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Discuss About The Something Big Is Happening In Australia Bank.

Marketing management is referred to a process in which management formulate plans and strategies in order to perform various functions regarding products, services, sales, promotion and advertisement to ensure that they reach their targeted market (Pride, Ferrell, Lukas, Schembri & Niininen, 2018). This report will focus on conducting a marketing audit for ANZ Bank. This report will pick a single location, i.e., 230 Swanston St, Melbourne VIC, Australia and discuss the product of ANZ Bank, i.e., home loans. The report will analyse the major and secondary market for the products and evaluate the level of involvement and decision-making of ANZ Bank. Further, this report will analyse the competitors of ANZ Bank and provide a perceptual map in relation to the company’s competitors.

Australia and New Zealand Banking Group Limited is the third largest bank in Australia in terms of market capitalisation. It was founded in 1835, and its headquarters is situated in 833, Collins Street, Melbourne, Australia (ANZ, 2018a). The corporation has hired more than 50,000 employees worldwide. The competitors of ANZ Bank include Commonwealth Bank, National Australia Bank (NAB) and Westpac Bank. It is a publicly listed corporation, and its shares are listed in both Australia and New Zealand’s stock exchange.

Figure 1: ANZ Bank's Logo

(Source: ANZ, 2018a)

The company operates in banking and financial services industry, and it offers its services in more than 34 markets (ANZ, 2018a). The products and services offered by the firm include business accounts, credit cards, loans and finance, online banking, insurance and others. The corporation offers home loans on interest between 3.99 percent p.a. and 5.87 percent p.a. (ANZ, 2018b). ANZ Bank offers a wide variety and package deals of home loans to its customers. However, its interest rates are moderate to high, and some products have high fees.

Customers are the primary focus of the company, and it focuses on creating a strong and lasting relationship with them by improving its services and overall customer experience. The corporation offers its services to customers in more than 34 markets across the world, and it builds trust by delivering its services in a responsible manner and accordance with the highest standards of integrity (ANZ, 2018a). In Melbourne, the primary customers for home loans include low to medium earning people who want to buy a house in or near Melbourne.


ANZ Bank operates in banking and financial services industry, and it focuses on expanding its business in new markets across the world. The company is known for offering quality services and positive experience to its customers.

Australia’s sophisticated economy plays a crucial part in the fast-growing development of banking and financial service sector. The industry is proliferating because of a stable economy in Australia which assists in increasing new business opportunities for banking corporations. According to the study of Deloitte, the Reserve Bank reported a growth of 5.3 percent in October 2016 for the banking industry. The overall mortgage balance in the industry also grew by 6.4 percent in 12 months from September and the personal credit balance reduced by 1.1 percent in 12 months from October 2016 (Lumsden, 2017). The Reserve Bank has not changed the interest rate for home loans keeping it as low as 1.5 percent which is positive for banks since more people purchase home loans at a low rate. However, many experts have suggested that the rates might increase in 2018 which can negatively affect the home loans market (Robertson, 2017). The market for home loans has shown a continuous growth in previous years which showed that it is profitable for the banking firms.

Figure 2: Growth in Home Loans

(Source: Mckenna, 2015)

The banking and financial sector are the largest contributor to Australia’s national economy with more than AU$140 billion contributed in 2015. According to the study of KPMG (2017), major banks in Australia reported a profit after tax of AU$31.5 billion in 2017 full year which has shown a growth of 6.4 percent. A large number of Australia’s domestic funding, i.e.70.4 percent, is met by loans which provide that it is a potential market for banks (ATKearney, 2015). In terms of market capitalisation, ANZ Bank is the third largest banking firm in Australia, and it is the largest bank in New Zealand. The company has shown a profitable growth by reporting net revenue of AU$64 billion which has increased from AU$5.7 in 2016 (Letts, 2017). The company has a large number of members in 230 Swanston St, Melbourne VIC and there is a high potential for growth in this area.

A PESTLE analysis is referred to a tool used by marketers for analysing and monitoring the macro-environmental factors that influence an organisation. The macro environment (external environment) factors include political, economic, social, technological, legal and environmental factors (Warner, 2010).


Political factors

Banks are becoming more global, and different geopolitical factors have an immense impact on their operations and profitability. The political stability in Australia has a positive impact on growth and profitability of ANZ Bank. The government supports banking corporations since they are one of the major contributors to nation’s economy. The on-going war between Iran and the United States and its allies affect the business of ANZ Bank in Asian markets (Callick, 2010). In Australia, laws made by the government and Reserve Bank affects the business of ANZ Bank. For example, Treasurer Scott Morrison locks have provided a law in which big five banks in Australia will be changed by AU$6.2 billion for bank levy rate (Massola & Yeates, 2017).

