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PERSONAL INTRODUCTION
Hello, I am Samantha
I work for an online tyre company,______, as an Accounts Assistant and Operations Manager.
I have almost finished my Bachelor of Accounting, which will allow me to steer further in to the accounts department within ______.
In my spare time I enjoy playing hockey, watching my partner Paul play soccer, renovating our newly purchased home, and planning our wedding.
It is nice to meet you.
HISTORY OF AUSWIDE BANK
After operating since the 1960’s, Bundaberg based Burnett Permanent Building Society and the Maryborough Permanent Building Society merged together by Ron Hancock in 1979 and formed Wide Bay Capricorn Building Society, as an alternative to the “big banks”. Now known as Auswide Bank, the bank has been servicing the banking needs of Australians for over 50 years. (Auswide Bank, 2018).
1981
Merged with Gympie and North Coast Building Society. (Auswide Bank, 2018)
1983
Merged with Port Curtis Building Society (Auswide Bank, 2018)
1994
Listed in the ASX (Auswide Bank, 2018)
2000/01 Exceeded $1 billion in assets and loans (Auswide Bank, 2018)
2003
Name change – Wide Bay Australia Limited (Auswide Bank, 2018)
2008
Merged with Mackay Permanent Building Society (Auswide Bank, 2018)
2015
Auswide Bank was launched (Auswide Bank, 2018)
Partnership with MoneyPlace (Auswide Bank, 2018)
2016
Merged with Queensland Professional Credit Union (Auswide Bank, 2018)
GLOBALISATION
The accelerating, deepening and broadening process affecting the movement of goods, services, communications and ideas within the global market. (Williams, McWilliams, & Lawrence, 2016).
There are four (4) stages of globalisation (Williams et al., 2016):
Domestic
International
Multinational
Global.
International business is important. As services and jobs are shifting to countries where operating costs are lower and therefore there are many concerns around local jobs (Williams et al., 2016)
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CHALLENGES THAT AUSWIDE BANK FACE
COMMUNICATION
Trust, co-operation, commitment, business development and business-to-business relationships are all success factors of effective communication (Mason & Leek, 2012).
Auswide bank is Australia’s newest bank and face many challenges due to their Head Office location of Bundaberg in regional Queensland.
Communication via ICT’s is said to have less rapport. Participants are more likely to lie, suspect lying or risk their relationship by issuing more threats and ultimatums creating the impression of a temporary relationship (Mason & Leek, 2012).
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OTHER CHALLENGES
THE BIG ‘4’
Competition from the ‘Big 4’ (Commonwealth, NAB, Westpac & ANZ) makes it difficult to attract both regional and metropolitan customers.
‘Attraction’ of the metropolitan areas, allowing ongoing regional – to – urban migration throughout the country (Hettihewa & Wright, 2018).
HIGHER FUNDING COSTS
Regional bank’s opting for consolidation in the previous years (Kangatharan, 2010).
Big banks have enough market-power to absorb the higher costs, leaving the smaller banks sky-rocketing their interest rates (Kangatharan, 2010).
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RECENT DEVELOPMENTS IN THE BANKING INDUSTRY
2018 Royal Commission in Australia’s Banking
Scandal
Commonwealth Bank of Australia (CBA)
Failed to notify 53, 506 transactions over $10,000 (Wishart & Wardrop, 2018).
Refunding more than $10 million to customers (Wishart & Wardrop, 2018).
National Australia Bank (NAB)
Paying back almost $90 million to customers wrongfully charged (ABC News, 2018).
AMP
Unlawfully deducting service fees from customers accounts sine 2009 (Financial Review, 2018).
Providing 20 false or misleading statements to ASIC (Financial Review, 2018).
Other banks such as ANZ, Westpac and Macquarie Equities are also involved in the scandal (Wishart & Wardrop, 2018).
OTHER DEVELOPMENTS IN THE BANKING INDUSTRY
The Rise of Digital Currency
Cryptocurrency is increasingly popular, attracting attention from practitioners and academics (Zhang, Wang, Li & Shen, 2018).
Statistics show there are currently more than 1400 forms of Cryptocurrencies in the world (Zhang et al., 2018).
One currency, Bitcoin had a market capitalisation of $206.76 billion US dollars in January 2018 (Zhang et al., 2018).
