The investment in information technologies has been on the rise. It represents approximately 2.5 per cent of the total sales turnover of the industry and will continue to increase. This is inline with decreasing labor costs and increasing the use of information technology approach to cut down costs.
4.0 Banking Industry Information.
The total value of the banks and Finance business sector in Australia is $179.725 billion. Of this market, Westpac holds a 16.168% stake amounting to around $29.085 billion.
Electronic banking is a relatively new industry involving the major products and services of traditional banks offered electronically.
5.0 Westpac - Introduction.
Westpac Banking Corporation provides financial services in Australia and worldwide in the personal, business and institutional banking sectors. Services include lending, deposit taking, payment services and funds management, all of which are available electronically through their e-banking site at www.westpac.com.au.
6.0 History.
WBC was founded in 1817 as the Bank of New South Wales and in 1982 merged with the Victorian based Commercial Bank of Australia to become Westpac Banking Corporation. Through the 1990's, WBC expanded through a number of regional bank takeovers including, Challenge bank in Western Australia in 1995, Trust Bank New Zealand in 1996 and Bank of Melbourne in Victoria in 1997.
7.0 Industries of operation.
WBC is one of the four major Australian banks with a full service banking and finance business. Geographically its main areas of operation are Australia and New Zealand, with a small presence in the Pacific Islands. The bank provides a range of banking and finance products and services, however its wealth management business is relatively small compared to CBA and NAB.
8.0 Unique differentiating factor.
In Australia WBC differentiates itself from its major bank peers by operating a regional branding strategy. This strategy is designed to preserve the goodwill and customer loyalty of the regional banks acquired in the 1990's.
