Westpac Banking Group SWOT Analysis, USP & Competitors

Westpac Banking Group

Parent Company

Westpac Banking Corporation

Category

Banking

Sector

Banking & Financial Services

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 Banking Group STP

Segment

Institutional and individual clients seeking financial assistance

Target Group

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

Westpac Banking Group SWOT Analysis

Strengths

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

Weaknesses

1. High competition in retail banking from other leading banks
2.Number of branches are still less when compared to some majot banks

Opportunities

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

Threats

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

Westpac Banking Group Competition

Competitors

1.Commonwealth Bank
2.Australia and New Zealand Banking Group
3.National Australia Bank