COMPANY PROFILE -Bank of Queensland
Business Sector :Banking Operations
Operating Geography :Queensland, Australia, Global
About Bank of Queensland :
With its corporate office in Brisbane, Queensland, The Bank of Queensland is an Australian retail bank. The bank is among Queensland's oldest financial institutions. As The Brisbane Permanent Benefit Building and Investment Society, the current Bank of Queensland was founded in 1874. Retail Banking, BOQ Business, and Other are its three main operating segments. The retail banking division provides consumers with solutions through distribution channels for Virgin Money, owner-managed and corporate branch networks, direct channels, and third-party intermediaries. The BOQ Business division offers specialised business banking services such as commercial loans, equipment financing and leasing, cash flow financing, foreign exchange, interest rate hedging, transaction banking, and deposit options for businesses. The Treasury, Insurance, and Group Head Office segments are included under Other. The corporation revealed on June 2, 2022, that to commemorate the release of Bank of Queensland's brand-new app, myBOQ, the bank has teamed with Australian Olympic gold medalist Ariarne Titmus to showcase the quick and convenient new features users will embrace.
Bank of Queensland's (BOQ) unique selling proposition lies in its being one of Australia's top regional banks that have more than 160 branches across the country and one of the few that is still not owned by one of the major banks. The mission statement of Queensland reads, "to become Australia's most loved bank. It's no walk in the park but it's how we go about things that will make it possible. We're doing it by getting face-to-face, one-to-one and creating real long-lasting relationships with our customers".
Bank of Queensland Revenue :
$ 1,253 million - FY ending 31st August 2021 (y-o-y growth 13.9%)
$ 1,100 million - FY ending 31st August 2020
Competitive Analysis of Bank of Queensland
The SWOT analysis for Bank of Queensland is presented below in a matrix followed by the detailed analysis report:
Strengths | Weaknesses |
1. Significant presence in Australia with 158 branches and 1.5 million customers in every state and territory.
2. Multi brand portfolio provides competitive advantage in niche segments.
3. Growth in lending across all the business segments.
4. Increase in the customer deposits shows the trust of the bank among customers.
5. Decent loan to deposit ratio puts the company in a good position.
| 1. Poor performance in the insurance business led to divestment and loss.
2. High lending exposure to the residential mortgage and construction industry can affect the credit risk.
|
Opportunities | Threats |
1. Moving to cloud based digital platform can help in improving customer experience in retail banking.
2. Automating processes can help in improving the operational efficiency.
3. Strategic partnerships with chosen ecosystems can help the company in improving its services.
| 1. Bad loans can affect the financials of the company.
2. Change in regulations can affect the operations of the company.
3. Rise in covid-19 cases can increase in financial arrears.
4. Economic downturn can affect certain segments to which the business of the company is exposed.
|
Bank of Queensland SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed SWOT Analysis of Bank of Queensland
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
1. Poor performance in the insurance business led to divestment and loss: In October 2021, BOQ bid farewell to its insurance arm, St Andrew’s, after an agreement was signed to sell it to Farm cove for $23 million. The agreement was signed subject to certain conditions which included APRA’s regulatory approval. The deal got the approval and is now sealed as there are no remaining conditions for completion of the sale. In a statement, BOQ said it expects the transaction to result in an indicative post-tax statutory loss on sale of around $26 million and be broadly neutral to its Common Equity Tier 1 ratio. Before the sale, the insurance arm of the bank contributed only $7 million to the non-interest income in FY 21 which was a decrease of around 36% in comparison to FY 21. The insurance arm was underperforming in comparison to the other business segments.
The remaining section under "Weakness" is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Bank of Queensland is presented below in a table followed by the detailed analysis report:
Political | Economical |
1. The financial sector reform bill in Australia recommends amendments to various financial provisions | 1. Interest rates are being hiked to tackle the rising inflation.
2. Australian construction industry is entering into crisis due to various global issues.
|
Social | Technological |
1. Customers are shifting towards online banking and payment systems.
2. Loyalty among consumers is decreasing towards banking products.
| 1. Intelligent data is helping banks to provide customized customer experience.
2. Digital transformation is gaining pace in the Australian banking industry.
3. Automation in banking industry is helping in improving efficiency.
|
Legal | Environmental |
1. Introduction of consumer data right has changed the data regulation landscape in Australia.
2. ARPA has published a roadmap to carry out reforms to the bank capital framework which will be effective from January 2023
3. ASIC lawsuit over 'unfair terms' in loan contracts
| 1. Climate change is becoming an emerging risk for the stability of financial systems |
Bank of Queensland SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed Pestle Analysis of Bank of Queensland
Political
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Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
1. Intelligent data is helping banks to provide customized customer experience: Data intelligence refers to the gathering and analyzing of customer data to get a better understanding about the behaviors and activities of customers in order to strengthen customer relationships and provide greater customer value. Intelligent data also enables data-driven decision making. In banks, customer data points can be an incredibly valuable predictor of growth and profitability. The growth in the adoption of digital service channels and the untapped data sources have opened up new possibilities. With the help of next-generation banking solutions, financial institutions can make use of meaningful data to learn what their customers value most, and provide them with customized services. This not only helps in improving the customer experience, but benefits the organization by helping to attract and retain customers while increasing revenue.
Bank of Queensland is pacing up its digital transformation to improve the customer experience. The company is tapping into many fields to improve its solutions. The company is adopting to cloud platform, making its processes automated and making use of intelligent data to improve its services. This new trend of intelligent data can help the bank in improving its services and provide customized products to its customers.
The remaining section under "Technological" is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- National Australia Bank Limited
- Bendigo Bank Limited
- Australia and New Zealand Banking Group
- Westpac Banking Corporation
- Bankwest
Major Brands :
- ME Bank
- Virgin Money Australia
- BOQ Credit Pty Ltd
- BOQ Finance (NZ) Limited
- BOQ Specialist Pty Ltd
Bank of Queensland SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Bank of Queensland Porter's Five Forces Analysis |
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Bank of Queensland Covid-19 Impact Analysis |
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Bank of Queensland BCG Analysis |
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Bank of Queensland Segmentation, Targeting and Positioning (STP) Analysis |
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Bank of Queensland Ansoff Matrix Analysis |
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References used in Bank of Queensland SWOT & PESTLE Analysis Report
1. Annual Report - https://www.boq.com.au/content/dam/boq/files/shareholder-centre/financial-results/2021/annual-report-2021.pdf
2. APRA approves St Andrew's Insurance sale to Farmcove - https://www.insurancebusinessmag.com/au/news/breaking-news/apra-approves-st-andrews-insurance-sale-to-farmcove-314418.aspx
3. Government introduces the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 - https://www.allens.com.au/insights-news/insights/2020/11/government-introduces-the-financial-sector-reform-hayne-royal-commission-response-bill-2020/
4. Australia raises rates by most in 22 years to battle surging inflation - https://www.ft.com/content/b6f57a30-5790-4bf7-83f6-521ae5a3b314
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Bank of Queensland SWOT and PESTLE analysis has been conducted by Sushil Kumar Panda and reviewed by senior analysts from Barakaat Consulting.
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