Westpac Bank: An Analysis of Communication Strategies and Ethics

This report provides an analysis of Westpac Bank's communication strategies, encompassing both internal and external communications. It explores various methods such as video simulcasts, social media engagement, annual reports, and media relations, highlighting their significance in building brand value and fostering transparency. The report delves into the bank's approach to media relations, public relations, and the use of social media platforms like Twitter and Facebook. It also examines the role of annual reports, stakeholder meetings, and awards in shaping public perception and trust. Furthermore, the report touches upon email marketing, chatbots, and the challenges faced by Westpac, including recent scandals, while emphasizing the importance of ethical communication for business success and customer satisfaction. The report concludes by referencing various sources such as CMO, Forbes, and Sky News to support the analysis.

Running Head: Westpac Bank
Westpac Bank
Ethical communication for business

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Contents
Introduction......................................................................................................................................2
Internal communications.................................................................................................................2
External communications................................................................................................................2
Media relations.............................................................................................................................2
Public relations and Events..........................................................................................................3
Social Media................................................................................................................................3
Annual report and annual stake holders’ meeting........................................................................3
Awards and Accolades.................................................................................................................3
Email marketing...........................................................................................................................4
Chatbots.......................................................................................................................................4
Public perception.............................................................................................................................4
References........................................................................................................................................5

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Introduction
Westpac banking corporation is a financial services firm based out of Australia and is considered
as one of the big four banks of the country. Westpac has five divisions that service over 13
million customers throughout the world. These five divisions include consumer bank, business
bank, BT financial group, Westpac institutional bank and Westpac New Zealand (Westpac,
2017).
Corporate communications in the art of communicating internally as well as externally by the
firm to its various stakeholders with an aim to create a positive brand value, increase
transparency and ensure a continued flow of information. This essay would be throwing light
upon various communication strategies followed by Westpac group.
Internal communications
Internal communications are an integral part of any organization. Like many aspects of business
management, stellar communication predominantly forms the backbone of the firm (Forbes,
2014). Internally it is important that different employees, different departments, different
hierarchical positions interact with one another with a common aim of the success of the firm
and transparent flow of information.
Strategies followed by Westpac group to make their internal communication more effective are
video simulcasts, group events, recurring meetings, team lunches, internal newsletters and open
door policy.
External communications
External communication refers to communications of the organization with stakeholders outside
of the organization. The purpose of external communications is primarily marketing and creating
brand awareness. Westpac follows various strategies to ensure that the efficiency of their
external communication:

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Media relations
Media relations refer to the relationships that an organization builds with journalists in order to
communicate to its stakeholders outside the organization. Westpac invests heavily on its media
relations. The purpose of this relationship is to promote the brand’s newsworthy message to the
mass audience. Their website transparently displays all the coverage the firm has yet received in
various newspapers, news agencies and journalistic interviews (Westpac, 2017). It is essential for
any firm to establish fruitful relationships with journalists as they eventually create the brand
perception.
Public relations and Events
Public relations refer to the firms’ relationships that help communicating with the general public
and individuals at large. These publics can be consumers, clients, government agencies,
investors, charities, suppliers and even the media. Public relations takes into account how a
company is perceived by the public at large.
Social Media
Social media platforms are an upcoming and efficient leading communication agents. Social
media is an effective two way communication tool which helps companies start a conversation
with its customers. Westpac is actively engaging with its customers on twitter and Facebook.
Westpac also involves its customer chat experts on Facebook chats and help individuals gain
clarity on their financial queries (CMO, 2012).
Annual report and annual stake holders’ meeting
A company’s annual report and the minutes of its annual stakeholder meeting are released to the
general public every year in order to make the consumer aware of the brand’s performance. This
creates trust, transparency and an open flow of information. Stakeholders from any field are
allowed to attend this meeting and can throw questions at the company’s representatives and gain
insights on the company’s performance. Their annual report is published on the website and
helps Westpac in communicating its performance to its stakeholders (Westpac, 2017).

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Awards and Accolades
Westpac registers itself for various awards and accolades organization by reputed firms like
Reuters, Bloomberg, and Dow Jones etc. As on today, Westpac is the most sustainable bank
globally according to Dow Jones. This was the 16th year in a row where Westpac won such an
acclamation. These awards help in creating a brand image in the eyes of its consumers and other
clients. This helps in gaining customers and building trust among existing clients.
Email marketing
Email marketing is done by Westpac to target a specific segment of market. Immense research
goes behind profiling of the individuals who receive these emails at large. This mostly helps the
firm introduce new schemes and offers. Usually email marketing helps financial firms as their
products are complicated in nature and require detailed information which is difficult to achieve
in a television advertisement. However, consumers must be aware of the authenticity of the mail
and not fall for spams. To assist its customers, Westpac event released a list of ghost sites that
mimic its online banking page (Communication government of Australia, 2013).
Chatbots
Westpac recently completed a multimillion dollar update of its customer service platform by
introducing Chatbots that converse with clients, take their queries and solve their queries without
any human intervention. This upgrade would mean that the bank can now handle an estimated 65
million customer interactions each year.
Public perception
Public perception of Westpac is primarily positive except for a few roadblocks on its way. It has
achieved the title of being a part of the big four Australian brands. The wide customer base of
over 13 million customers shows that people trust the bank.
However, recent scandals and accusations on the bank for interest rate manipulation has hurt the
brand image (Sky news, 2016). In a Finance sector union better banking survey conducted last
year, 42% respondents said that Westpac’s service in unsatisfactory. The bank is currently
putting more and more efforts in changing that image by efficient use of marketing strategies.

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References
CMO, 2014, ‘Social is a great way to start conversations’,
https://www.cmo.com.au/article/547846/westpac_customer_marketing_chief_social_grea
t_way_start_conversations/, viewed on 18 September, 2017.
Communications Government of Australia, 2013, ‘Westpac customers targeted again using
phishing emails’, https://www.communications.gov.au/what-we-do/internet/stay-smart-
online/alert-service/westpac-customers-targeted-again-phishing-emails, viewed on 18
September, 2017.
Financial Review, 2017, ‘Westpac looks to bots after customer service upgrades’,
http://www.afr.com/technology/westpac-looks-to-bots-after-customer-service-upgrade-
20170604-gwk977, viewed on 18 September, 2017.
Forbes, 2016, ‘Strategies to strengthen communication within your company’,
https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/
chuckcohn/2014/10/24/strategies-to-strengthen-communication-within-your-company/
&refURL=&referrer=#5d1c7926b153, viewed on 18 September, 2017.
Sky news, 2016, ‘Westpac public trust hit by scandals’, http://www.skynews.com.au/news/top-
stories/2016/04/06/westpac-public-trust-hit-by-scandals.html, viewed on 18 September,
2017.
Westpac, 2017, ‘Media Releases’, https://www.westpac.com.au/about-westpac/media/media-
releases/, viewed on 18 September, 2017.
Westpac, 2017, ‘The group’s five key divisions’,
https://www.westpac.com.au/about-westpac/westpac-group/company-overview/about-
us/, viewed on 18 September, 2017.
Westpac, 2017, ‘Westpac ranked world’s most sustainable bank’,
https://www.westpac.com.au/about-westpac/media/media-releases/2016/8-sept/, viewed
on 18 September, 2017.