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Westpac SWOT & PESTLE Analysis

ID : 52195053| Mar 2018

COMPANY PROFILE -Westpac

Business Sector :Banking and Financial Services

Operating Geography :Australia and New Zealand

About Westpac :

Westpac is as one of the four “Big Banks” of Australia and was founded in the year 1817 completing its 2007 years in 2017. It is Australia’s first bank and oldest company among the country’s four major banking organisations. Headquartered Westpac Place, Sydney, it offers a large portfolio of banking and financial services to its customers. Westpac employs 35,096 people as of 2017. Westpac is working towards transforming its service strategy to achieve its vision “To be one of the world’s great service companies, helping our customers, communities, and people to prosper and grow”.

Westpac Revenue :

A $21.8 billion as of 2016.

Competitive Analysis of Westpac

SWOT
PESTLE
The SWOT Analysis for Westpac is given below:
Strengths
Weaknesses
1. 200 year old brand with a broad portfolio of financial services
2. Strong level of capital structure placing Westpac in top quartile of global banks
3. Strong customer franchise with consistent growth
4. Impressive ratings and citations on global indices
1. Embroiled in legal issues
2. Poor environmental record
Opportunities
Threats
1. Opportunities in the digital future
2. Investments in new technology businesses to enable access to emerging fintech business models
1. Introduction of bank levy to impact stakeholders
2. Consumer-centric rise of fintech a threat to traditional banking players
3. Increasing digital technology adoption leading to threat from cyber security
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Detailed SWOT Analysis of Westpac

 

Strength

1. 200 year old brand with a broad portfolio of financial services: Westpac is a 200 year old brand with operations focused on its coremarkets in Australia and New Zealand with over 13 million customers. It is one of the “Big 4” banking players in Australia with total assets of $852 billion as of September 2017. It is also present across other major global markets in Asia and the United Kingdom.Westpachas a broad portfolio of financial services brands which enables it to reach to a diverse range of customers. The bank thrives on its clear strategic position of service differentiation, being No. 1 or 2 position across key markets and leveraging comparative advantage in wealth platforms.

2. Strong level of capital structure placing Westpac in top quartile of global banks: Westpac in 2017 has achieved an ‘unquestionably strong’ level of capital according to the Australian Prudential Regulation Authority (APRA). Westpac’s common equity tier 1 capital stands at 10.6% as of FY17 which was achieved after a 10 year process. This places Westpac comparatively in top quartile of banks globally. APRA has set standards for banks which are ahead of global regulations and this has paved the way for the introduction of Liquidity Coverage Ratio and Net Stable FundingRatio. Westpac has ratios of 124% and 109% respectively which is comfortably ahead of the 100% benchmarks set by APRA.

3. Strong customer franchise with consistent growth: Westpac is acclaimed as lead in Domestic Bank for Transactional Banking for eleventh year and it is ranked as No. 1 as compared to other Australian banks for foreign exchange market share globally. The Retail and Banking division as well as St. George have emerged as top rankers in Business and consumer banking. Westpac has strong customer franchise which continues to grow and is well positioned to leverage the opportunities created by a digital world.

4. Impressive ratings and citations on global indices: Westpac business and sustainability strength is demonstrated through its impressive ratings and citations on global benchmarks. Some of the sustainability citations include being reconfirmed inEthibel Sustainability Index Excellence Global in March 2018 and Global 100 Most Sustainable Corporations in the World. Westpac has also been ranked as global bank industry leader in 2017 Dow Jones Sustainability Indices (DJSI) Review and has been named sector leader 10 times, including 2014, 2015, 2016and 2017.

Weakness

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Opportunity

1. Opportunities in the digital future: The impact of digital advancements on banking has been profound and Westpac is preparing itself to leverage on the same. Westpac is integrating changes and adapting the same into its customer service and the underlying technology to make sure it stays nimble and competitive. The bank can also digitization to enable significant momentum in Customer Service Hub. The bank is targeting to improve the home loan customer experience by digitising the end-to-end home loan origination experience by 2020. Westpac’s72% of digitally active customers use mobile and its app has also been improved by the introduction of a new on-boardingexperience presents itscapabilities upfrontand helps customerssign on and use themquickly

2. Investments in new technology businesses to enable access to emerging fintech business models: Emerging fintech startups are coming out with innovations in the financial services industry in areas such as in data analysis, payments, and digitallending. Westpac through its early-stage investments of $100m to Reinventure an independently run venture capital fund has gained access to around 15 fintech startupsthus gaining avaluable exposure to trends in technology and innovative business models. This has also allowed the bank to set up a strong platform to expand its services along the digital lines.

Threat

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Westpac SWOT and PESTLE analysis has been conducted by and reviewed by senior analysts from Barakaat Consulting.

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