Westpac Banking Group SWOT Analysis, Competitors & USP

SWOT analysis of Westpac Banking Group analyses the brand by 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. 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. Let us start the Westpac Banking Group SWOT Analysis:

SWOT Analysis of Westpac Banking Group

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.

Westpac Banking Group Strengths

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. 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

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

Westpac Banking Group Opportunities

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

Westpac Banking Group Threats

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

Westpac Banking Group Competitors

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:

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

Hence this concludes the Westpac Banking Group SWOT analysis.

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About Westpac Banking Group

Westpac Banking Group Overview
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
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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