Business Environment Analysis: External Stakeholders of Westpac Bank

This report provides an analysis of the external stakeholders of Westpac Bank, a leading financial institution in Australia. It identifies key stakeholders such as customers, investors, suppliers, NGOs, government, and regulators, and examines their respective interests and influence on the bank's operations. The report details how Westpac engages with each stakeholder group, including the use of relationship managers, feedback mechanisms, and adherence to regulations. It also explores the impact of these stakeholders on the company's financial performance and strategic decisions, highlighting the importance of managing relationships with various external parties to ensure sustainable business practices and achieve the company's vision. References to Westpac's annual report further support the analysis.

Business environment

External stakeholders
The external stakeholders of Westpac are customers, investors, suppliers, NGOs, government,
and regulators.
In the group stakeholders, the external stakeholders are required to be considered for making the
position of the organization. In Westpac, the senior leaders are involved in engaging the
stakeholder with the company. The relationship managers are responsible for identifying and
engaging the stakeholder's informal as well as informal ways (White, et al., 2018).
Customers- The interest of customers with the Westpac bank is to get effective banking services.
Westpac bank provides various banking services like online services and helps the customers
tracking and grow the wealth for making them feel confident in making financial decisions.
Customers' interest is to understand the financial position. The influence of customers in the
business is on-going tracking and analyzing the feedback and complaints are received with the
help of call centers and online. Customers are provided with the best services of the bank for
saving and investing money.
Suppliers- The suppliers of Westpac bank are an indigenous-owned business, a business owned
by women, Australian disability enterprises, social enterprises, and B corporations. For the
suppliers, Westpac bank provides the support in which management takes the opportunity to
partner. Suppliers are influenced by the help of risk assessments, codes of conduct and
questionnaires.
Government and regulators
The government and regulators keep the interest in the organization for following the rules and
regulations. The analysis of the policy trend is done. The influence of government and regulators
on the organization is reviewing the policies and procedures.
Creditors and investors
In the organization, investors and creditors play a crucial role. In Westpac, investors keep the
interest in investing to gain the profits. Investors and creditors are influenced by the net profits
and analyzing the position of the business in the market.

Non-governmental organization- In Westpac, it also includes interest and campaign groups.
NGOs are interested in the organization for the engagement for the market developments and
making the external interaction. NGOs are influenced by the bank for the benefits and
investments. They regularly meet and monitor social media for assessing the key issues. Westpac
includes the activist groups for engaging with the regular meetings and evolves for underlying
the issues. The organization responds quickly with the help of effective methods. The initiatives
are taken by the organization for accessing the help and receiving the targets to support for
recovering (Westpac, 2019).

Reference
Westpac,(2019). Annual Report 2019. Retrieved From:
https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/
2019_Westpac_Group_Annual_Report.pdf
White, M.D., Todak, N. and Gaub, J.E., (2018). Examining body‐worn camera integration and
acceptance among police officers, citizens, and external stakeholders. Criminology &
public policy, 17(3), pp.649-677.