Marketing

First Online Bank in the United Kingdom The Egg Bank

EGG bank is successful as it caters to the need of the customer for managing their money effectively. The areas of specialty are borrowing, saving and insurance which they offer with great service.EGG bank is successful as it caters to the need of the customer for managing their money effectively. The areas of specialty are borrowing, saving and insurance which they offer with great service. PESTLE ANALYSIS Political It has been heard since the beginning of the year that financial reforms will take place but it is still unsure how it will affect the banking system in the UK. According to this reform, banks are required to increase their amount of capital to support their activities. Banks are still unsure of how strong the reforms will be and what will be its effects.EconomicalThe credit crunch has also had its effect on the UK banking sector. Bank of England is slightly changing its monetary policy as a means of quantitative easing hoping that the economic conditions would become better. The UK is also working in close collaborations with China to develop the financial and capital markets.Social Many jobs have been lost due to economic slowdown that has had a huge impact on the thinking and the demand of the population. People are now looking away from the banks as they have no means of re-payments of loans from the banks. Also, many people are indifferent to the products that are offered by the banks and are looking for some better options in which they could invest. Technological breakthroughs are occurring all over the world and not just in the UK. The banks that were operating offline are now establishing themselves over the internet offering more products for different segments than they were doing in their offices. The rapid progression of banks on the internet has introduced a new banking industry called e-banking. Banks are now fighting to capture more target markets than their competition using heavy online and offline marketing.Legal The legal issues concerning the banking industry are where they would invest people’s money as the customers demand details and guarantee on their returns. The paperwork and documents on the customers’ information as well as the banks’ information are now of vital importance before entering into any type of transaction due to increased fraudulent activities.

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