PESTLE Analysis Of Republic Bank

PESTEL is a mnemonic which in its lengthened form means P for Political, E for Economic, S for Social, T for Technological, E for Environmental and L for Legal. This concept is used as an instrument by companies to track the environment in which they are operating or are planning to launch a new project/product/service etc. ("What Is PESTLE Analysis? A Tool for Business Analysis" 2017). There are currently eight commercial banks operating in Trinidad and Tobago with a network of 123 branches. The organization of choice is Republic Bank Ltd. which falls under the banking sector of Trinidad & Tobago. The PESTEL framework has impacted the industry in many ways, mainly the political, economic, social, technological and legal.
Political forces,
Social trends include but are not limited to; population development rate and age report, population health, education and social movement, and attitudes to population employment patterns, job market liberty and attitudes to employment. An example of this is an increase in personal lending during the holiday seasons. For example during the Christmas season Republic Bank launches its Christmas Loan Sale Campaign, where customers borrow to cover their Christmas expenses. Another example is the type of account offered. There is the right start, for children under the age of eighteen, the career builder, for persons over the age of eighteen who either work or go to school and the major league for persons over the age of sixty, to name a few. Social and cultural factors determine what products and services are to be provided.
Technological innovations are new methods to doing new and old things, and undertaking new and old problems; these do not necessarily include technical equipment - they can be new ways of thinking or of categorizing ("Assessing The Impact Of Political, Economic, Socio-Cultural, Environmental And Other External Influences" 2017). Technology enhances operations in the banking sector; it makes banking processes easier and more accessible citizens from any location. An example of this is internet banking. Internet banking allows for its users to conduct everyday banking transactions
It puts the organization in a better stance to analyse the trials, setting reasons, opportunities, limits and incentives it faces. In case an organization does not take into consideration any one of these factors, it may not plan and operate correctly.
REFERENCES
"Assessing The Impact Of Political, Economic, Socio-Cultural, Environmental And Other External Influences". 2017. Health Knowledge. https://www.healthknowledge.org.uk/public-health-textbook/organisation-management/5b-understanding-ofs/assessing-impact-external-influences.
"Five Important Economic Factors Affecting Banks". 2017. Best Essay Services: Essay Help Online Free, Master Thesis Help Online. http://www.bestessayservices.com/blog/five-important-economic-factors-affecting-banks/.
"Foreign Account Tax Compliance Act". 2017. Irs.Gov. https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca.
"What Is PESTLE Analysis? A Tool For Business Analysis". 2017. PESTLE Analysis.