Westpac Banking Group SWOT analysis evaluates the brand by its strengths, weaknesses, opportunities & threats. In SWOT Analysis of Westpac Banking Group, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
Westpac Banking Group is one of the leading brands in the banking & financial services sector. The article below lists the Westpac Banking Group SWOT, competitors and includes its target market, segmentation, positioning & USP.
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For Westpac Banking Group, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of Westpac Banking Group looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value.
A list of strengths is mostly the starting point in starting SWOT analysis. Below are the Strengths in the SWOT Analysis of Westpac Banking Group :
1. Leads in terms of number of branches and ATMs in Australia
2. Second largest business banking lender in Australia
3. Leads in Institutional banking in Australia
4. Provides flexible banking services like migrant banking
5. Over 40,000 employees serve more than 12 million customers
6. Westpac has been described as one of the world's most socially responsible banks
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Westpac Banking Group SWOT Analysis:
1. High competition in retail banking from other leading banks
2.Number of branches are still less when compared to some majot banks
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Westpac Banking Group SWOT Analysis:
1. Westpac given license to open banks in other countries, this can help in new market development and global expansion
2.High technology focus and innovation can help in developing new banking products
3. Setting up operations in emerging economies to leverage on the growing economies
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Westpac Banking Group are as mentioned:
1. Worsening Australian& New Zealand economy will have a significant effect on the bank
2.Credit limit and regulatory changes will have impact on the bank
There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of Westpac Banking Group:
2.Australia and New Zealand Banking Group
3.National Australia Bank
Hence this concludes the Westpac Banking Group SWOT analysis.
Continue reading more about the brand/company.
|Westpac Banking Group Overview|
Westpac Banking Corporation
Help is what we do
A major banking corporation catering to the financial needs of citizens in Australia, New Zealand and Pacific countries
|Westpac Banking Group STP|
Institutional and individual clients seeking financial assistance
Small to medium enterprise customers, commercial customers and all sorts of individuals
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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