Case for Repositioning a Bank
Introduction/Facts of the Case
ANZ bank is over 170 years old providing a range of banking and financial products and services to more than 5.7 million retail customers on a global scale (case). . Offering 817 branches and 2600 automated teller machines (ATMs) all over Australia, ANZ is ranked in the top 4 banks in Australia along with Commonwealth Bank of Australia, National Australia Bank Ltd (NAB) and Westpac Banking Corporation.
This report will identify the current position of ANZ, and how they are attempting to reposition themselves in the financial services industry. The case highlights the strengths and weaknesses of ANZ and how effective their current marketing strategy is. The strengths of …show more content…
ANZ seeks to “attract and develop the best connected and most respected people to be a part of the ANZ team” (ANZ, 2014). Having knowledgeable and highly skilled staff allows for a financial institution to create superior returns, thus a competitive advantage (lulow, V., Gerstman, J., & Barry, C. 2003). The size of ANZ allows ease of access to funds which will appeal to their customers through providing loans, insurance, small business and corporate. Having a strong brand image and a good reputation, ANZ have had the opportunity to build trust with their customers.
The large size of a firm can be a strength; however in turn can be a weakness. Mayer, T. (1975) identified that large banks have the potential to fail if customer service is overlooked. Due to the large amount of customers ANZ has, there is the possibility that relationships with customers may diminish. Furthermore, due to the large size of the firm ANZ may appear as inflexible and changes within the organisation may take a long time, such as the current repositioning of the firm. Creating confusing amongst consumers as the message is not being communicated effectively across all of ANZ.********************
ANZs major competitive advantage over their main competitors is this highly customised bankcards they currently offer to their customers. ANZ have used a customer-led marketing approach with their bankcards, as this approach finds what customers