Pestle Analysis of Banks in Singapore
Contents Introduction 3 PESTLE Analysis on Singapore's Banking Industry 3 Technological 3 Political 3 Social 4 Economic 5 Legal 5 Environmental 5 Discussion and Evaluation 6 Bibliography 7
Introduction
Singapore is a small country in South East Asia with no natural resources and limited population. However, the banking industry of Singapore is one of the leading players globally. This report aims to find out what are the factors that can make the banking industry thrive.
A PESTLE analysis would be provided from the viewpoint of a bank in Singapore. This is to make it more realistic as its aim is to give an overview sight on the business environment in Singapore to find out if there are any risks, threats and to minimise them. Not forgetting the opportunities that can capitalise on. The objective of the PESTLE analysis is to have a foresight of the external environment that could impact the internal business environment and implement necessary measures.
PESTLE Analysis on Singapore's Banking Industry
Technological
With a strong advanced technological infrastructure, banks in Singapore can tap on technology to their advantage both internally and externally. Internally, it means the bank processes are highly effective and efficient also cutting down on costs. This is done by having the right software systems implemented, for example knowledge management software systems that spread across the many departments and upper management of the bank. When properly managed, the bank can reap huge benefits such as sharing vital information to help make decisive decisions on time and cut unnecessary costs down.
For external, the services the banks provide such as the automated teller machine (ATM) and internet banking have changed the scene of the business environment. From traditional walk in branches, customers of banks can now utilise its services 24 hours a day and 7 days a week, no longer restricted to the geographical location and opening hours of a bank's
Introduction
Singapore is a small country in South East Asia with no natural resources and limited population. However, the banking industry of Singapore is one of the leading players globally. This report aims to find out what are the factors that can make the banking industry thrive.
A PESTLE analysis would be provided from the viewpoint of a bank in Singapore. This is to make it more realistic as its aim is to give an overview sight on the business environment in Singapore to find out if there are any risks, threats and to minimise them. Not forgetting the opportunities that can capitalise on. The objective of the PESTLE analysis is to have a foresight of the external environment that could impact the internal business environment and implement necessary measures.
PESTLE Analysis on Singapore's Banking Industry
Technological
With a strong advanced technological infrastructure, banks in Singapore can tap on technology to their advantage both internally and externally. Internally, it means the bank processes are highly effective and efficient also cutting down on costs. This is done by having the right software systems implemented, for example knowledge management software systems that spread across the many departments and upper management of the bank. When properly managed, the bank can reap huge benefits such as sharing vital information to help make decisive decisions on time and cut unnecessary costs down.
For external, the services the banks provide such as the automated teller machine (ATM) and internet banking have changed the scene of the business environment. From traditional walk in branches, customers of banks can now utilise its services 24 hours a day and 7 days a week, no longer restricted to the geographical location and opening hours of a bank's
Bibliography: World Economic Forum, 2013. 'The Global Information Technology Report 2013 ' [PDF] Available at: http://www3.weforum.org/docs/WEF_GITR_Report_2013.pdf [Last Accessed: 20 May 2013] International Bank for Reconstruction and Development / The World Bank, 2013 Chong D. 2013. '3 big risks Singapore banks are likely to face in 2013 '. Available: http://sbr.com.sg/financial-services/news/3-big-risks-singapore-banks-are-likely-face-in-2013. [Last Accessed: 20 May 2013] Monetary Authority of Singapore, 2013 DBS Bank - Community Relations | Disaster Relief . 2013. DBS Bank - Community Relations | Disaster Relief . [ONLINE] Available at: http://www.dbs.com/community/disasterrelief/default.aspx. [Accessed 22 May 2013]. The Digital Nature Archive of Singapore. 2013. The Digital Nature Archive of Singapore. [ONLINE] Available at: http://rmbr.nus.edu.sg/dna/about_us. [Accessed 22 May 2013] Ministry of Trade and Industry Singapore Ministry of Finance - Corporate Income Tax . 2013. Ministry of Finance - Corporate Income Tax . [ONLINE] Available at: http://app.mof.gov.sg/corporate_income_tax.aspx. [Accessed 23 May 2013]. Suppliers - ethics and policy - HSBC in Hong Kong . 2013. Suppliers - ethics and policy - HSBC in Hong Kong . [ONLINE] Available at: http://www.hsbc.com.hk/1/2/cr/environment/suppliers/ethics. [Accessed 23 May 2013]. Corporate tax rates table | KPMG | GLOBAL . 2013. Corporate tax rates table | KPMG | GLOBAL . [ONLINE] Available at:http://www.kpmg.com/global/en/services/tax/tax-tools-and-resources/pages/corporate-tax-rates-table.aspx. [Accessed 23 May 2013]. President 's Award for Environment 2012 | HSBC Singapore . 2013.President 's Award for Environment 2012| HSBC Singapore . [ONLINE] Available at: http://app.mewr.gov.sg/web/contents/ContentsPAE.aspx?ContId=1731. [Accessed 25 May 2013].