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Vision and Mission of NAB

Discuss about the Introduction to Management for Values of Enterprise.

National Australia Bank is an Australian company and is serving people around the world for more than 150 years. Nab helps large, medium, and small banks to start up and grow. The company also funds essential infrastructures like hospitals, roads, and schools. The Board of Directors includes Ken Henry AC, Andrew G Thorburn among others. Daniel T Gilbert AM, Over the past few years, NAB has released some campaigns and adopted some strategies to promote its business. In the last five months, NAB has tried to improve itself by launching various campaigns and adopting numerous strategies. The company mostly focuses on home loans, business loans, and credit cards. However, the company faced some controversies and received some strategic criticisms by stakeholders, media, journalists, academic professionals, employees, and customers in the past few years. The report would provide a General Environments or PESTEL analysis, Specific Environment Analysis, Internal Environment Analysis, and SWOT analysis of the company and describe the core values of the enterprise. It will talk about a few CEOs who influenced the company's culture and strategies and inspired the employees (Nab.com.au.2016).

The vision of NAB is that it believes in success. The bank has the mission to provide solutions for future and current requirements of its customers. It strives to establish permanent relationship with its customers through its philosophy and service quality. Moreover, the company aims to make a major contribution in the development of natural environment and society. Moreover, the NAB has created a working environment based on positivity and confidence.

NAB considers its responsibility and commitment towards people, economy, and communities an integral part of its strategy. In the year 2009, the company instituted a bank-wide strategy. It offered its customers advantage by giving a fairer proposition. The company created NAB Care. It is a program that provides an option to repay loans for customers who are struggling. The strategy was different from other CSR education programs. NAB Care operated integrally with the collections department. The bank also introduced a new approach for NAB Care employees. NAB engaged in a nonprofit, mental health strategy called the Life Line. The Life Line gave training to its employees to manage the financial hardship of its customers. To manage customer financial health proactively, the bank changed the evaluation process of its employees. The bank introduced incentives and rewards for employees who would perform well. NAB Care was a very effective strategy on the part of the bank for it had reduced 20% loan defaults by 2013. Moreover, the bank cleared 40% hardship cases within six months. The success rate is so high that almost 40% of clients seek advice voluntarily before a collection event. This saves a cost of $7.2 million. The NAB Care was a strategy based on shared value (Nab.com.au.2016).

Strategies applied by NAB in the past

In the past few years, the Bank has taken several initiatives to implement its CRM philosophy. In the year 1988, the NAB created a universal system for Relationship Banking. This formal system formed NAB’s core strategy. In 1989, the bank developed a profitability and relationship management system to link banking products and its customers. In 1990, NAB created a platform for business and relationship banking system. In 1994, to cover its investment in products, the bank extended its profitability system, extended, and improved its relationship management. In 1998, again, the bank implemented a new relationship system for banking and created a platform for premium customers. In 1999, NAB linked all its customers’ information like channel usage, profitability, and products in New Zealand, Australia, and the U.S. Again, in the year 2000, the bank implemented the CRM solution of Siebel (Nab.com.au.2016). The company has been investing continually in technologies that foster relationship between the bank and its customers. The Relationship Optimizer solution provided by NCR had quite a severe impact on the CRM initiatives taken by the National Australia Bank.

Currently, NAB has revamped and renovated its digital marketing strategy. It has implemented some new strategies and decided to shift to a new management platform. The company has decided to be more responsive to its customers and provide them with better business tools. The company has chosen Adobe Experience Manager as a part of the Marketing Cloud suite solutions. Moreover, the bank would replace its entire core banking platforms.

The National Australia Bank has implemented many of its strategies effectively in the recent years. Along with success, it has also faced some criticisms for the policies it adopted in the past four years. The criticisms aroused mostly because the core banking strategy appeared confusing on the surface level. However, if one delves deeper into the strategy, it would be clear.

In August 2008, the bank made an announcement to modernize its core IT systems. After the Commonwealth Bank of Australia, it was the second bank that adopted such a project.  While the Commonwealth Bank of Australia dove into the SAP-based revamp, NAB chose Oracle for its project initially. NAB said that the Oracle-based core banking system was an overhaul strategy. NAB had invested an amount of $30 million in Oracle to deploy its technology to its ING Direct style online banking. The deployment was a test in the NAB that was a new brand at that time. However, four years later, in August 2012, NAB announced that it had migrated its online brand, UBank only for that time. This was an issue in the technology sector in Australia. It turned many heads for this was what NAB had done four years ago (Nab.com.au.2016).

