Westpac Banking Group SWOT Analysis, Competitors, STP & USP
Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Westpac Banking Group analyses the brand/company with its strengths, weaknesses, opportunities & threats. In Westpac Banking Group SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like Westpac Banking Group to benchmark its business & performance as compared to the competitors and industry. Westpac Banking Group is one of the leading brands in the banking & financial services sector.
The table below lists the SWOT (Strengths, Weaknesses, Opportunities, Threats), top Westpac Banking Group competitors and includes Westpac Banking Group target market, segmentation, positioning & Unique Selling Proposition (USP).
A major banking corporation catering to the financial needs of citizens in Australia, New Zealand and Pacific countries
Westpac Banking Group STP
Westpac Banking Group Segmentation
Institutional and individual clients seeking financial assistance
Westpac Banking Group Target Market
Small to medium enterprise customers, commercial customers and all sorts of individuals
Westpac Banking Group Positioning
A bank which seeks to meet customer’s total banking and wealth needs
Westpac Banking Group SWOT Analysis
Westpac Banking Group Strengths
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
Westpac Banking Group Weaknesses
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
Westpac Banking Group Opportunities
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
Westpac Banking Group 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
Westpac Banking Group Competition
Below are the top 3 Westpac Banking Group competitors:
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