National Australian Bank (NAB) has been referred to as one of the leading financial institution with its operations in New Zealand (NZ), Asia & Australia. NAB has been referred to as one of the leading financial institution in terms of number of customers and market capitalization. NAB has more than 110 branches and more than 4, 000 ATMS/ service centers all over NZ, Asia & Australia. Leadership style refers to the way in which the leaders communicate within the organization. Using an appropriate leadership style is referred to as one of the key aspects for smooth functioning within the organization. There are two main leadership styles which are followed at NAB i.e. transformational & transactional leadership. NAB has the following eight divisions under its head i.e. personal banking, Private Wealth, business banking, wholesale banking, specialized functions & corporate functions.
Mission: The mission of National Australian Bank (NAB) is to provide apt solutions to its customers keeping in mind the requirements of the same. They also believe in recognizing the profitability for long term success. NAB also helps to create a working environment which is built with confidence & helps to boost the morale of the employees in the long run. NAB also helps in providing a positive contribution towards the development of the society as well as strength the quality of service (Foss, 2007).
Vision: The vision of National Australian Bank (NAB) is to become one of the most respectable banks of Australia. Our vision is to become the best in the banking sector. We management team at National Australian Bank (NAB) believes in success (Special Issue of Strategic Organization, 2015).
Competitive advantage: Competitive advantage refers to outrun the competitor by using different strategies. Competitive advantage helps any organization to maintain a favorable position amongst its competitors and help to boost the image of the company in the long run. Competitive advantage helps the organization to have a better identification & understanding of the customers in the best possible manner. Some of the ways in which NAB has attained competitive advantage as compared to its rivals have been discussed as follows:
Some of the strategies used in past by National Australia Bank (NAB) to promote its product has been discussed as follows:
Strategies which are used currently by National Australia Bank (NAB) in order to market their products have been discussed as under:
The subsidiary of NAB in Irish was under inquiry for more than 6 years which was carried out by the police inspectors in the Irish High Court. The main reason for the same was engaging in overcharging of customers & tax evasion scheme applicable before 1998 (Hansen, 2007).
In the year 2004, NAB had resulted in unauthorized foreign currency options by losing more than $400 million. The reason for the same was, failed speculative position wherein the traders falsified the profits in order to generate more revenues. The speculation was made on US dollars as compared to other currencies (Hansen, 2007).
PESTLE analysis: The PESTLE analysis for National Australian Bank (NAB) has been described as follows:
Ø National Australian Bank (NAB) has been referred to as one of the most respectable banks all over the globe.
Ø NAB has established itself as a strong brand in the banking sector with good financial position as well (Gabriel, n.d.).
Ø It is one of the leading financial institution with diverse range of products & services.
Ø NAB is the largest bank in terms of assets.
Ø National Australian Bank (NAB) has no global acclaim.
Ø National Australian Bank (NAB) has seen decline in the revenue level along with less growth and development in the same (Zhang, 2008)
Ø The first opportunity with National Australian Banks (NAB) is to expand itself as a brand in other countries as well (Cherian & Farouq, 2013).
Ø The bank shall offer diversified products & services with varied portfolio for its customers (Gabriel, n.d.).
Ø National Australian Bank (NAB) shall explore options such as acquisitions & Joint venture so as to expand its name in other regions as well.
Ø The bank shall also focus upon new sectors such as asset management.
Ø Change in the government regulations & financial crises pose high levels of threats at National Australian Banks (NAB).
Ø National Australian Bank (NAB) faces stiff competition from its rivals in the Australian & NZ market (Dellaporta, Cooper & Braica, 2007).
Ø Some of the immediate rivals of NAB are Bank of America, Citigroup, Deutsche Bank, PNB Paribas, Royal Bank of Scotland (RBS) & Hong Kong Scotland Bank Corporation (HSBC).
Leadership style refers to the way in which the leaders communicate within the organization. Using an appropriate leadership style is referred to as one of the key aspects for smooth functioning within the organization. Some of the leadership styles used at National Australian Banks (NAB) have been discussed as follows:
Hence, it can be concluded that National Australia Bank has been referred to as one of the leading banks with major presence in Australia & New Zealand (NZ). NAB has been referred to as one of the leading financial institution in terms of number of customers and market capitalization. NAB has more than 110 branches and more than 4, 000 ATM/ service centers all over NZ, Asia & Australia. This assignment takes into consideration, mission vision and competitive advantage of the same. The report is then followed by the strategies used by NAB and strategies that are currently in use by NAB. Environmental analysis has been performed for National Australia Bank (NAB) using to main marketing tools i.e. PESTLE analysis & SWOT analysis. Lastly, the use of two main leadership styles i.e. transformational & transactional leadership shall be practiced at National Australia Bank (NAB) has been discussed.
Anon, (2015). Annual Review 2015. [online] Available at: https://www.nab.com.au/content/dam/nabrwd/About-Us/shareholder%20centre/documents/annual-review-interactive.pdf [Accessed 30 Sep. 2016].
Charteris-Black, J. (2007). The communication of leadership. London: Routledge.
Cherian, J. and Farouq, S. (2013). Does Effective Leadership Style Drive Financial Performance of Banks? Analysis in the Context of UAE Banking Sector. International Journal of Economics and Finance, 5(7).
Dellaportas, S., Cooper, B. and Braica, P. (2007). Leadership, Culture and Employee Deceit: the case of the National Australia Bank. Corporate Governance: An International Review, 15(6), pp.1442-1452.
Foss, N. (2007). Strategic belief management. Strategic Organization, 5(3), pp.249-258.
Gabriel, K. (n.d.). Organizational Development, Organizational Culture and Organizational Change.SSRN Electronic Journal.
Hansen, P. (2007). Organizational Culture and Organizational Change: The Transformation of Savings Banks in Denmark, 1965-1990. Enterprise and Society, 8(4), pp.920-953.
Kirkman, B. and Shapiro, D. (2001). The Impact Of Cultural Values On Job Satisfaction And Organizational Commitment In Self-Managing Work Teams: The Mediating Role Of Employee Resistance. Academy of Management Journal, 44(3), pp.557-569.
Papanastassiou, M. and Pearce, R. (2009). The strategic development of multinationals. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.
Sethuraman, K. and Suresh, J. (2014). Effective Leadership Styles. IBR, 7(9).
Skowron-Mielnik, B. (2011). Strategic Factors Affecting Flexible Work Model Development.Organization and Management, 2011(5 (148).
Special Issue of Strategic Organization: "Strategic Management Theory and Universities". (2015).Strategic Organization, 13(4), pp.365-367.
Zhang, Y. (2008). Large Chinese state-owned enterprises. Houndmills, Basingstoke, Hampshire, [UK]: Palgrave Macmillan.
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