HI6008: Financial Management Strategies in Australian Banking

Desklib provides past papers and solved assignments for students. This report analyzes financial management in Australian banks.

HI6008

Table of Contents
Introduction....................................................................................................................2
1. Evaluate the effectiveness and your usefulness of the learning experience...............3
2. Explain how this learning process will be useful to you............................................4
3. Describe objectively what happened in the learning process.....................................5
4. Evaluate what you learn.............................................................................................6
5. Explain the learning process.......................................................................................7
6. Explain plan how this learning you will apply 8
Conclusion......................................................................................................................9

Introduction
This is the reflective report based on my research which was conducted on the
financial strategies of the most popular banks of Australia that are Australia
Bank (NAB), Commonwealth Bank (CBA), Australia and New Zealand Banking
Group (ANZ) and Westpac (WBC). This report will show the knowledge and value, I
gained from the research. This report also involves the decision for the cost
management, cash-flow management, profitability management and dividend
decisions for the bank organization. The financial management strategies affect the
competitiveness and profitability of the Australia Bank (NAB), Commonwealth
Bank (CBA), Australia and New Zealand Banking Group (ANZ) and Westpac (WBC)
in the banking sector. The financial manager or the banking organization also affects
the decision making and implementation of the plans.

1. Evaluate the effectiveness and your usefulness of the learning experience.
The research is very effective as this helped me to realize the importance of financial
management strategies in the banking sector. The main four banks of Australia that
are Australia Bank (NAB), Commonwealth Bank (CBA), Australia and New Zealand
Banking Group (ANZ) and Westpac (WBC) follow similar strategies for the
improvement of their business activity. The research also let me understand the role of
financial managers and stakeholders in the banks. This experience also made me
realise the importance of financial strategies to maintain the funds for the banks in the
market.
The effectiveness of the learning experience are:
 This experience allowed me to understand the effect of financial management on
the organizational performance of the main four banks of Australia.
 The effect of financial management on customer service management and the
strategies help the banks to attract new potential customers.
 The financial management strategies also help the banks to plan for the sources of
funds to pursue the goals and objectives of the organisations.
The learning experience is useful to understand the purpose and strategies that are
followed by the Australian banks to maintain their finance, cost, customer and
revenues. The learning experience also reflected the influence of the stakeholder's
involvement in the banks. The learning experience is valuable as it has enabled to
understand the strategic importance of financial management for the Australian banks.
This also showed that financial management helps in optimum utilization of the
organisational funds.

2. Explain how this learning process will be useful to you.
The learning process helped in understanding the importance of finance in any
business. The research was conducted in the banking sector so I will be working in a
bank, this learning experience can help me to understand the importance of financial
management in the bank. The learning process also helped me to realise that financial
management is important in every type and size of the business as this helps to
organise and perform the basic business activities. Financial management helps in
analyzing the profitability of the bank in the industry. This experience also helps in
understanding the financial impact on the business which is the main element in
business management. This learning experience also helps in understanding the role
of a finance manager in the financial management of the business. Being a future
manager aspirant, this learning experience has provided a lot of knowledge to
understand the finance sector. The finance sector of the business is the blood for
business activities as it helps in providing funds and resources for the business.

3. Describe objectively what happened in the learning process
In the learning process, I have read about the strategies for the financial management
of the Australian banks, Australia Bank (NAB), Commonwealth Bank (CBA),
Australia and New Zealand Banking Group (ANZ) and Westpac (WBC). The learning
process also involved the role of the finance manager in the financial management of
the banks in the finance sector. The financial management of the banks involve the
decisions for the sources of funds, working capital management, investments
decisions and financial statements of the banks. The learning experience also showed
me that the financial management affects the profitability and organizational
performance of the Australia Bank (NAB), Commonwealth Bank (CBA), Australia
and New Zealand Banking Group (ANZ) and Westpac (WBC). These banks execute
their financial planning effectively to improve the dividends shared by them to the
stakeholders. This learning process also showed that the four Australian banks,
Australia Bank (NAB), Commonwealth Bank (CBA), Australia and New Zealand
Banking Group (ANZ) and Westpac (WBC) follow an effective financial strategy to
improve their revenues and customer satisfaction in the market.

4. Evaluate what you learn.
The business research carried out on the financial management of the four Australian
banks, Australia Bank (NAB), Commonwealth Bank (CBA), Australia and New
Zealand Banking Group (ANZ) and Westpac (WBC) has made the outcomes that the
banks use different strategies and financial planning for improving their financial
status in the banking sector. The financial management is also important to take the
decisions for the working capital, cost accounting, cost management and financial
statements. The business research also showed the role of the manager in the financial
management in the Australian banks. The stakeholders of the banking organisations
also affect financial management as they are involved in the decision making of the
banks. The stakeholders of the bank involve the suppliers, customers, shareholders,
clients and employees which are affected by the financial planning for the banks. The
effective financial planning of the Australian banks helps to increase their profitability
and organisation productivity. The four main competitors of the banking sector
Australia Bank (NAB), Commonwealth Bank (CBA), Australia and New Zealand
Banking Group (ANZ) and Westpac (WBC) use their financial strategies to improve
their competitiveness in the banking sector. The financial management of the banks
try to analyse the resources of the organisation and forecast the future needs of the
banks. The business research also helped me to realise the importance of financial
planning to understand the allocation of resources in the organisation and to plan for
the sources of the funds in future.

5. Explain the learning process
The learning process involves the study of the financial management of the Australia
Bank (NAB), Commonwealth Bank (CBA), Australia and New Zealand Banking
Group (ANZ) and Westpac (WBC). The financial management of Australian banks
affects their performance in the banking sector of Australia. The banks also perform
financial planning to improve their internal operations and business activities. The
banking activities continuously require the allocation and planning for the funds of the
banks. The financial planning for the banks also involve the decisions for the working
capital, cost management, cash-flow management and profitability management. The
banks manage their finance to increase their profitability and revenues for the future.
Business research also showed me that financial management also enables the bank to
improve its competitive strategy in the banking sector.

6. Explain plan how this learning you will apply
The learning process will help me in the management of the finance of my
organisation whether it will be a bank or any other industry. The financial
management of the business organisation is important to execute their business
activities and operations. The business research for the Australian banks will also help
me to realise the role of the finance manager in the financial planning and
implementation of these plans. Financial management plays an important role in the
business organisation. The study of business management involves many elements of
business which are involved in the course. Finance is one such element in my
business studies. The business management helps in becoming an effective
businessperson or an efficient employee. This learning experience has made me learn
many new things about the strategic financial management of banks. If I will work in
any bank, the knowledge gained in this learning process will help me to give effective
suggestions and help the organisation to show my skills. This will also help me to
apply the knowledge of financial management in my future business organisation.
This will also help

Conclusion
This reflective report showed that the financial management of the banks involved
many important decisions taken for the improvement and innovation in the
organisation. The financial management of the Australia Bank (NAB),
Commonwealth Bank (CBA), Australia and New Zealand Banking Group (ANZ) and
Westpac (WBC) showed many strategies for cost management, cash-flow
management, sources of funds, revenues for the banking organisation. This report also
provided me with wide knowledge for the finance department of the banks. The report
also included the role of a finance manager in the financial planning and
implementation of their plans. The stakeholders of the bank organisation are also
involved in the decision making of financial management as they are also affected by
it. The Australia Bank (NAB), Commonwealth Bank (CBA), Australia and New
Zealand Banking Group (ANZ) and Westpac (WBC) execute their effective financial
management to improve their competitiveness.