PESTEL Analysis of Standard Chartered
PESTEL gives important details about market dynamics and operating challenges. Indeed, it is a great strategic tool to identify the macro business environment of a company like Standard Chartered Plc. It is a short form of political, economic, social, technological, environmental, and legal factors. PESTLE helps the organization to benchmark its position in the competitive environment in which it operates. Anyone can use this tool to boost the overall profitability of the financial industry. Here is the detailed PESTEL analysis of Standard Chartered Bank,
Political Factors | PESTEL Analysis of Standard Chartered
The thing that can affect any business in a second is the political factor. This is one of the things that have a huge impact on the performance of the bank because it is operating in over 70 countries. So, the political system differs from one country to another. As a British financial organization, it is highly exposed to UK’s political stability and changes. Also, they need to analyze every country’s political system in which they are operating to avoid the risk of trouble. Here are some important political scenarios that Standard Chartered Plc should keep in mind before investing or venturing to any country,
- Overall situation of banks in the country and stability of the political system in the country.
- Military invasion.
- Corruption level in the country.
- Tariffs and trade rules.
- Legal structure of the country.
- IPR.
- Wage legislation.
- Labeling of products and also other relevant things.
- Taxation.
- Pricing strategies.
- Work week rules.
- Industrial safety.
- Trading partners.
- Employee benefits.
Economic Factors | PESTEL Analysis of Standard Chartered
When it comes to PESTEL, the most important factor is the economic factor. Also, factors like inflation rate, foreign exchange, interest rate, and savings rate can change the company’s whole business performance. Accordingly, they can impact the revenue stream of Standard Chartered Plc at any time. So, sudden changes in these factors can lead to some disastrous effects. They can also disturb the competitiveness of the company so others can take benefit of this thing. Hence, these economic indicators should be analyzed carefully for constant growth and expansion. Here are some crucial economic factors that Standard Chartered Plc must investigate,
- Type of economic system in the country.
- Intervention of government.
- Exchange rates.
- Interest rates.
- Unemployment level in the country.
- Growth rate in the financial sector.
- Inflation rate.
- Labor costs.
- Education level.
- Discretionary rate.
Social Factors | PESTEL Analysis of Standard Chartered
The role of social factors is intense in any business. People’s buying decisions and overall spending habits create a huge effect on the performance of Standard Chartered Plc. On the other hand, the overall employment level and demographics also play a huge role in this matter. It is also important that how people react towards any product or service. Thus, they should design marketing strategies according to people’s interests. Here are some imperative social factors that the bank must consider,
- Overall education level in the country or in the financial sector.
- Leisure preferences.
- Attitude towards environment and health.
- Gender roles and impact of culture on the business.
- Class structure.
- Demographics.
- Skill level of people.
Technological Factors | PESTEL Analysis of Standard Chartered
On the one hand, utilizing the latest technologies to make online transactions secure and fast is imperative. On the other hand, there are plenty of technologies that can take the bank to a whole new level. Moreover, they should exploit those technologies that help to cope with future problems. Thus, it is necessary to stay competitive in the market. Meanwhile, many companies are using the latest technologies to make their business more profitable and strong. The following are some important technological factors,
- Technologies adopted by the competitors of Standard Chartered Plc.
- Impact of new technology on services or products.
- Diffusion rate of technology.
- Cost structure in the banking sector.
- Value chain structure.
Environmental Factors | PESTEL Analysis of Standard Chartered
People are pretty much concerned about climate and the world. On the other hand, they are more aware about climate change and air pollution. In fact, they need to follow environmental laws and liability laws. Thus, every country has different liability laws and the company should follow them. Moreover, the bank is trying to adopt green initiatives to reduce environmental impact. Indeed, it is the only way to get the attention of people and attract them. These are some crucial environmental factors,
- Environmental change.
- Process of recycling.
- Renewable energy sources and green initiatives.
- Waste management.
- Air pollution.
- Water pollution.
- Eco-friendly services or products.
- Environmental pollution.
Legal Factors | PESTEL Analysis of Standard Chartered
They have a huge impact on the performance and way of working of any company. Moreover, every country has different rules and regulations that the bank should follow to avoid any legal action or lawsuit. Lawsuits and other legal proceedings can destroy the image of the company as well as profitability. As a result, the company can lose its market position and competitive edge. Here are some important legal factors that the company must follow,
- Anti-trust law.
- Discrimination law.
- Data protection.
- Safety laws.
- Employment laws.
- Minimum wages law.
- Intellectual property rights / patents.
- Online security and customer protection.
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