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Every organization, either big or small has some policies or strategies that help them grow and develop in the competitive market. However, it is important that the organization should carry out constant evaluation of the business and its standings in the market. It would help the organization to understand the current position of the organization amongst the competition with its competitors. In addition to this, it is also important that the company keep a check on the internal environment of the organization to see that the employees are happy in the organization. The organization also need to check on the way of work and behavior of the leaders who are in the senior management. This report will carry out an evaluation of the National Australia Bank. The report will look into the corporate strategies applied by the company, will evaluate the internal and external environment of the company. In addition to this, it will look into the incident when National Australia Bank has been criticized and the leadership style that is being applied by the senior managers.
More than money is the motto of National Australia Bank. They view banking as a special responsibility and has built a commitment to create that is essential for the people, the communities and the economy. National Australia Bank has its major operations in Australia and new Zealand and other operations are spread over the united kingdom, the united states and Asia. The mission of National Australia Bank is provide the customers with good quality products and aims at giving a value for their money with the unmatched services. National Australia Bank aims at helping the customers with guidance, help and advice so that the customers are able to get good financial outcomes.
The strategy of National Australia Bank has not changes over the years and as quoted by the CEO of National Australia Bank, Andrew Thorburn that the strategy of the National Australia Bank is to deliver quality experience to the customers and become the most respectable bank of Australia and New Zealand (Nab.com.au 2016).
National Australia Bank serves the customers with its unmatched personal and business banking services. The personal banking of National Australia Bank can be access through the channels like, nabtrade, NAB broker, Ubank and NAB.
The business banking products aims at serving the needs of the customers with its expertise in education, agribusiness, health, property, community and government. Australian banking sector of National Australia Bank includes fixed income, debt markets, Currencies and Commodities (FICC), asset servicing and treasury and specialized finance.
National Australia Bank is not far behind in adhering to their corporate social responsibility. Every year National Australia Bank work with over 400-community organizations and has taken part in 22,000 volunteering activities. In February 2014, National Australia Bank launched a village. The village is spread 500 m2. The National Australia Bank business customers and partners of the community can connect with work and client over meetings and gatherings. The location of the village in situated in Docklands that is just a 5-minute walk from the major transport hub in Melbourne, the Southern Cross station. The village has eight workspaces where the clients can book their spaces in advance with the online booking system. The meeting areas includes, meeting room, drop-in desk as well as casual areas like the garden and the square.
The grass is not all green for National Australia Bank and they even faced the pangs of criticisms for various reasons.
Problems in National Australia Bank’s financial planning and loan scandals came to light in The Sydney Morning Herald. It has been found that the employees of National Australia Bank has been engaged is systematic misconduct. In addition to this, National Australia Bank tried to conceal their internal investigations and actions from the Australian Securities and Investment Commission (ASIC). The British market of National Australia Bank has come under the question mark due to the scandals by the organization. Many victims have been caught in the British scandal. John Glare lost his business, home and was bankrupted. The problems in National Australia Bank have cost the company some of the huge blow (Ferguson 2015). For each SME claim, National Australia Bank may have to pay £400,000-£500,000. National Australia Bank has sold more than 8000 Tailored Business Loans (TBL). To compensate they may have to pay a lump sum amount of £3 billion and £4 billion.
National Australia Bank was also under the radar of unethical practices when it was alleged of unethical funding. An Oxfam report Australia claimed that National Australia Bank has partnered with organization that dealt with child labor, forced eviction, illegal logging and inadequate compensations. It has been found that more than 20 billion dollars if investments have been dome by National Australia Bank for such kinds of illegal practices. National Australia Bank has been funding Wilmer, one of the biggest palm oil giants of Asia (Dinham 2014). Wilmar has allured been under the radar for illegal activities in Malaysia and Indonesia in the years 2011. The environmental impact for such banks has been drastic and National Australia Bank is a part of such drastic steps.
Thus, it can be seen that along with being one of the top banks in the market of Australia, National Australia Bank has been under criticisms for various reasons. Even though, National Australia Bank has claimed not guilty in many of the cases, yet the data suggest otherwise. Hence, it can be said that every organization should keep a check on their activities before taking getting into any new business venture or any partnership with any organization.
