Metrobank Company Profile

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Global

Banks are subject to keep in line with global developments such as unions between nations. They have to respond to the major innovations in order to stay at par with the prevailing strategies. These would lead these banks into bringing optimum service and boost their organization’s performance. Banks are also subject to competition from the foreign banks that enter the market. Especially with the nearing ASEAN integration, competition will be higher in the coming years.

Socio-Cultural

These banks offer services that suit the characteristics of their market, which is dictated by demographics, culture etc. They have to consider the socio-cultural status of their market to create products and services that cater to their needs. Also, banks need to adjust their services to the people’s preferences in terms of handling their money. Loans still make up the bulk of the banking industry’s profit, but cash is also gaining percentage.

Technological

Banks, given that they already have a fixed set of functions, must continuously strive for innovation especially in terms of technology. In a technologically advanced world where a lot of functions are being made easier by the existence of machines and the internet, the banking industry copes up through the automation of its processes. This includes the prevailing system for online banking, electronic cash transfers and other features. Online banking also expands the market by attracting customers who look for ease and accessibility for their bank transactions.

Economic

The economy affects the banking industry in terms of the interest rates controlled by the central bank and the economic status of the market. Banks must also take into consideration the strength of our currency against the foreign currencies.

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