Questions:
1.Write a Literature review of west pac Corporate Social responsibility?
2.Write a Literature review of westpac Organisational Structure.?
3.Write a Literature review of westpac Organisation Technology?
The topic sentence regarding this literature review is to find out the social responsibilities performed by Westpac Banking. Corporate social responsibility is an essential part in corporate fabric. It helps to obtain the goodwill of the stakeholders and the market value of the corporation is depending on a good policy regarding CSR (Tai & Chuang, 2014). The global banks are concentrating on these policies to gain reputation on worldwide basis and these policies are helpful to strengthen the relationship with the stakeholders. Westpac banking is popularly known regarding their CSR policies and they have made a firm commitment regarding the policies (Suliman, Al-Khatib & Thomas, 2016).
First statement of Corporate Social Responsibility:
The term CSR denotes certain societal obligations. The policies regarding CSR are a matter of controversy. According to Craig Smith (2016), a company should only be responsible to its shareholders and not to anyone else (Smith & Rönnegard, 2016). Therefore, policies should be implemented for the interest of the stakeholders. On the other hand, Kotler and Lee (2005) accept the societal role of the company and support the CSR policy of a company. Carroll generated the notion on CSR model in the year 1991 and it has been stated by him that the company should be focussed on the ethical and philanthropic responsibilities along with the economic obligations (Lin et al., 2017).
Positive customer influences of CSR policies:
Maignan and Ferrell (2004) has pointed out certain positive impacts of the CSR policies on the customers and stated that the policies help to build a loyal relationship with the customers. In banking sector, loyalty and trust are important and in the words of Barone (2000), the environment friendly policies of bank will help to gain support from the customers (Homburg, Stierl & Bornemann, 2013). According to Murray and Vogel, an effective CSR policy reflects the company’s attitude and honesty. Westpac has taken certain measures regarding the sustainable enhancement and focussed on the value of the shareholders. The customer policy of CSR is based on fair dealing and social legitimacy. Fred Chaney (2002) has mentioned that economic development can be possible by implementing the social responsibility. Westpac has initiated certain steps regarding the improvement of the rural towns and able to gain the trust of the customers (Dell’Atti et al., 2017).
Second statement of Corporate Social Responsibility:
Luo (2006) has been pointed out that the CSR policies create a link between the CSR policies and customer satisfaction. An effective CSR policy helps the bank to increase its market value and the customer satisfaction is depending on the rate of market value. Westpac is one of the ancient banks in the history of Australia and it has been observed that the bank has taken many initiatives to increase their market value and it becomes a globally recognised bank now (Klettner, Clarke & Boersma, 2014). The bank has able to gain the customer satisfaction with the help of their simple commitment and customer oriented policies (Moreno et al., 2014). The efforts made by the bank in the rural areas have attracted the concentration of the customers. However, Pomering (2006) had raised his voice for the customer centric policies in lieu of customer satisfaction policies.
Student analysis:
It has been clear from the record of the company that this leading banking authority of Australia has taken certain social policies with the intention to eradicate the malnutrition and implemented certain health care policies for the minority group of the society. The policies of the bank ensure environmental sustainability and adopted policies for the protection of the ecological substances. It works for the socio-economic development of the backward classes and war widows.
The topic sentence of the literature review is to identify the organisational anatomy of Westpac bank. An organisational structure is an anatomy of an organisation and denotes a foundation regarding the functional area of the organisation. According Hall, organisational structure is affecting the behaviour of the members. James and Jones had conceptualised the organisational structure and behaviour of the individual and tried to make a relationship in between them. An effective organisational structure has focussed on the supportive attitude of corporation to the customers (Boersma, 2015).
First statement of evidence:
The structural segment of Westpac has been designed to focus on the customer satisfaction. Certain strategies have been adopted to earn the support of the customers and ease the corporate function. There are number of sections structured under the Westpac bank and each of these sections has separate corporate functions and liabilities to the customers. The retail and business banking of Westpac is responsible for the marketing and sales and services are provided to the commercial customers. The system regarding the third party retail is also being governed by this section (Huang, Pepper & Bowrey, 2014). The BT Financial group regulates the wealth management section of the bank. The main objective of this branch is to provide maximum protection to the wealth of the customers. The institutional banking service of Westpac is dealing with the corporate or government-based customers. The specialists of this section are expertise in market banking and provide online broking service to the customers.
Second statement of evidence:
According to Armstrong and Stephen (2008), the purpose of the organisation is to do a thing in a proper way. The structure of an organisation is composed of such persons by whom such purpose can be achieved. The people are required to work cooperatively within an organisation. The organisational structure of Westpac has been designed on this framework and they are concentrating on the human elements required for the development of the bank (Löfsten & Löfsten, 2016). The nature of the organisational structure of Westpac is unitary. In this system, all the employees are working under the umbrella of common purpose and separate units do the works. However, the above-mentioned structure describes the posts of specialised officers who are responsible for the performance of the bank. There is a change happened regarding the post-holders and new peoples have appointed in the posts.
