Citizens Financial Group SWOT and PESTLE Analysis
ID : 52904053| Feb 2023| 25 pages
COMPANY PROFILE -Citizens Financial Group
Business Sector :Banking and Financial services
Operating Geography :United States, North America, Global
About Citizens Financial Group :
Citizens Financial Group is an American Bank. It is headquartered in Providence, Rhode Island and has its branches in Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania and Vermont. In 1828, Citizens was formed as a High Street Bank in Providence, Rhode Island. Citizens Savings Bank was established in 1871 when Rhode Island Legislature gave a second charter which eventually acquired its parent group to form Citizens Trust Company. In 1954, the bank acquired The Greenville Trust Company to establish Citizens Financial Group as a holding company. Citizens accomplished its acquisition of Franklin American Mortgage in a deal valued at $511 Million, expanding its presence into Tennessee and Texas in August, 2018. The bank has agreed with several supermarket chains to locate bank branches in the stores and one of the unique aspects of these Citizens branches nestled inside supermarkets is that they provide full-service banking from 10 am to 3 pm on Sunday, when Citizens branches itself are traditionally closed. The bank was one of the flagship banks in the US to utilize Radio-frequency identification (RFID) technology on its ATM cards, via MasterCard PayPass. In 2021, the company aims to change the effect of interest rates on net interest income, net interest margin and its mortgage originations, mortgage servicing rights and mortgages held for sale. In 2020, Citizens Financial Group has been recognized as a winner of 2020 Model Bank award for its Commercial Bank Transformation.Citizens Financial Group Inc.’s Unique Selling Proposition or USP lies in it being the second largest bank in the United States. Citizens Financial Group Inc.’s mission statement reads, “Our mission is to help our customers, colleagues and communities reach their potential. Our vision is to be a top-performing bank distinguished by its customer-centric culture, mind set of continuous improvement and excellent capabilities.”
Citizens Financial Group Revenue :
$6.9 billion – FY ending 31st December, 2020 (Growth 6%)
$6.49 billion – FY ending 31st December, 2019 (Growth 5.87%)
$6.13 billion – FY ending 31st December, 2018
Competitive Analysis of Citizens Financial Group
SWOT
PESTLE
The SWOT analysis for Citizens Financial Group is presented below in a matrix followed by the detailed analysis report
| 1. Widespread presence in domestic market with close to 1100 branches and 2700 ATM’s. 2. Strongly positioned as a leading consumer bank 3. Consistent financial growth through increase in net income and revenue 4. High quality, balanced consumer portfolio 5. High performing, customer centric organization | 1. Operations are restricted to few states of US in era of global expansion. |
| 1. Asset management will be the game changer in terms of revenue for M&P Bank 2. Bold transformation will lead to expansion in market share and net profit. 3. Transforming towards a digital-first bank with differentiated capabilities | 1. New entrants of neo-banks are attracting customers, thus reducing the market share 2. Highly competitive financial services industry |
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Detailed SWOT Analysis of Citizens Financial Group
Strength
1. Widespread presence in domestic market with close to 1100 branches and 2700 ATM’s: Citizens Bank was a subsidiary of Royal Bank of Scotland. Citizens Bank is headquartered in Providence, Rhode Island. This consumer bank operates in Connecticut, Delaware, Vermont, Rhode Island, Maine, Massachusetts, Pennsylvania, South Carolina, Michigan, New Hampshire, Ohio, New York and New Jersey. With operations in these eleven states with over 1100 branch locations and 2700 ATM’s it becomes the largest bank which is so densely present at every location and covers the domestic market holistically. Strong retail deposit market share in these eleven states is a competitive advantage for Citizens Bank. Commercial Banking from Citizens Financial Group is also serving companies and industries in this region.
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. Asset management will be the game changer in terms of revenue for M&P Bank: Asset management will shape the future of banking and financial sector. The investable asset is predicted to grow to $102 trillion from $64 trillion in 2020 itself. These growth sovereign wealth funds and increase of high net worth individuals are the key drivers in asset growth. However growing asset will also have rising cost related to being compliant with regulation and growth of their distribution network. Changing markets and demographics will increase asset management as a game changer for the bank.
The remaining section under "Opportunity"is available only in the 'Complete Report' on purchase.
Threats
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Major Competitors :
- Fifth Third Bank
- M&T Bank
- BNY Mellon
- HSBC Us
- JP Morgan Chase
- Bank of America
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SWOT & PESTLE (combined)
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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References used in Citizens Financial Group SWOT & PESTLE Analysis Report
1. Annual Review 2020 - https://investor.citizensbank.com/~/media/Files/C/CitizensBank-IR/reports-and-presentations/2020-annual-review-3-5-21.pdf
2. Annual Financial Services Forum 2021 - https://investor.citizensbank.com/~/media/Files/C/CitizensBank-IR/reports-and-presentations/cs-financial-services-forum-02-25-21-final.pdf
3 Does banking's future outweigh its past? - https://home.kpmg/xx/en/home/insights/2019/04/does-bankings-future-now-outweigh-its-past-fs.html
4. Asset Management 2020: A Brave New World - https://www.pwc.com/gx/en/industries/financial-services/asset-management/publications/asset-management-2020-a-brave-new-world.html
5. EVOLUTION OF THE US NEOBANK MARKET: Why the top US digital-only banks are growing in the banking sector - https://www.businessinsider.com/evolution-of-the-us-neobank-market?IR=T
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Citizens Financial Group SWOT and PESTLE Analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.
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Citizens Financial Group SWOT and PESTLE Analysis
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