Summary
The purpose of the report is to carry out a research on feasibility of opening a new branch office of the Westernpac Bank in the area called Southbankwhich is a suburb of Melbourne. Exploring such a possibility and planning has become imperative in the light of the area’s population growth, economic and infrastructure development, and business establishment. The scope of this research is limited to the Southbank region by collecting data inputs from different governmental and private agencies. In addition, a survey has been also conducted to get feedbacks from individuals to ensure a quality in this research and analysis. Further, the results and findings of the analysis report suggest that there is a possibility of substantial growth in every walks of life and any decision to establish a new branch in this area will be in the good interests of the bank and its strategic growth. So, I will recommend a case of considering these facts and establishing our own branch at the earliest so as to build a strategic network of our branches.
Introduction
This is based on the increase in population growth over the last five years and there is further possibility of sustaining a projection of such a growth in the next five years. With the increase in population growth, there has been corresponding increase not only in infrastructure development and money flow but also in the establishment of business and commercial activities. Such a current and potential growth in business is a clear indicator for possible growth in the numbers of customers. This positive trend of economic, business, infrastructure, and population growth raises a need to establish a new bank to tap the financial, commercial, and economic resources of the industry, private business houses and people and improve the market position.
Methodology
In order to execute the analysis and arrive at conclusion, a process-based method is being applied to ensure the quality of survey and interpretation of data. A plan has been drawn to explore some of the ways in which data needs to collected, analyzed and concluded. These are as follows:
a) The process of research will be based on collection of data from governmental and non-governmental resources which are reliable, transparent, and verifiable.
b) Our team members will go to the indicated regions personally, and collect, record, and process data from the people, government offices, and business establishment.
c) After collection, recording and processing of data, the rate of economic development, population growth, and business boom will be analysed.
d) After this analysis of data, it will be presented to a high level committee for quality review and management of the overall findings.
e) If there is a positive signal and feedback from the quality management team, an outline of the budget and the time required to complete this research will be finalized and presented for approval.
f) Finally, it will be also advised to the research and analysis team to submit their findings and conclusions with supporting evidences within the defined timeline.
g) At the time of submitting report, the anticipted budget required to eastablish this new branch will be also covered. In addition, it will also include the anticipated strength of workin people who could open their account and become our customers.
Study
A study has been carried out and its details are presented for comprehensive interpretation and analysis. This study is as follows:
The WesternpacBank is one of the leading four banks in Australia, andit is alsothe second largest Australian bank operating in New Zealand. Since there is plan to initiate a number of projects to improve its market position in both the continents,there is need to focus on spreading out branches of the bank innot only major cities, but also in the suburban areas. Now, the prime focus is to explore the possibility of opening a branch in Southbank which is a suburb of Melbourne. This area has experienced sea change in the population and economic growth in the recent years. Some of the salient features of this study are:
a) It is one of the fastest growing suburbs in the city.
b) In past five years, it has encompassed five more areas which are quite large andadjacent to the main suburb.
c) The population of this area has gone up to 79,000. It has beenincreasing at a rate of 8%for the last few years.
d) The people residing in this area are mostlypeoplewho are employed in the companies and industries.
e) Its population primarily comprises middle class to high income group people and it could be around 55000.
f) The number of working and earning class people could be not less than 15000 whose monthly income will be around $50 million.
g) The overall cost of establishing the branch could be around $2 million. This includes the cost of building construction, technology development, infrastructure development, and process management.
h) The time required to accomplish this survey and analysis will be around three month in order to understand the nuances of physical infrastructure, financial implication, and strategic planning.
Analysis
Based on the collection of data and its interpretation, time has come to analyze the issues in a rational and pragmatic manner. Some of the encouraging trends of analyses that can be made are:
a) There is a possibility of future growth in population, economy and commercial activities.
b) The population growth has resulted in economic growth of the people in this area.
c) The economic potential of the area is quite high and healthy.
d) Poverty level has gone down for this area.
e) The residents range from middle class to wealthy lot.
f) Buying potential for thispopulation is on the rise.
g) Not less than 1000 people will open their accounts.
h) The monthly turnover or transaction will not be less than $35 million.
i) After deducting payment of employees and all the allied expenditure, the monthly income for this new branch is anticipated at around $5 million.
j) The time anticipated should be good enough to complete the research and survey for establishing a new bank branch.
Conclusions and Recommendations
Based on the aforesaid facts, data interpretation, and analysis, it can be concluded that the entire city is experiencing economic growth. Such an economic and commercial boom in the region will really boost the prospect of the Westpac bank doing better. And, it will undoubtedly benefit more if it sets up new branches in thisdeveloping region. So, I will recommend to the higher authorities to look into the facts and figures of our analysis and research, and consider the case of opening a new branch of our bank in this potential market for financial services. I am of the firm conviction that such a proactive initiative of spreading our wings in this region will tap the earning of the working class,prosper our prospect of earning more in this area, and enahnce the economic and financial health of the bank by venturing first into this developing locality.
References
Dingle, T &O'Hanlon, S, 2009, “From manufacturing zone to lifestyle precinct: economic restructuring and social change in inner Melbourne, 1971–2001”. Australian Economic History Review, Vol. 49, No.1, pp. 52–69,
