Essay Competitive Analysis
The purpose of this report is to provide a good understanding of the external environment factors and how it affects the banking sector of the business. This will provide as a better understanding of the key factors and how this factors can create a competitive advantage with Westpac and Hsbc.
Strategic choices were also provided for both banks and on how these choices can be an advantage and disadvantage with Westpac and Hsbc. A conclusion was also provided at the end of this report.
Table of Contents
Executive Summary: 4
Banking History 6
Macro environment Factors: 7
PEST Analysis 7
Political and Legal factors 8
Economic factor 8
Social Factors 9 …show more content…
Between 1982 and 1985 a deregulated system was established, these encourages more competition and banks reduced their rates to establish a market share because of these a number of banks collapsed and a new wave of managers took over the banks and created a system that by charging high rates to their good customers to make out for the losses. Australia’s big banks today have learned their lessons. Two of which are Hsbc bank a bank well known for its strategy to know where the growth is, connect customers, businesses and economies to be successful which will eventually encourage people to realize their ambitions and goals in life and Westpac which is a customer centric bank that provides assurance and confidence to their retails and investment business.
Macro environment Factors:
Political and Legal factors
The Australian Government policies and the reserved bank of Australia greatly influence the banking sector with its reforms. Australia’s banking system is changed to a variety of measures to