CORPORATE SOCIAL RESPONSIBILITY
“Companies bracing activities that are not required by law (Carrol, 2015) and appear to advance social agenda (Arevalo & Aravind, 2015)”.
| ADVANTAGES OF CSR & ETHICS | DISADVANTAGES OF CSR & ETHICS |
| Organisation Reputation – Companies should act as good citizens, do the ”right thing” and supporting local communities (Vinerean, Cetina & Dumitrescu, 2013). Employee Retention & Low Turnover Rates – Individuals prefer to work for businesses that display high levels of social responsibility and ethics (Samson, Donnet, & Daft, 2018). Financial Gain – Increase on profits through cause and beliefs (Armstrong & Green, 2013). | Upfront Business Cost – Initially expensive to implement throughout the businesses, however is rewarding in the long-term (Rhou, Singal, & Koh, 2016). |
CORPORATE SOCIAL RESPONSIBILITY
Many benefits come from positive Corporate Social Responsibility and in recent years it has become increasingly popular for business to make voluntary commitments towards (Arevalo & Aravind, 2015). Auswide Bank are committed to keeping up with the principles of Corporate Social Responsibility and are continually aware of the impacts that their activities has on the (Auswide Bank, 2018b):
COMMUNITY ENVIRONMENT
MARKTEPLACE WORKPLACE
REFERENCES
ABC News. (2018). Banking royal commission releases ASIC report accusing BAN of breaking the law. Retrieved from http://www.abc.net.au/news/2018-08-15/banking-royal-commission- damning-asic-report-into-nab-released/10124024
Arevalo, J., & Aravind, D. (2015). Stategic Outcomes in Voluntary CSR: Reporting Economic and Reputational Benefits in Principles Based Initiatives. Journal of Business Ethics, 144(1), 201 – 2017. DOI 10.1007/s10551-015-2860-5
Armstrong, J., & Green, K. (2013). Effects of corporate social responsibility and irresponsibility policies. Journal of Business Research, 66(10), 1922-1927. DOI: 10.1016/j.jbusres.2013.02.014
Auswide Bank. (2018). Our Company. Retrieved from https://www.auswidebankltd.com.au/our-company/
Auswide Bank. (2018b) Corporate Social Responsibility. Retrieved from https://www.auswidebankltd.com.au/social-responsibility/
Carroll, A. (2015). Corporate social responsibility: The centerpiece of competing and complementary frameworks. Organizational Dynamics, 44(2), 87-96. DOI: 10.1016/j.orgdyn.2015.02.002
Financial Review. (2018). Banking Royal Commission AMP’s misleading of ASIC explained. Retrieved from https://www.afr.com/business/banking-and-finance/banking- royal-commission-amps-misleading-of-asic-explained-20180430- h0zfy9
Hettihewa, S., & Wright, C. (2018). NATURE AND IMPORTANCE OF SMALL BUSINESS IN REGIONAL AUSTRALIA, WITH A CONTRAST TO STUDIES OF URBAN SMALL BUSINESSES. Australasian Journal of Regional Studies, 24(1), 96- 121. ISSN: 1324-0935
Kangatharan, R. (2010). WHY REGIONAL BANKS ARE COMING INTO their own. InFinance, 124(5), 19-21. ISSN: 18344232
Mason, K., & Leek, S. (2012). Communication practices in a business relationship: Creating, relating and adapting communication artifacts through time. Industrial Marketing Management, 41(2), 319-332. doi: 10.1016/j.indmarman.2012.01.010.
Rhou, Y., Singal, M., & Koh, Y. (2016). CSR and financial performance: The role of CSR awareness in the restaurant industry. International Journal of Hospitality Management, 57(C), 30-39. DOI: 10.1016/j.ijhm.2016.05.007
Samson, D., Donnet, T., & Daft, R. (2018) Management 6th Asia-Pacific Edition. South Melbourne, Vic.: Cengage Learning Australia.
Vinerean, S., Cetina, I., & Dumitrescu. L. (2013). Modeling Employee Satisfaction in Relation to CSR Practices and Attraction and Retention of Top Talent. Expert Journal of Business and Management,1(1), 4-14.
Williams, C., McWilliams, A., & Lawrence, R. (2016). MGMT3 (3rd ed.). South Melbourne, Victoria: Cengage Learning Australia.
Wishart, D., & Wardrop, A. (2018). What can the Banking Royal Commission achieve: Regulating for good corporate culture? Alternative Law Journal, 43(2), 81-88. DOI: 10.1177/1037969X18772153
Zhang, W., Wang, P., Li, X., & Shen, D. (2018). Some stylized facts of the cryptocurrency market. Applied Economics, 50(55), 5950- 5965. DOI: 10.1080/00036846.2018.1488076