Economic factors

Australia is one of the largest mixed economies, and it has a GDP of $1.261 trillion. In the fourth quarter of 2017, 2 percent growth in country GDP has been recorded (Country Economy, 2017). The Australian economy is mainly dominated by the service sector which contributes to more than 61.1 percent to its GDP (Figure 3) (Department of Industry, Innovation and Science, 2016). The Reserve Bank has set a low rate of home loans, i.e. 1.5 percent, for banking corporations which is positive for their growth (Robertson, 2017). However, in the future, the rates might increase which will affect ANZ Bank. In nearby areas of Swanston St, Melbourne VIC, ageing population is a major issue for ANZ Bank.

Figure 3: Growth in Australian Service Industry

(Source: Department of Industry, Innovation and Science, 2016)

Social factors

In Australia, 78 percent of the population belongs to the mid-aged group, and both men and women are service-oriented (Australian Bureau of Statistics, 2016). ANZ Bank has adopted a customer-centric approach which assists them in developing their content strategy and expanding their business in new markets. The headquarters of ANZ Bank is situated in Melbourne, and in order to maintain a positive brand image, the company invests in local social welfare activities.

Technology plays a crucial role in improving operation efficiency and customer satisfaction of banks. ANZ Bank ensures that it uses the latest technologies while operating its business and it improves customer experience by using technologies (Chuang & Hu, 2015). According to Ron Spector, managing director of ANZ Bank, the company is investing in development of potential technology that creates new business opportunities (McLean, 2017). The corporation is using technology to become more “agile” organisation in order to improve people management. The firm will offer technologies such as Apply Pay support and open credit card for improving its customers’ experience (McLean, 2017).

Industry analysis and market trends

All financial institutions have to comply with different legal requirements while operating their business in Australia. Moreover, ANZ Bank offers its services worldwide; therefore, it has to comply with regulations in different countries. In Australia, the company complies with Banking Act 1959, and it has to get an Australian Financial Services Licence as per Corporation Act 2001. In Melbourne, the company has to comply with Environment Local Law 2009 and other local laws while operating its business (City of Melbourne, 2018a).

While operating their business in Australia, companies have to comply with different environmental policies. ANZ Bank manages its environmental impacts by responsible business lending and managing its footprints. The company has invested more than AU$500 million in wind power projects that have the capacity to generate 2,000 gig watt energy per hour (ANZ, 2018c). The corporation also issues an environmental performance report to show its contribution toward sustainable environmental development.

ANZ Bank is the third largest bank in Australia in terms of market capitalisation, and it is the largest bank in New Zealand. The nature of competition in banking sectors is high, and ANZ Bank faces fierce competition from its competitors such as Commonwealth Bank, Westpac and National Australia Bank. Commonwealth Bank, Westpac, ANZ Bank and National Australia Bank are the market leaders in the banking sector of Australia and market followers include Suncorp Bank, TM Bank and Macquarie Bank. The main competitors of ANZ Bank are Commonwealth Bank.


  • Comparatively smaller market share ($83.599 billion) (Finder, 2018).
  • High interest rate on savings accounts (2.55 percent) than compared to Commonwealth (2.51 percent) (Finder, 2018).
  • Effective implementation of technology for improving the customer experience


  • Global presence is smaller than compared to Commonwealth
  • Strong competition from Commonwealth, Westpac and National Australia Bank


  • Largest market share in Australia ($139.216 billion) (Finder, 2018).
  • 24/7 phone customer service availability
  • Strong growth and capital generation
  • More than 1000 branches located in Australia (Common Bank, 2016)


  • Involvement in controversies that resulted in legal action against the firm
  • High staff turnover
  • Increasing competition from other international banking firms

The groups which hire services from ANZ Bank include institutions, small, medium and large enterprise, and all sorts of individual clients. These clients use ANZ Bank’s services for opening saving or current account, getting home loans and performing business activities.

The segmentation of customers that generates most revenues for a firm is considered as its primary target market. For ANZ Bank, the primary target market includes institutional and individual clients that open saving and current bank account for personal and business purposes. In the nearby areas of 230 Swanston St, Melbourne VIC, the population is high, and there are also a large number of businesses (City of Melbourne, 2018b). The businesses or institutes open current bank accounts with ANZ Bank, and they mostly use their online banking services for performing their daily operations. The companies take loans from ANZ Bank because it offers low interest rates. For individual clients, ANZ Bank offers its home loans services through online and offline options, and it has established a large number of ATMs near 230 Swanston St, Melbourne VIC area. Individual customers mostly use mobile application of ANZ Bank for daily business purposes.


