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Literature Review of Westpac Corporate Social Responsibility

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Added on  2020-04-15

Literature Review of Westpac Corporate Social Responsibility

   Added on 2020-04-15

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Running head: LITERATURE REVIEWPolicy and structure of Westpac Banking Name of the student:Name of the university:Author note
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1LITERATURE REVIEWTable of ContentsLiterature review of Westpac Corporate Social Responsibility.................................................2First statement of Corporate Social Responsibility:...............................................................2Positive customer influences of CSR policies:.......................................................................2Second statement of Corporate Social Responsibility:..........................................................3Student analysis:.....................................................................................................................3Literature review on Westpac’s Organizational Structure:........................................................4First statement of evidence:....................................................................................................4Organisational structure of Westpac:.....................................................................................5Second statement of evidence:...............................................................................................5Student analysis:.....................................................................................................................6Literature review of Westpac’s organizational technologies:....................................................6Importance of technology in banking:....................................................................................6First statement of evidence:....................................................................................................7Second statement of evidence:...............................................................................................7Student analysis:.....................................................................................................................8Reference:..................................................................................................................................9
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2LITERATURE REVIEWLiterature review of Westpac Corporate Social ResponsibilityThe topic sentence regarding this literature review is to find out the socialresponsibilities performed by Westpac Banking. Corporate social responsibility is anessential part in corporate fabric. It helps to obtain the goodwill of the stakeholders and themarket 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 onworldwide basis and these policies are helpful to strengthen the relationship with thestakeholders. Westpac banking is popularly known regarding their CSR policies and theyhave 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 area matter of controversy. According to Craig Smith (2016), a company should only beresponsible 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, Kotlerand Lee (2005) accept the societal role of the company and support the CSR policy of acompany. Carroll generated the notion on CSR model in the year 1991 and it has been statedby him that the company should be focussed on the ethical and philanthropic responsibilitiesalong 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 CSRpolicies on the customers and stated that the policies help to build a loyal relationship withthe 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 thecustomers (Homburg, Stierl & Bornemann, 2013). According to Murray and Vogel, an
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3LITERATURE REVIEWeffective CSR policy reflects the company’s attitude and honesty. Westpac has taken certainmeasures regarding the sustainable enhancement and focussed on the value of theshareholders. The customer policy of CSR is based on fair dealing and social legitimacy.Fred Chaney (2002) has mentioned that economic development can be possible byimplementing the social responsibility. Westpac has initiated certain steps regarding theimprovement 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 theCSR policies and customer satisfaction. An effective CSR policy helps the bank to increaseits 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 thatthe bank has taken many initiatives to increase their market value and it becomes a globallyrecognised bank now (Klettner, Clarke & Boersma, 2014). The bank has able to gain thecustomer satisfaction with the help of their simple commitment and customer orientedpolicies (Moreno et al., 2014). The efforts made by the bank in the rural areas have attractedthe concentration of the customers. However, Pomering (2006) had raised his voice for thecustomer centric policies in lieu of customer satisfaction policies.Student analysis:It has been clear from the record of the company that this leading banking authorityof Australia has taken certain social policies with the intention to eradicate the malnutritionand implemented certain health care policies for the minority group of the society. Thepolicies of the bank ensure environmental sustainability and adopted policies for theprotection of the ecological substances. It works for the socio-economic development of thebackward classes and war widows.
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