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Westpac SWOT and PESTLE Analysis

ID : 52195053| Feb 2023| 17 pages

COMPANY PROFILE -Westpac

Business Sector :Banking and Financial Services

Operating Geography :Australia and New Zealand, Global

About Westpac :

Westpac is as one of the four “Big Banks” of Australia and was founded in the year 1817 completing its 2011 years in 2021. 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 more than 40,000 people as of early 2023. 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 won the award for Australia’s Best Major Bank for third year in a row in the 2022 Mozo Experts Choice Best Banking Awards.

The USP of Westpac lies in being one of the major banks in Australia. Westpac Group's purpose is creating better futures together. It's what we do, who we are and why we come to work every day. What's most important to us is understanding what a better future means to our customers and helping them get there.

Westpac Revenue :


$13.29 Billion – As of 31st December, 2022
$15.09 Billion – As of 31st December, 2021

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
1. Embroiled in legal issues
2. Poor environmental record
3. Rising number of complaints from customers
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
4. Banks to reimburse a larger number of scam victims,
5. Consumers remained negative over inflation, rising interest rates and worsening economic conditions.
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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 core markets in Australia and New Zealand with over 13 million customers. It is one of the “Big 4” banking players in Australia. It is also present across other major global markets in Asia and the United Kingdom. Westpac has 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 is 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 Funding Ratio. Westpac has ratios of 124% and 109% respectively which is comfortably ahead of the 100% benchmarks set by APRA.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section 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.

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TABLE OF CONTENTS
DELIVERY AND FORMAT
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References used in Westpac SWOT & PESTLE Analysis Report

1. Website - https://www.westpac.com.au/
2. Annual Report - https://www.westpac.com.au/about-westpac/investor-centre/annual-report/
3. News Releases - https://www.westpac.com.au/about-westpac/media/media-releases/2023/
4. 95 Westpac customers have complained to Banking Ombudsman about payment processing glitch - https://www.stuff.co.nz/business/130950169/95-westpac-customers-have-complained-to-banking-ombudsman-about-payment-processing-glitch
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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In-text: (SWOT & PESTLE.com, 2024)

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