SWOT ANALYSIS
Strengths
i . Enjoy up to 100% bonus of interest/profit on total interest/profit when consumer save regularly.
ii . With CIMB Junior recognition card, kids can enjoy discounts and privileges with selected merchant stores listed under CIMB.
iii . Children aged 12 and below, with any nationality can apply for CIMB Junior Savers Account. MyKids or passport need to be presented upon registering.
iv . The interest rates are higher than a normal savings account.
Weaknesses
i . Minimum deposit amount to open up CIMB Junior Savers Account are higher compared to other banks.
ii . CIMB Junior card only offers at selected outlets only therefore it is not convenience enough.
iii . It has limitation on how much you need to at least save, to get the certain interest rates.
iv . Lack of promotion, not everyone knows that CIMB offers a savings account for kids.
Opportunities
i - Increasing financial activities, therefore parents are keen to save money for their children as a backup plan for the future.
ii - There are always new born child so there are always parents who want to save money for their children from time to time.
iii - Good financial position, therefore consumers will think that saving money is a good plan for their futures.
iv.- Strategic location of CIMB branches makes a good opportunity for consumers to do financial activities.
Threats
i - Due to competitor activities and the banking/financing industry is pretty competitive, parents are drawn to other banks.
ii - Economy downfall, therefore parents do not want to take risk by saving the money for their children in the bank.
iii - Raising cost of living.
iv.- Virus threats through emails using CIMB name.
