Westpac SWOT Analysis
Westpac is one of the leading brands in the banking & financial services sector. Westpac SWOT analysis evaluates the brand by its strengths & weaknesses which are the internal factors along with opportunities & threats which are the external factors. Let us start the SWOT Analysis of Westpac:
Quick Glance:
Westpac Strengths
- Leads in terms of number of branches and ATMs in Australia
- Second largest business banking lender in Australia
- Leads in Institutional banking in Australia
- Provides flexible banking services like migrant banking
- Over 40,000 employees serve more than 12 million customers
- Westpac has been described as one of the world's most socially responsible banks
Above are the strengths in the SWOT Analysis of Westpac. The strengths of Westpac looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
Westpac Weaknesses
- High competition in retail banking from other leading banks
- Number of branches are still less when compared to some majot banks
These were the weaknesses in the Westpac SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
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Westpac Opportunities
- Westpac given license to open banks in other countries, this can help in new market development and global expansion
- High technology focus and innovation can help in developing new banking products
- Setting up operations in emerging economies to leverage on the growing economies
Above we covered the opportunities in Westpac SWOT Analysis. The opportunities for any brand can include prospects of future growth.
Westpac Threats
- Worsening Australian& New Zealand economy will have a significanteffect on the bank
- Credit limit and regulatory changes will have impact on the bank
The threats in the SWOT Analysis of Westpac are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
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Hence this concludes the Westpac SWOT analysis.
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About Westpac
The table below gives the brand overview along with its target market, segmentation, positioning & USP
| Westpac Overview | |
|---|---|
| Parent Company |
Westpac Banking Corporation |
| Category |
Banking |
| Sector | |
| Tagline/ Slogan |
Help is what we do |
| USP |
A major banking corporation catering to the financial needs of citizens in Australia, New Zealand and Pacific countries |
| Westpac STP | |
| Segmentation |
Institutional and individual clients seeking financial assistance |
| Target Market |
Small to medium enterprise customers, commercial customers and all sorts of individuals |
| Positioning |
A bank which seeks to meet customer’s total banking and wealth needs |
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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