The secondary target market of ANZ Bank is also crucial for the company’s success since it increases its profitability and market share. The large organisations that take loan for expansion and public offerings are the secondary targeted customers of the firm (Stockport et al., 2012). In nearby areas of 230 Swanston St, Melbourne VIC a large number of companies operate their business, and they hire ANZ Bank for their banking needs. These organisations are the secondary target market for ANZ Bank because most of them did not change their current bank to hire ANZ Bank’s services.

The ANZ Bank’s involvement in the decision-making of primary market is crucial for the firm’s development, and it assists in sustaining its growth.

ANZ Bank closely monitors the demands and requirements of its primary target customers in order to introduce new policies for improving their customer experience. The population in nearby areas of 230 Swanston St, Melbourne VIC is high, and the company develops strategies to fulfil their needs. Its target demographic includes low to mid-income individuals who get a loan from the company to purchase a new house. Most of the individuals in these areas prefer to set nearby because of easy access to different supermarkets, schools and other businesses. ANZ Bank’s involvement in product development is high because it introduces attractive schemes and low-interest rate to attract more customers.

Pricing Strategy

ANZ Bank analyses the credit rating of its clients before providing them home loans. The interest rates for different home loans vary as per credit rating and period of the loan. Currently, total ANZ mortgage lending between $250,000 and $699,999 has a variable rate discount of 0.60 percent p.a. and a fixed rate discount of 0.15 percent p.a. (ANZ, 2018d). In order to attract more people, ANZ Bank offers lower interest rates than its competitors such as Westpac and Commonwealth bank in areas of Melbourne. Therefore, the management of ANZ Bank is closely involved in its pricing strategy.


ANZ Bank offers net banking facilities to its customers since most of the individuals and businesses use them. The firm also allows its customers to use their mobile application to perform their daily banking activities, and they can also apply for home loans directly from the application. The company is also introducing facilities of open credit card and Apple Pay for its customers that will make their e-commerce experience more effective and reliable (ANZ, 2018e).


New Branches and ATMs

The firm offers its services globally, and in order to meet its customers’ requirements, it establishes new branches and ATMs in heavily populated areas. Currently, ANZ Bank has established ten branches and four ATMs in nearby areas of 230 Swanston St, Melbourne VIC (ANZ, 2018f). The company is required to establish new ATMs in the area for fulfilling customers’ banking requirements.

Figure 4: Positioning Map of ANZ Bank

As per this perceptual map, the ‘big four’ banks in Australia are known for offering high-quality services to their customers. These banks are dominating Australia’s banking sector. Commonwealth Bank is the largest in terms of market capitalisation and quality of services due to which it has gained number one position in Australian banking sector. ANZ Bank is known for offering relatively lower interest rates in its products, and it established a positive customer experience than compared to Westpac and NAB. The Bank of Queensland offers high quality to customers such as NAB; however, both of these banks charge high-interest rates. Westpac Bank offers similar interest rates as ANZ Bank; however, its customer service experience is relatively lower (Finder, 2017). Therefore, ANZ Bank offers good combination of low-interest rate and high-quality experience to customers that attract low and mid-income individuals to the firm.

ANZ Bank has increased its customer base by charging relatively lower interest rates on its home loans than compared to other banks. The company should target low to mid-income individuals in nearby areas of 230 Swanston St, Melbourne VIC who prefer low-interest rates on home loans. Effective marketing scheme in areas of Melbourne can assist ANZ Bank in expanding its market share and effectively face the competition from Commonwealth Bank.


In conclusion, ANZ Bank is one of the ‘big four’ banks in Australia and in terms of market capitalisation, it is the third largest bank in Australia. The company has generated a competitive advantage due to relatively lower interest rates and high-quality customer service experience. However, the firm is facing fierce competition from Commonwealth Bank which is the largest banking enterprise in Australia. The primary target market for ANZ Bank is institutions and low to mid-income individuals who prefer low-interest rates and high customer experience. The corporation is heavily involved in decision-making regarding primary segment by creating strategies for product development, pricing, e-commerce and overall expansion. ANZ Bank has an opportunity to expand its customer base in the area of 230 Swanston St, Melbourne VIC since it is heavily populated by low to mid-income individuals who take home loans for purchasing new houses. This strategy can assist ANZ Bank in expanding its business and sustaining its future development.


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