Business Level Strategy of IFIC Bank

Business level strategies refer to a collection of movements and activities made with the goal of
providing value to customers and gaining a competitive edge in the specific product or service
market by leveraging the firm's core capabilities and meeting the demands of consumers.

Business Ethics Practices, according to IFIC Bank, offer a basis for the Bank's stability and long-
term development, and they assist the Bank's efforts to meet its objectives. As a result, the Bank
encourages all parties to conduct business and carry out their responsibilities in line with the
following Business Ethics Practices: Integrity & Honesty The Bank shall conduct its operations
with honesty and integrity. Observance of applicable laws and regulations The Bank shall
conduct its operations in compliance with all applicable laws and regulations, and will not aid,
promote, or support any illegal transactions or activities. Internal control that is effective and
efficient, as well as good management. For effective and efficient internal control, the Bank will
implement a good management system and risk management system. Standards The Bank will
adhere to a number of criteria that are commonly accepted in the banking industry. Stakeholders'
Concerns The Bank recognizes the necessity of ethical behavior toward all stakeholders, as well
as appropriate cooperation and mutual assistance. Customers, counterparties, and rivals shall be
treated with mutual respect and cooperation by the Bank. The Bank's Reputation Must Be
Maintained The Bank will maintain its good name and desist from participating in any conduct
that can endanger it.

The IFIC Bank's SWOT Analysis

Strengths:
In the country's banking business, IFIC bank has already developed a positive reputation. It is a
prominent commercial bank in Bangladesh's private sector. The earnings and deposits of the
bank have already increased dramatically.
As one of the industry's oldest companies, IFIC Bank Ltd. has a lengthy history in the banking
business. As a result, their unwavering goodwill on the field serves as a crucial strength.
The IFIC bank features a collaborative work environment. The warm, engaged, and
communicative working atmosphere serves as a strong motivator for future customers.
It has a great management team.
It has a high level of client dedication, as well as skilled and experienced human resources.
In most of its branches, it has a sophisticated automated banking system that promotes overall
banking activity.
Weakness: Employees' lack of motivation.
The work process might be slowed by a heavy reliance on Head Office for decision-making.
Job burnout may occur when management fails to provide extrinsic and intrinsic rewards and
incentives to workers.
Instead of getting any marketing approach, there is a high reliance on 'word of mouth' technique.
There is no collaboration between branches.
Other unknown districts where branches might be established are an opportunity.
People at all levels of society are well aware of the importance of depositing money in banks.
Customer financial demand is increasing.
Bangladesh's investment potential.
Relationship Management is the management of relationships.
Threats: Commercial and foreign banks, as well as private banks, are expanding their operations.
Insurance companies, stock exchanges, financial institutions, and other retail banking products
are similar.
Bangladesh Bank's laws and regulations change often.
Pricing and service awareness among customers.
Modern banks play a vital role in a country's economic progress. Banks offer cash for a variety
of projects that are now being implemented as part of the economic development process. They
gather the savings of big groups of individuals distributed around the nation, who would
otherwise be idle and unproductive if banks did not exist. These disparate sums are gathered,
pooled, and made accessible to trade and industry in order to satisfy the needs. One explanation
might be the country's underdeveloped financial system.
The government, as well as several foreign organizations, have recognized that an
underdeveloped financial sector creates certain barriers to economic progress. As a result, they
strongly advocate for financial sector reform. Since 1990, the Bangladesh government has taken
a number of financial sector reform measures to make the financial and banking sectors more
sound and transparent, with the participation of various international organizations such as the
World Bank, IMF, and ADB in the formulation and implementation of these reform activities.

Due to the breakout of COVID-19, the year 2020 proved to be a difficult one for the global
economy and human life. Though the Bank's operations practically came to a halt in Q2, the
Bank's profitability was severely hit by the implementation of new regulations beginning April 1,
2020, which set a maximum lending ceiling of 9.0 percent. The Bank's net interest income [NII]
suffered a considerable drop, affecting the bottom line financial performance. However, the bank
has continued to extend its network throughout the nation in order to promote financial inclusion
and bring a huge number of unbanked individuals into the banking system. During the year 2020,
the Bank established 250 new 'Uposhakhas' around the nation, bringing the total number of Bank
footsteps to 439 by the conclusion of the year.