking products going through digital channels which was up 7 percent from 2019. The Group reduced its physical footprint in Ireland by closing 33% of the branches in 2021 while still offering digital service offerings. The company is also working with An Post, the Irish post office, in Ireland to ensure that customers of the closed branches could continue to access the banking services. The company can leverage its digital offerings to get profitability in the long term.
The remaining section under "Strength" is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Reduced costs in operations may improve profitability: Bank of Ireland Group has kept its focus on reducing costs of operations to get profitable. The Group’s cost of operations reduced for the seventh successive reporting period in 2021 and it was able to achieve its 2018 Investor Day’s target of EUR 1.7 billion cost base early by one year. A broad range of initiatives in the staff and non-staff categories was the reason for achieving the cost reduction target. The group targeted 2021 costs to be less than €1.65 billion and announced a new medium-term cost target for 2023 of €1.5 billion. The strive to reduce the costs will be the driving force for the company to get to profits as it has been seeing losses for some time. COVID has certainly affected its financials for which the cost reductions are crucial for the company to counter its effects. The measures used for reducing costs will be an opportunity for the company to go ahead and post improved financials and be more lean in operations. With reduced costs it may be able to pay off the debt it has and garner more profits.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Bank of Ireland is presented below in a table followed by the detailed analysis report:
| Political | Economical |
| 1. Impact of Brexit on the banking sector of Ireland and UK | 1. Impact of COVID 19 on the banking sector of Ireland |
| Social | Technological |
1. Closure or downgrading of branches and ATMs in Ireland
2. Financial exclusion due to illiteracy may affect the expansion of the banking sector
| 1. Cyber security threats loom large with digital banking in vogue
2. Back-office functions will be replaced with AI and other technology
3. Rising Artificial intelligence usage in banking
|
| Legal | Environmental |
1. Financial regulations in the banking sector of Ireland
2. Adherence to General Data Protection Regulation (GDPR) being followed in Ireland
| 1. Impact of climate change on the financial sector |
Bank of Ireland Group SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed Pestle Analysis of Bank of Ireland Group
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
1. Cyber security threats loom large with digital banking in vogue: Though digital banking has multiple benefits, there are also many downsides of using it. The Royal Bank of Scotland Group was fined with GBP 56 million by the UK regulators on the top of GBP 70 million in redress payments to customers after a major IT crash in 2012 which affected 6.5 million customers. The threat of cyber-attacks to banks and the financial system is also a major concern. Ireland is estimated to hold about 30% of all the EU data due to the widespread presence of tech companies in the country and the capacity of defence forces to ensure cybersecurity is somewhat weak. According to the International Telecommunication Union (ITU), Ireland is ranked 23rd in Europe and 38th globally in the Global Cybersecurity Index. Banks operating in Ireland need to have a look into their cyber security infrastructure and need to invest heavily to improve them. Data breaches and leaks will strongly hamper the customer trust on their company and thus they should take this risks seriously.
The remaining section under "Technological" is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Bank of Ireland Group SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in Bank of Ireland Group SWOT & PESTLE Analysis Report
1. Annual Report - https://investorrelations.bankofireland.com/app/uploads/BOI-Annual-Report-2020.pdf
2. 4 FinTech companies transforming the financial space in Ireland - https://ibsintelligence.com/4-fintech-companies-transforming-the-financial-space-in-ireland/
3. Brexit FAQ - Consumers - https://www.centralbank.ie/consumer-hub/brexit-faq-consumers
4. Transition in thinking: The impact of climate change on the UK banking sector - https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/report/transition-in-thinking-the-impact-of-climate-change-on-the-uk-banking-sector.pdf
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Bank of Ireland Group SWOT and PESTLE analysis has been conducted by Amit Kabi and reviewed by senior analysts from Barakaat Consulting.
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