Question

Identify two (2) key strategic issues that Westpac Banking Corporation must address for the future

As a strategist, you need to think about where the company will be in three years’ time. For example, you need to anticipate customer needs in three years’ time and what you need to do today to be able to meet those needs. You need to anticipate how your competitor will react or how the industry may change in future. Attempt to link the findings of the external audit with internal audit.
Recommendation-develop a strategic plan that will address the two key strategic issues identified above. Set specific financial and strategic objectives consistent with the chosen strategy. Action plan-Briefly provide an action plan for implementation of the recommended course of action over an 18-month period.

Answer 1

Westpac Banking Corporation must address technological innovation and regulatory compliance as key strategic issues for the future.

Step-by-step explanation:

Key Strategic Issues for Westpac Banking Corporation:

One key strategic issue that Westpac Banking Corporation must address for the future is technological innovation. The banking industry is continuously evolving, and it is important for Westpac to leverage technology to enhance customer experience and stay competitive. Another key strategic issue is regulatory compliance. As a financial institution, Westpac must ensure it meets all regulatory requirements and maintain a strong risk management framework.

Action Plan:

To address the technological innovation issue, Westpac can invest in developing user-friendly mobile banking apps and digital platforms. This will make banking more convenient for customers and attract tech-savvy individuals. To tackle regulatory compliance, Westpac should establish a dedicated team to monitor and ensure adherence to all relevant regulations, such as anti-money laundering and data protection laws.