KBC Group N.V. SWOT and PESTLE Analysis

Strength

1. Focus on digital infrastructure and its own assistant Kate may help the company grow: The digital transformation that society was already going through has been accelerated by the coronavirus crisis. The Group intends to move much further in that direction in the future as digital has established itself as the new norm. The group’s updated strategy, ‘Differently: The Next Level’ represents another gear-change towards achieving just that. Supported by Artificial Intelligence and data analysis, it aims to work in a solutions-driven way to proactively make life easier for its clients. The Group introduced "Kate," a fully digital personal assistant for its customers. This launch marks a significant advancement in the services offered by the KBC Group, which will focus on providing nonfinancial solutions in addition to traditional bank-insurance solutions with the goal of making its clients' lives easier. Additionally, the business committed EUR 1.4 billion to digitization between 2021 and 2023. The creative group approach that is data, AI, and digitally driven aids the business in achieving long-term profitability. In order to integrate digital services into its portfolio, the Group focuses on simplification and straight-through processes. With such investments, the Group is well positioned for long-term, sustainable growth in a world where digital services coexist with traditional services to enhance customer satisfaction.

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Weakness

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Opportunity

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Threat

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Political

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Economic

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Social

1. Usage and rise of digital banking services in Belgium: The 2020 Digital Banking Maturity report from Deloitte identifies 318 banks from 39 countries as well as industry leaders and champions. According to Deloitte's 2020 Digital Banking Maturity Study, two of the seven Belgian banks evaluated outperformed the industry globally, placing Belgium third. Between mobile and internet banking, there is still a significant distinction in Belgium. Some banks are still placing an excessive amount of their investments in the web, even though customers typically use their mobile devices first (or even only) for the majority of the steps of their banking journey. In order to satisfy their customers' needs and expectations, Belgian banks must close the gap in mobile functionality. The banking sector in Belgium is not uniform, with two large banks performing best overall. Expanding relationships is anticipated to take on greater significance. As a result, they are in a better position than other banks that still need to develop their capabilities and ecosystems to capitalise on and increase their digital lead. In light of the measures implemented to limit the spread of COVID-19, the majority of banks closed or reduced the opening hours at their branches. A lot of banks have implemented new digital features, like fully digital processes, as a result of the crisis (e.g., account opening, remote identification and verification, and contactless payments). Banks must therefore take advantage of this favourable environment and enhance their digital capabilities.

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Technological

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Legal

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Environmental

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