Current strategies

A data of the year 2013 revealed that NAB is facing problem in its financial advisor, NAB Wealth. NAB Wealth is a massive division that incorporates MLC. NAB Wealth includes the bank’s superannuation business, stockbrokers, planning firms, financial planning network, and life insurance. NAB is constantly in a problematic position as it is plagued by time and cost overrun on some projects. The bank is facing internal breaches and risks. The CBA and financial planning of the bank are in an utmost need of scrutiny. Despite the issues like forgery, sacking, and poor compliance, the bank appeared quite reassuring. Though NAB Wealth faces some systematic issues, the company denies such reports. Instead, the group executive of NAB Wealth says that there are a few individual issues (Nab.com.au.2016).

The NAB is protected by the government rules and regulations in the nations it operates. The recent government of Australia held the company’s financial advice changes. Clive Palmer’s PUP senators rose anxiety for the instability of government policies and cost worries.

The NAB has a successful and secure economic strength. Despite the dangers that the bank faces in other parts of the world, the management system of NAB is such that it was able to cope up with the economic crunch of 2007-8 and shield its employees from the economic impact.

The NAB tries to make it sure that people from each section of the society are able to tak the benefits of the policies that the organization gives. The company has a good name in the society and ensures that everything is under control (Anton 2015).

The development of internet and technology has helped NAB to work efficiently and reach its customers in case of help. The company has adopted different technological systems to reach its customers quickly. Moreover, improvement in technology has elevated the production rate of the bank.

Since NAB is a company from the banking sector, it does not have any adverse impact on the environment directly. However, NAB Assist provides right assistance to the people in case anyone needs an emergency claim during a crisis due to environmental disaster.

The Banking Act 1959 of Australia allows fluidity in the banking system. The banking system is competitive, fluid, and well developed. The NAB is part of the one of the four pillars policy (Anton 2015).

Customers

NAB serves almost 15 million customers across the earth. Since NAB provides loan, insurance and helps to set up small businesses, it has a wide range of customers.

Criticisms and Controversies

The media partners of NAB include Advanced Television, American Cinematographer, Animation Magazine, and Antenna Systems and Technology among others. VeriFone is NAB’s strategic partner and provides access to the latest technology.

NAB is a part of the Big Four Australian banks. The NAB plays a vital role in lending, trading in financial markets, insurance, stockbroking, and managing funds.

The unions are the key stakeholders and gives the right to its employees to engage in bargaining. The people are represented by three unions namely, Australia-Finance Sector Union, New Zealand- First Union, and the United Kingdom- Unite.

Westpac Banking Corporation, Australia and New Zealand Banking Group Limited ans Commonwealth Bank of Australia are the top competitors of the National Australia Bank.

NAB has its Australian Supplier Diversity Program that promotes diversity. Beginning in 2012, the program is building support communities and sustainable enterprises. Recently, the bank has facilitated Yaru Water to its catering supplier (Hasan 2013).

Process

NAB has processes like the Internet Banking process to access one’s payroll. The NAB hires its employees through a seven step process which consists of the application, phone interview, formal interview, assessment, work reference checks, probity checking, and finally the offer.

NAB has a number of banking systems like the core banking system and the online banking system to reach its customers.

The bank provides a number of special schemes to its employees that are otherwise unavailable to the general public. The bank has several employee benefits programs like the WorkLife NAB that offers discounted and preferential services to its employees.

NAB has the capability to manage risk that helps it to develop a sustainable business. The bank effective manages the Environmental, Social, and Governance Risks through its risk management framework (French 2013).

NAB is one of the four top banking organizations of Australia. The National Australia Bank has some strengths like a sound financial position, a strong brand name, high revenue and high income of interest. It has a diverse range of products and is an active and potential player. The Bank provides business and personal services. The most important aspect of NAB is that it has a significant number of assets.

The weaknesses of NAB comprise a decline in revenue that affects the growth and development of the company. Also, the bank does not have a global acclaim.

