Understanding Contemporary Organizations

This article discusses the financial practices of Bendigo Bank under personal, business and wealth banking segments. It covers accounts, loans, insurance, superannuation, share trading and more.

Running head: UNDERSTANDING CONTEMPORARY ORGANIZATIONS
Understanding Contemporary Organizations
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Author’s Note

1UNDERSTANDING CONTEMPORARY ORGANIZATIONS
It can be observed that the Bendigo Bank has been involved has been involved in some
major financial practices from the time of their inception. It can be observed from the official
website of Bendigo Bank that the financial practices of the institution are divided into three
major segments; they are Personal, Business and Wealth (bendigobank.com.au 2018). The
following discussion shows the financial practices under these segments.
Personal Banking: Under the segment of personal banking, Bendigo Bank involves in certain
specific financial practices. They are accounts and investing, credit cards, loans, insurance, travel
and international travel and superannuation (Adekunle and Asaolu 2013). The financial practices
of accounts and investing involve both transaction accounts and saving accounts. Transaction
accounts involve everyday account, student account, easy retirement account and concession
account. The variants under savings accounts are EasySaver accounts, PiggySaver account,
CommunitySaver account and Charismas Club Account (bendigobank.com.au 2018). The main
variants under term deposits and investing are Standard Term Deposit Account, Gold Term
Deposit Account, Managed Funds and Share Trading. Apart from these, the financial practices of
Bendigo Bank also include credits cards that they provide to their customers. The bank also
provides their customers with different types of loans like home loans, personal loans and others.
The major financial practices of Bendigo Bank under insurance are travel insurance, home
insurance and others. It also needs to be mentioned that the financial practices of the bank
involve the delivery of superannuation services to their customers (Bovee and Thill 2017).
Business Banking: Apart from the personal banking services, the financial practices of Bendigo
Bank involve in the delivery of different services to the business customers. Bendigo Bank
involves in the transactions of taking and making payments for the businesses. After that, the
financial practices of Bendigo Bank also involve in the management of the cash flows of their

2UNDERSTANDING CONTEMPORARY ORGANIZATIONS
client businesses. Some of the variants under this are Business transaction accounts, Business
overdraft, Business debit and credit cards and business payments (Gittens and Pilgrim 2013).
After that, the financial practices of Bendigo Bank involve in protecting the assets of the
businesses where the bank offers comprehensive range of commercial insurance solution to the
businesses. In addition, they also provide range of online solutions to the businesses. Apart from
these, Bendigo Bank caters to the finance need of the businesses by providing them with wide
range of loans like Business Term Loans, Business Overdraft and Equipment Finance. Lastly,
Bendigo Bank provides the businesses with the financial practices related to the handling of the
foreign exchange related transactions (Reddy, Locke and Scrimgeour 2010).
Wealth Banking: The financial practices of Bendigo Bank involve some of the major practices
to increase and management the wealth of their customers; they are management of funds,
superannuation and retirement, financial planning, share trading and private banking (Tilley
2012). Bendigo Bank provides their customers with their choice of funds tailored to cater to their
specific needs. Bendigo Bank provided the financial practices for share trading through Bendigo
Invest Direct, an online affordable platform for share trading. After that, as a part of the financial
practices, Bendigo Bank provides their customers with better advise for the appropriate financial
decisions.

3UNDERSTANDING CONTEMPORARY ORGANIZATIONS
References
Adekunle, A.A. and Asaolu, T., 2013. AN EMPIRICAL INVESTIGATION OF THE
FINANCIAL REPORTING PRACTICES AND BANKS'STABILITY IN NIGERIA. Kuwait
Chapter of the Arabian Journal of Business and Management Review, 2(5), p.157.
Bendigobank.com.au., 2018. Bank Accounts, Credit Cards & Home Loans | Bendigo Bank.
[online] Available at: https://www.bendigobank.com.au/public/personal [Accessed 22 Nov.
2018].
Bovee, C and Thill, J 2017 Chapters 17 and 18 in Business in Action, Pearson, New York.
Gittens, D. and Pilgrim, S., 2013. Foreign direct investment and human capital: a dynamic
paradox for developing countries. Journal of Finance, Accounting and Management, 4(2), p.26.
Reddy, K, Locke, S and Scrimgeour, F 2010, ’The efficacy of principle-based corporate
governance practices and firm financial performance’, International Journal of Managerial
Finance, vol. 6, no. 3, pp. 190-219. http://bit.ly/19OA8eD
Tilley, C 2012, ’Organisations must make the most of their finance functions’, Financial
Management (14719185), p. 65 - http://bit.ly/1dRB84k