This analysis of Old National Bank starts with a brief SWOT Analysis and then takes a look at the current deposit marketshare of Vanderburgh County in Indiana.
•Excellent customer service
•Offer more than just checking and savings account
•Variety of accounts to suit individuals’ needs
•Not a national bank
•Higher fees than other banks
•No free checking accounts
•Market limited to local area and surrounding counties
•Growing demand for increased customer service in banking •Growing demand for increased accountability and responsibility in bankingThreats •Competitors enticing ONB customers away with free checking accounts •Increasing competition in local market
•Competes with Integra and Fifth-Third
Old National Bank (ONB)is a local bank that places emphasis on customer service and provides many services besides deposit accounts for its customers, such as: investments, retirement accounts, personal and student loans, insurance, wealth management, credit cards, and travel services. ONB also offers a variety of checking and savings accounts with a variety of fees and benefits. ONB tries to be a “one stop shop” for its customers. Because of recent events there has been an increasing demand in customer service in banking as well as increasing demand for accountability and responsibility in the baking industry as a whole. ONB tries to focus on these improvements to keep is current customers and win new customers from its competitors.
The main weakness of ONB is the fact that it is a local bank, not a national bank like its competitors. Because of this, ONB has had to impose the new fee schedules that the government has imposed on the banking industry while its competitors have not. This means ONB does not have a free checking account anymore unlike its competitors. This been a...