Westpac Analysis

westpac analysis

Westpac Morley is a branch of an Australian bank that has its headquarters in Sydney. This bank was founded during the year 1817. The portfolio of financial services regarding this banking sector is quite diversified.

The two major segments of its portfolio are institution oriented and consumer-oriented. The two main parts of the diversified product portfolio would be the advisory services and the portion of wealth management. It not only has its reputation in Australia, but it is ranked as the second most private banking sector in New Zealand, where there are various customer-centered divisions. According to the Westpac annual report of 2014, there are different top ratings of it, and some of them are AA- by fitch and AA by standard and poor’s. The quality of service that it provides in the field of foreign exchange is such that it has been awarded the topmost position among other Australian banks. 

Westpac Analysis: Company’s Mission and Vision

The standardized motto of this bank is “to help the members of the society to increase their wealth.” The above statement of this banking sector has been found to be quite an appropriate one as it is the only banking sector which provides the majority of financial services to more than 80% of Australian and New Zealand population. 

The client base of this company is more significant in comparison to other Australian banks, and it cares about individual client needs by providing them with the best available wealth solutions. “To be a global leader in the financial sector” is the vision of this company. By this statement, this banking sector wants to show its interest in expanding its global reach. In recent years Asia has been found to be one of its potential markets to which it. Some of its foreign branches are already set up in different European countries and the United States and here at student assignment help, we are explaining it's analysis.

Westpac Analysis: Company Objectives

To achieve some of its long term goals, Westpac set objectives that are realistic besides being quite practical. Here are some of its objectives.

  • Maximizing the capital returns is one of the primary objectives of Westpac.

  • This banking sector has given the importance of customer relationship parameters.

  • For facilitating the banking services to its customers, Westpac has planned to open a few more local branches. 

  • Upliftment of the woman class is another objective of Westpac banking services.

Westpac Analysis: SWOT method

How well Westpac performs in the global market would be found through analyzing the market status of it by the SWOT method. Through this Westpac analysis, we will be able to know about various opportunities as well as the threats which this company would likely encounter in the external environment. For overcoming the various market threats, this organization will have to deploy different strategies and methods and utilize any opportunities which it finds.

Strength-
  • There are probably 1200 main branches of Westpac in Australia

  • The use of technology is very high for Westpac and some of which include advanced ATMs, different modes of the online transaction.

  • This is one of the most socially responsible banking sectors in Australia.

  • There are more than 40,000 highly trained employees who are working in Westpac organization.

  • The customer base of this bank has around 13 million customers. 

  • Its banking services are not only limited to Australia and New Zealand, but there are new branches that are coming up in lots of other Asian as well as European countries.

  • The recruitment of an equal number of female employees with respect to the number of male employees has made Westpac as one of the most reputed ones around the world.

  • An optimistic and proactive approach towards its customers has become a major contributing factor to Westpac’s growth.

Weakness-
  • The financial market is becoming very competitive, which is an ever-existing factor due to which Westpac is facing brutal competition from the bank of Australia.

  • The number of branches of Westpac in foreign territories in comparison to other banking sectors is very low.

  • This company is dealing with numerous issues in the past few years due to the lack of its performance. The data is collected and the report is analyzed according to the 2018 graph.

Opportunities-
  • Various foreign licenses have enabled Westpac to open a global doorway for its banking-related services, which were made possible by opening new branches all over the world.

  • The use of various technological achievements has Westpac to achieve unparalleled organizational efficiency. 

  • While focusing its business growth in developing nations through the recruitment of the people from those nations, Westpac has effectively reduced operational costs while increasing the profitability in 2019. 

Threats-
  • In every economy. The financial sector is an integral part of it. If there is a change in the marketplace, then the commercial areas like Westpac are going to get affected the most.

  • There are lots of rules and regulations for banking sectors that are being regulated by the governments of different countries. These regulations are subject to change with the change in government, and while this happens, the direct effect would be faced by Westpac.

  • There has been a lot of introduction to new government policies in Australia, which has affected Westpac.

Westpac Analysis: New Strategies

Here are some of the new strategies which Westpac can implement for its future growth, according to Westpac analysis.

  • Westpac should bring a change in the type of services it has been providing its customers until now. As its competitors are providing the same services, then it needs to pay special care for their services.

  • Westpac should focus on implementing the various market implementation strategies, which will boost its profitability. 

  • Westpac should ensure that organizational performance maintains the desired level of proficiency. 

Conclusion:

With an effective and strategic analysis of its market performance, Westpac will be able to achieve its every goal and objective of its business expansion and profitability. This will also help Westpac to achieve its long-standing target of being a true global leader in the field of international financial sectors and even surpassing its competitors.

Latest Blog