| Political | The political state of Australia is strong and it would not cause any issue for National Australia Bank to work in the markets of Australia. However, the ever changing policies by the Australian government should be kept in check by the bank so that they does not end up with any big issue |
| Economic | Australia, being a developed country will always be favouring National Australia Bank. In addition to thus, the standard of living of the people of Australia is also high and it would help National Australia Bank to flourish well in the Australian market |
| Social | Socially, National Australia Bank is not left behind. The bank has committed to adhere to a number of protocols that supports human rights. Some of the protocols are the OECD Guidelines for Multinational Enterprises, the Universal Declaration of Human Rights and the UN Guiding Principles on Business and Human Rights (Pérez, Martínez and Del Bosque 2013). |
| Technological | Technologically, National Australia Bank is always ahead. The partnership of National Australia Bank with VeriFone Systems, Inc (VeriFone) has been helpful to get the latest range of technologies in payment. |
| Ecological | National Australia Bank has funded the Environmental Upgrade Agreement’ (EUA) in the year 2015 for the commercial office buildings. Around $1.2 m was used for the upgrade of the readers’ digest building located in the Surry Hills. The upgrade has been beneficial as it has helped in reducing the energy by 60%. |
| Legal | The National Australia Bank keeps a check on the legal framework of Australia, as the business sector of the country is continuously developing and hence without keeping a proper track of the legal framework would help them avoid any unnecessary issues (Joshi et al. 2013). |
National Australia Bank mainly aims at high-end customers who are ready to transact with he bank for a good amount of money. Their business-banking sector mainly helpful for the people who running their business (Bryant 2012).
National Australia Bank mainly works in the banking and the investment industry
The main competitors of National Australia Bank are Westpac banking corporation, Commonwealth Bank of Australia and Australia and New Zealand banking group limited (Hoovers.com 2016).
National Australia Bank has collaborated with VeriFone Systems, Inc (VeriFone). The partnership has helped the bank to get access to some of the latest technology in payment services (Nab.com.au 2016). In addition to this, the bank has been able to integrate with android, black berry and apple device.
The executive leadership team consists of ten members and there are more than 35,000 employees working for the bank around the world (Nab.com.au 2016).
The recruitment process of National Australia Bank is mainly external (Bratton and Gold 2012). The candidates have to submit the application. The candidates are then called for the interview and if the candidate is selected, the background check is done and the candidates is appointed in the organization.
| Strength · The strength of the brand name will always be beneficial for National Australia Bank · The diverse products will always help the organization to stay ahead · Unmatched services in the personal and business banking makes it the favourite among the customers in Australia as well as in international locations | Weakness · Decline in revenue during the recession affects the growth and development of the bank (Jones 2012). · Even though the bank is spread worldwide, yet number of global acclaims is less |
| Opportunities · The asset management sector of the bank is always helpful for the bank as they have a string asset management department · The bank is recognised internationally and hence, if they want to strengthen their global presence, they would not have to fight for recognition · The diversified portfolios for the customers will be always be helpful for the bank | Threats · The government regulations of Australia as well as other parts of the world keep on changing and the bank also has to keep on changing its operations to meet the regulations · Banking industry is always full of competitors and hence, they will always receive the threats from the competitors from Australia and worldwide (Shamsuddin and Xiang 2012). |
The leadership of Andrew Thorburn the CEO of National Australia Bank is something that can be looked up to. Andrew Thorburn uses blunt language while talking to the media that generally is avoided by other leaders of various banks. He prefers to follow transformational leadership within the bank. The transformational leadership helps the CEO to think about the growth of the employees in the organization along with thinking about the growth of the bank (Hargreaves and Fink 2012). It has been said that the customer so National Australia Bank have been quite impressed by the operations of the bank under leadership of Andrew Thorburn. The best part of Andrew Thorburn is that he is not afraid of speaking about what is there in his mind (Yeates 2014). His directness and humility makes things look much easier for the employees. He aims at creating an informal relation with the employee. Even though a formal relation and communication should be maintained in a corporate organization, yet nowadays the corporate culture is changing and the line between the senior and the junior employees is becoming lighter (Powell and DiMaggio 2012). Employees feel ore connected to the organization once they are able to communicate freely with the senior employees (Alvesson 2012). The straightforward approach of Andrew Thorburn and the leadership style has been beneficial for the bank internally as well as externally.
The report that evaluates the operations of the National Australia Bank concludes that an organization goes through smooth and rough phases. It is up to the organization to deal with both in a proper manner. The priority for National Australia Bank is the customers and hence, they have unmatched services both in the personal and business banking. National Australia Bank has strong hold over the Australian market and has its operations in the international locations as well. However, the international acclaims are less and hence, it has to look after that. The controversies of National Australia Bank have tarnished its image and the bank should extra care to prevent such issues. The leadership style of Andrew Thorburn is helpful for the employees as well as the organization as he has made considerable amount of improvment for the bank
National Australia Bank is performing well, yet they mainly have to give special attention to the controversies related to the organization and take measures to stop them. In spite of having operations in the international locations, the numbers of international acclaims are less and hence they should enhance their business to increase their number of acclaims.
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