Westpac Bank: Company Profile, Services, And SWOT Analysis Essay.

Westpac Bank came in to existence in the year 1817 in Sydney, it has its headquarters in Sydney. It is considered as one of the four major banks of Australia. The portfolio of the bank is highly diversified of the various financial services that are divided into different segments: institution oriented as well as consumer oriented. The portfolio of the bank includes wealth management and advisory services. The Bank has developed a very high reputation not only in the country like Australia but it has a second rank in New Zealand as well. The Westpac Bank is the member of GAA that is Global ATM Alliance due to which it collaborates with various foreign banks. The Fitch has rated Westpac bank as AA, whereas Moody rated it Aa2. The bank has been providing best services in the area of foreign exchange among different banks of Australia. The bank has secured a top position in the foreign exchange services among the various banks in Australia. It provides excellent services in derivates as well.

The bank has the mission statement of increasing the wealth of the members of the society. The bank has huge clientele and further provides a best wealth solution that keeps in mind the needs of the clients of the bank (Westpac 2015). The company has the vision of having global leadership in the financial sector. According to its vision it is required that it focuses more on the expansion strategy. It further provides various financial services in New Zealand, Australia (Westpac 2013).

There was an extensive research carried on so that a proper SWOT analysis, BSC and CSF of the company can be developed for allowing accurate recommendations. With the use of the PESTLE analysis that is found in section 2.0 the Australian environment can be explored further. There are various technological and social aspects that helps in the development of stronger competitive position.

The information helps in understanding the strategic position of Westpac Bank within the market that is based on the objectives and goals of the organization (Daim 2017).  The information collected can then be used to compose the Strength, opportunities, weaknesses and threats of the SWOT analysis (Romney & Steinbart 2012).

There have been various political factors that have been led by the government officials from time to time to regulate the working of various companies (Kramar & Syde 2012). The Political factors of Westpac have been explained (see appendix A 7.1 .0.5). There has been growth in the private sector due to the various political influences (Giles 2015).

Economic factors also play an important role in the proper analysis of the company. There have been various subsidies that have been provided by the government from time to time on the operations of the private banks which increases the demand on the services of the bank (Toohill & McCann 2014). There are various cuts on the rate of interests to ease the economic policy (see Appendix A 7.1.2 for more).

Due to ease in the working sectors the banking sector has been receiving various benefits from the social factors (Ricart 2005). There are various social factors that are playing positive role in the banking sectors (Annoynomous 2010). There are many employment opportunities that are being provided by the banking sectors due to which the problem of unemployment is coming to an end (see appendix A 7.1.2.2).

Research and Investigation Process

Due to various technological advancements and the introduction of different system software in the industry the banking sectors is on growth (see appendix A 7.1.3.5). There is different software introduced from time to time that makes the working of the employees very easy (Langfield-Smith 2015).

The balance score card has been used to know the vision of Westpac. All the strategic objectives are designed in such a manner so that the key areas under the scope of Westpac could be identified. The various divisions of BSC help in measuring the performance of Westpac and knowing the growth of company (Kaplan 2010).

By analyzing the various factors, mission, and vision and making the use of SWOT analysis. The recommended technique for the improvement of Westpac bank is Total Quality Management. With the use of this approach the Bank would be able to determine the customer service, communication and processes of the organisation that should be sufficient so that the quality and functionality can be developed along with the ensured desired growth.  Under this approach, a Total Quality Management is first set up by analyzing the current situation of the bank and the processes to be focused under TQM (Dekker 2003).

Total Quality Management is basically a technique that is used to determine the life cycle service of the particular product that shall be sufficient for developing the quality and functionality along with the ensured profit. It is a system under which the company plans well in advance to ensure proper customer service and effective communication quality of the bank (Afonso 2008).  With the help of Total Quality Management it becomes possible for the company to monitor the service on a continuous basis as it is the most important process of a bank that helps future growth. It is a management technique that the company uses to survive in the competitive environment (Cardo? 2011). 

The most important role that is played by Total Quality Management in banking industry is that it helps in reducing the errors in services. It also helps to decide the life-cycle growth of the banking sector based on various services and facilities. It states the minimum level of quality that the bank should manage under them to ensure future development successfully.  It sets the control methods that are needed and verifies the same before their implementation in the work course (Choe 2002). It allows the banking business to be successful even in the scenario of tough competition. It would further help in encouraging the involvement of the employees in the decision making process. If the error of the services will be reduced well in advance then the customers will automatically get attracted to the bank and lead to future growth. Thus, a prior planning and use of Total Quality Management is helpful.

Conclusion

From the proper analysis about the company through this report it can be concluded that there are wide range of objectives, techniques and analysis for the company benefit and its future success. Through the conduct of the SWOT analysis of the company we come across various strengths, weaknesses, opportunities and threats of the company.  When we transform the SWOT of the company to CSF we come to various objectives that are crucial for the success of the company. We are able to measure the objectives of the company through lead and lag factors. The implementation of the Total Quality Management would further help in improving the quality of services of the company. Furthermore with the PESTLE analysis of the company we can conclude that the bank is performing pretty well in all the areas and it has various opportunities and positive factors that can prove out to be beneficial for the company in the long run.

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