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Suncorp Bank Case Study

Essay by   •  May 19, 2011  •  Case Study  •  420 Words (2 Pages)  •  1,720 Views

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The objective of this report is to critique one of the smaller banks in Australia, Suncorp- Metway Ltd, by understand its strategies, business environment and assess how effective the organization operates.

The successful of Suncorp is not destiny. Its strategy on developing its business and those unique resources has bring up it sustainable competitive advantages. Although it is the fifth largest general banking company, it's facing some problem from external and internal environment. Natural disasters, government rules and regulations, threat of competitors and resources issues have affected Suncorp to change its strategies in order to be profitable. VRIN analysis will demonstrate Suncorp's sustainable competitive advantages to compete with numerous of competitors in the markets.

Reserve the right to play and keep the option open for Suncorp's future development will be suggested as the possible action to overcome the uncertainty environment. Strategy diamond also clearly stated the future of Suncorps and how could it implement. While, there are some limitation for this report. Banking industry is a big and complexity industry, in-deep study on various factors is needed. The feasibility of strategies is an unknown, research programs have to be conducted to increase the possibility to be success.

Uncertainty and natural disasters has occurred many problems to the whole entities of banking industry. As a fifth largest bank in Australia, Suncorp could create competitive strategies and effectively implemented it.

Suncorp facing three main issues in it's currently strategies, which are the happened of natural disasters, the cancellation of exits fees for home loan and a numerous of diversified business. Suncorp should reserve the right to play by keeping its options open to minimize losses and gain large payoff. Joint venture with banks in foreign countries or get licensing could gather more capital in order to overcome the large amount of home and mortgage loans in Australia. Part of the investment could also invest into some potential markets or shares to earn more profit.

Besides, insurance services are one of the most profitable businesses to Suncorp. Increase the cost to develop training program, rewards employees and hire talents employees are necessary. This could improve the speed of development of new insurance policy and slower the time of fund returns.

Overall, formulation and implementation of the strategies are both important and interdependent. Fully utilize its sustainable competitive advantages and transfer it into useful capabilities is the best strategy to win in the competition. Suncorp has the potential to become largest bank in Australia in the future with its effectively management and resources deployment.

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