Westpac Bank: Mission, Vision, SWOT Analysis, and Strategic Insights

Westpac Bank: Mission, Vision, SWOT Analysis, and Strategic Insights

Statement of Mission and Vision

Westpac Bank was established in 1817 in Sydney, where its headquarters are located. It is regarded as one of the four main banks in Australia. The bank's portfolio is extensively diversified throughout numerous financial services, categorized into institutional and consumer categories. The bank's offering includes wealth management and consulting services. The Bank has established an esteemed name not only in Australia but also has a secondary position in New Zealand. Westpac Bank is a member of the Global ATM Alliance (GAA), enabling them to interact with numerous international banks. Fitch has assigned Westpac Bank a rating of AA, while Moody's has rated it Aa2. The bank offers superior foreign exchange services compared to other banks in Australia. The bank has attained a leading position in foreign exchange services among Australian banks. It offers exceptional services in derivatives as well.

The bank's mission statement is to enhance the wealth of its community members. The bank has a substantial clientele and offers optimal wealth solutions tailored to the demands of its customers (Westpac 2015). The organization aspires to achieve worldwide leadership in the financial industry. Its vision necessitates a greater emphasis on the growth plan. Additionally, it offers a range of financial services in New Zealand and Australia (Westpac 2013).

An exhaustive study was conducted to facilitate the development of a comprehensive SWOT analysis, Balanced Scorecard, and Critical Success Factors for the organization, enabling precise suggestions. The PESTLE analysis presented in section 2.0 facilitates a deeper exploration of the Australian environment. Various technical and sociological factors contribute to the establishment of a more robust competitive position.

The material elucidates the strategic positioning of Westpac Bank in the market, grounded on the organization's aims and goals (Daim 2017).  The gathered information may then be used to create the Strengths, Opportunities, Weaknesses, and Threats of the SWOT analysis (Romney & Steinbart 2012).

Various political elements have been used by government authorities periodically to control the operations of different corporations (Kramar & Syde 2012). The political considerations affecting Westpac have been delineated (see to appendix A 7.1.0.5). The private sector has seen expansion as a result of several political factors (Giles 2015).

Economic issues significantly influence the comprehensive examination of the firm. The government has periodically offered different incentives to commercial banks, hence increasing the demand for their services (Toohill & McCann 2014). Multiple reductions in interest rates have been used to facilitate economic policy (see to Appendix A 7.1.2 for more details).

The banking business has been reaping several advantages from social aspects due to increased efficiency in the workforce (Ricart 2005). Numerous societal elements are positively influencing the banking industry (Anonymous 2010). The banking industry is generating many job possibilities, hence alleviating the issue of unemployment (see appendix A 7.1.2.2).

Research and Investigation Procedure

The banking sector is experiencing expansion due to several technical breakthroughs and the use of diverse system software in the business (see appendix A 7.1.3.5). Various software is periodically released that facilitates staff productivity (Langfield-Smith 2015).

The balanced scorecard has been used to ascertain the vision of Westpac. All strategic goals are formulated to identify the essential areas within the scope of Westpac. The several segments of the Balanced Scorecard facilitate the assessment of Westpac's performance and the evaluation of the company's development (Kaplan 2010).

Through the examination of diverse components, purpose, and vision, using SWOT analysis. The suggested method for enhancing Westpac Bank is Total Quality Management. This technique enables the Bank to assess customer service, communication, and organizational procedures to guarantee adequate quality and functioning, hence facilitating targeted development.  This strategy entails establishing Total Quality Management by assessing the bank's present circumstances and identifying the procedures to prioritize under TQM (Dekker 2003).

Total Quality Management is a methodology used to assess the life cycle service of a specific product, aimed at enhancing quality and functionality while ensuring profitability. The method involves the company's proactive planning to provide optimal customer service and high-quality communication inside the bank (Afonso 2008).  Total Quality Management enables the organization to continuously monitor its services, which is crucial for the bank's future development. It is a management strategy used by the organization to thrive in a competitive landscape (Cardo? 2011). 

Total Quality Management plays a crucial role in the banking business by minimizing service mistakes. It also aids in determining the life-cycle development of the banking industry based on diverse services and amenities. It specifies the minimal quality standards that the bank must uphold to enable successful future growth.  It establishes the necessary control techniques and validates them prior to their application in the workflow (Choe 2002). It enables the banking sector to thrive despite intense competition. It would also facilitate the engagement of workers in the decision-making process. Reducing service errors in advance will naturally entice clients to the bank, fostering future development. Consequently, advance planning and the implementation of Total Quality Management are advantageous.

Final Assessment

The report's thorough examination of the organization indicates a diverse array of aims, methodologies, and assessments that will benefit the company and contribute to its future success. The SWOT analysis of the organization reveals its distinct strengths, weaknesses, opportunities, and threats.  Transforming the company's SWOT analysis into Critical Success Factors yields many goals essential for the company's success. We may assess the company's aims using lead and lag indicators. The adoption of Total Quality Management will enhance the company's service quality. Moreover, the PESTLE study indicates that the bank is excelling across all domains, presenting several prospects and favorable aspects that might be advantageous for the organization in the long term.

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