The Bank has an excellent opportunity to expand in other countries. It can asset the management sector. Moreover, it needs to diversify its portfolio to increase customers

The bank gets affected due to a recession, financial crisis, and ever-changing government rules and regulations. These are a severe threat to the business banking company. Moreover, it has to compete with banks like Citigroup, BNP Paribas, Bank of America, HSBC, Royal Bank of Scotland, and the China Construction Bank Corporation (Anton 2015).

Task 4

The company holds a leadership program called the Broadcast Leadership Training program at the NAB headquarters. The leadership program focuses on the process of purchasing, operating, owning, and assessing television and radio stations. It furnishes blueprint for businessmen ao that they can increase the diversity and become a larger part of the organization and the industry as a whole. Faculty from banks addresses individual topics and discuss legal and regulatory issues. The bank puts a great emphasis on financing arrangements (Erkutlu 2012).

Presently, the new chief executive of NAB, Andrew Thorburn, and CIO David Boyle, are working on building the bank's IT technology. The priority is to replace NAB's technological legacy by core banking system. The IT team is at present developing the NextGen core banking system. From this new system and strategy, new customers would benefit immediately. On the year 2015, the focus was to build new organizations for NAB’s personal banking customers (Nab.com.au.2016).

PESTEL Analysis

Conclusion

The study thus shows the strategies that a bank must adopt to work efficiently. A PESTEL, SWOT, accurate, and internal analysis of NAB show the working environment, its approach, its strengths, and weaknesses. The paper revealed the measures and strategies adopted by the CEOs of the National Australia Bank. The bank is one of the four top banks of Australia. Despite being one of the best banks, the NAB has faced several criticisms and controversies in the past years. The business bank has improved its performance by adopting various technologies and working in its weak areas. To work efficiently, it is crucial to give benefits to the bank's employees. The company must look at its weak areas and strive to work with them.

References

Anton, R., 2015. An Integrated Strategy Framework (ISF) for Combining Porter's 5-Forces, Diamond, PESTEL, and SWOT Analysis.

Erkutlu, H., 2012. The impact of organizational culture on the relationship between shared leadership and team proactivity. Team Performance Management: An International Journal, 18(1/2), pp.102-119.

French, D., 2013. British economic and strategic planning: 1905-1915 (Vol. 59). Routledge.

Froehlich, D., Segers, M. and Van den Bossche, P., 2014. Informal workplace learning in Austrian banks: The influence of learning approach, leadership style, and organizational learning culture on managers' learning outcomes. Human resource development quarterly, 25(1), pp.29-57.

Grant, A.M. and Hartley, M., 2013. Developing the leader as coach: insights, strategies and tips for embedding coaching skills in the workplace.Coaching: An International Journal of Theory, Research and Practice, 6(2), pp.102-115.

Haines, S., 2016. The systems thinking approach to strategic planning and management. CRC Press.

Haiss, P., 2013. Cultural influences on strategic planning: empirical findings in the banking industry. Springer Science & Business Media.

Hasan, M.R., 2013. Apple Inc.-An Analysis: PESTEL analysis, Porter’s 5 Forces analysis, SWOT analysis, Comprehensive analysis of financial ratios, and Comprehensive analysis of share performance of Apple Inc. GRIN Verlag.

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Kajanus, M., Leskinen, P., Kurttila, M. and Kangas, J., 2012. Making use of MCDS methods in SWOT analysis—Lessons learnt in strategic natural resources management. Forest Policy and Economics, 20, pp.1-9.

Khan, M.J., Aslam, N. and Riaz, M.N., 2012. Leadership styles as predictors of innovative work behavior. Pakistan Journal of Social and Clinical Psychology, 9(2), pp.17-22.

Mols, N.P., 2013. The Internet and the banks’ strategic distribution channel decisions. International Journal of Bank Marketing.

Mols, N.P., 2013. The Internet and the banks’ strategic distribution channel decisions. International Journal of Bank Marketing.

Nab.com.au.2016. Personal. [online] Available at: https://www.nab.com.au/ [Accessed 2 Sep. 2016].

Popli, S. and Rizvi, I.A., 2015. Exploring the relationship between service orientation, employee engagement and perceived leadership style: a study of managers in the private service sector organizations in India. Journal of Services Marketing, 29(1), pp.59-70.

Wall, L., 2014. Business plan: It's business time!. AJP: The Australian Journal of Pharmacy, 95(1131), p.50.

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