Student analysis:
It can state that the future of a company depends on the organisational structure and it is important to divide the work for the easy flow of work. A neat organisational framework can be helpful in this case.
The topic sentence of this literature review is to identify the importance of the technologies in the banking sectors and role of the same in the Westpac banking. Technologies play an important role in banking sector as the major part of modern banking is based on online. The ramification of information technology is considered as critical business resource. In the words of Castells (2001), the banking industry has developed drastically with the help of technologies. There are certain examples such as the online money transaction; mobile banking and electronics banking have classified the significant role of the technologies in banking sector (Abbas et al., 2014). Except these online transactions, the database regarding the banking service and the cash reserve portfolio are maintained through computer. Worldwide network system is necessary for the overall development of the bank and identifies the global nature of the bank. Technologies help to ease the demanding expectation of the customers.
Importance of technology in banking:
According to Saeid Khajeh, the technologies are playing important role and it increases the rate of competition within the banking sector. It helps to make the financial products more transparent and deconstruction of marketing environment become easier by the help of technologies (Tai & Chuang, 2014). According to Adesina and Ayo (2010), the mentality of banking authority has been changed and economy of scale has been processed in the bank to protect the business structure.
First statement of evidence:
The vision of the company is based on the advanced technology and many fellow researchers on the information technologies are appointed to regulate the works of the bank. The motto of the bank is to manage the customer’s demand systematically and implement the policies to secure the financial sectors of Westpac. Westpac is a leading banking authority of Australia as well as in New Zealand. The bank has been gaining the trust of the people since its incorporation. Millions of people holding their account in the bank and therefore, there is a need of proper servicing criteria for the bank (Homburg, Stierl & Bornemann, 2013). The Westpac group is concentrating on the three bases to deal with the situation such as innovation, drive and talent. The technical department of the bank is not only deals with the emerging demand of the customers, but also monitoring the potential threat regarding the cyber security.
Second statement of evidence:
The technicians play an important role in the Westpac and with a view to manage the situation systematically, certain layers can be found regarding their working criteria. The first step is based on skills and experience on particular project. The second step is dealing with planning and implementation of certain policies. The next step deals with the analysis of business process. The last step deals with the communication and programming of the process. Skilled workers are always on demand in the bank and by their extensive efforts; the bank has been recognised internationally (Klettner, Clarke & Boersma, 2014). In the words of Brian Hartzer, MD & CEO of Westpac, the technicians are playing an important role regarding the proper management of the banking sector to ensure the financial securities to the customers.
Student analysis:
It can be argued that major parts of modern banking is depended on the technology and in case of global companies like Westpac, it is obvious. All the transactions of the bank is depending on online base and the database of the company is stored or captured in computerised way. Therefore, it can be stated that the organisational technology helps the bank to retain its position in the international banking sector.
References:
Abbas, J., Muzaffar, A., Mahmood, H. K., Ramzan, M. A., & Rizvi, S. S. U. H. (2014). Impact of technology on performance of employees (a case study on Allied Bank Ltd, Pakistan). World Applied Sciences Journal, 29(2), 271-276.
Boersma, M. (2015). How Does Sustainable Banking Add Up?.
Dell’Atti, S., Trotta, A., Iannuzzi, A. P., & Demaria, F. (2017). Corporate Social Responsibility Engagement as a Determinant of Bank Reputation: An Empirical Analysis. Corporate Social Responsibility and Environmental Management.
Homburg, C., Stierl, M., & Bornemann, T. (2013). Corporate social responsibility in business-to-business markets: how organizational customers account for supplier corporate social responsibility engagement. Journal of Marketing, 77(6), 54-72.
Huang, T., Pepper, M., & Bowrey, G. (2014). Implementing a sustainability balanced scorecard to contribute to the process of organisational legitimacy assessment. Australasian Accounting Business & Finance Journal, 8(2), 15.
Klettner, A., Clarke, T., & Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy. Journal of Business Ethics, 122(1), 145-165.
Lin, W. L., Ho, J. A., Ng, S. I., & Lee, C. (2017). Impact of Positive and Negative Corporate Social Responsibility on Corporate Financial Performance and Idiosyncratic Risk.
Löfsten, H., & Löfsten, H. (2016). Organisational capabilities and the long-term survival of new technology-based firms. European Business Review, 28(3), 312-332.
Moreno, D. P., Hernandez, A. A., Yang, M. C., Otto, K. N., Hölttä-Otto, K., Linsey, J. S., … & Linden, A. (2014). Fundamental studies in Design-by-Analogy: A focus on domain-knowledge experts and applications to transactional design problems. Design Studies, 35(3), 232-272.
Smith, N. C., & Rönnegard, D. (2016). Shareholder primacy, corporate social responsibility, and the role of business schools. Journal of Business Ethics, 134(3), 463-478.
Suliman, A. M., Al-Khatib, H. T., & Thomas, S. E. (2016). Corporate Social Responsibility. Corporate Social Performance: Reflecting on the Past and Investing in the Future, 15.
Tai, F. M., & Chuang, S. H. (2014). Corporate social responsibility. Ibusiness, 6(03), 117.
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